Convenient, high quality seafood for all

Milarex at a glance

Milarex is an international seafood company, focusing on salmon value-added products. The company was established in 2016 and has taken a leading position within value-added processing.

Milarex seeks to advance sustainable production and consumption of salmon by ensuring a sustainable source-to-product process and providing a healthy and affordable source of protein through its fish products.

Year acquired

2016

Sector

Seafood

Revenue

EUR 389 m

Location

Norway, Poland, Germany, Italy, France, UK, United States

Employees

1648

Investment themes

Resource Efficiency

Key developments in 2022

Milarex continued to deliver solid growth (17%), driven by key growth markets such as North America, Italy, and the UK, amid a challenging year for the entire industry with raw material prices at all-time-high. Furthermore, Milarex strengthened the board with strong industry experience, and initiated multiple operational improvement projects.

The challenges we face

Global food resources are becoming increasingly scarce, and with around 2 billion more people to feed by 2050 globally, sustainable food alternatives are needed. On a global basis, more than 1.9 million adults are classified as overweight, representing a need for a healthier diet to combat the disease.

0%

of all GHG emissions are from livestock

0%

lower GHG emissions per kg from Salmon production relative to emissions from beef

How does Milarex help?

Reality today

Consumers have limited access to affordable and sustainable protein like salmon despite the increasing need to bolster sustainable food sources.

Milarex approach

Milarex promotes sustainable practices from raw fish suppliers and oversees a highly efficient production process to produce healthy and affordable sources of protein through its salmon products.

Aspirational future

Consumers primarily rely on salmon and other more sustainable proteins to meet food needs.

Who is impacted?

Consumers across North America, Europe, Southeast Asia, and Australia who have a more affordable option for nutrient-dense and sustainable protein. The planet is also affected due to the option for a more sustainable alternative to other proteins.

What are the impact considerations?

Additionality

Consumers are able to access a more sustainable protein alternative with a transparent value chain.

Risks

Milarex has limited control over the operations of its suppliers as well as consumer behavior related to end-product use and product end-of- life.

SDG alignments

SDG 3
SDG 12
SDG 14

KPI reporting

Revenue (EURm)

2022:
+0%
387
2021:
329
2020:
280

Conversion ratio

Raw material to edible product

2022:
+0%
67.9%
2021:
67.3%
2020:
64.7%

Tons of edible products

2022:
-0%
21 900
2021:
23 526
2020:
20 769

Sustainable raw materials

With certificates from either ACS, Global GAP or MSC

2022:
+0%
97.2%
2021:
94.5%
2020:
93%