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 is headquartered in Norway, and has sales offices in the US, Germany, Italy, France, UK and Poland. The company operates one of the world's most advanced and effective salmon processing plants, located in Poland.

Year acquired

2016

Sector

Seafood

Revenue

EUR 329 m

Location

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

Employees

1685

Investment themes

Resource Efficiency

Key developments in 2021

Milarex continued to deliver solid growth in 2021 (18%), supported by strong demand in the retail segment. The company experienced strong pull from markets such as North America, Italy, France and UK, which represent important growth markets for Milarex going forward. Significant efforts were made to upgrade waste or low-priced parts of the salmon to edible products and value-added alternatives. Milarex also successfully launched new sustainable product concepts, such as "Arctic Fish Pure Green", lowering impact whilst differentiating Milarex in the market and enabling improved margins.

Impact dimensions

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

What is the outcome?

By providing a safe, healthy, affordable source of food protein and achieving a high ratio of fish-in-food-out (yield), Milarex helps cover the world’s growing nutrition needs. Additionally, Milarex promotes a sustainable production cycle by sourcing sustainability-certified salmon (95% of raw materials in 2021), using recyclable plastics (35% of consumer packaging) and moving into 100% green electricity at factory from 1st January 2022.

Who are the stakeholders?

Milarex mainly sells its products to consumers through retailers in Germany, Eastern Europe, Italy, UK, France, North America and Australia.

How big is the effect, and does it last?

Milarex sold around 24m kg of edible products in 2021. Going forward, the company expects a continued stable demand for salmon on the back of increasing health and sustainability awareness amongst consumers.

If Milarex didn’t exist...

By improving consumer access to healthy, safe, sustainable, and affordable proteins, Milarex has a meaningful impact on our society. Through processing of salmon with maximum usage of the raw materials for human consumption, efficient and more environmentally friendly handling of waste from production, and utilization of all fish waste, Milarex makes healthy seafood more accessible and reduces the environmental impact from salmon processing.

Impact risk: what can go wrong?

The quality of Milarex' products is dependent on the quality of sourced raw materials. Though regulations of salmon farming are strict, the industry still has challenges in biology, animal welfare and sustainable farming practices.

SDG alignments

SDG 2
SDG 3
SDG 12

KPI reporting

Revenue (SEKm)

2021:
+0%
3 369
2020:
2 863
2019:
2 487

Conversion ratio

Raw material to edible product

2021:
+0%
67%
2020:
66%
2019:
69%

Tons of edible products

2021:
+0%
23 526
2020:
20 769
2019:
16 972

Sustainable raw materials

With certificates from either ACS, Global GAP or MSC

2021:
+0%
95%
2020:
93%
2019:
93%