Branding and product innovation
THE OPPORTUNITY
This year the foodservice sector in our key markets across Europe, Asia, and the US displayed continued resilience, building on its gradual
recovery post-pandemic. As consumers adapted to home cooking in 2020 and 2021, the retail channel saw a significant boost in salmon
purchase volumes. Throughout 2022 and 2023 foodservice opportunities reopened and thrived, and people were able to enjoy restaurant
meals and travelling once again. Although the retail share in the consumption mix slightly decreased this year, it remains above pre-pandemic
levels. In 2023 the overall demand for salmon remained at good levels, and a decrease in global supply contributed to maintaining a relatively
robust market throughout the year.
In 2023 we navigated a business landscape marked by persistent challenges within the macroeconomic environment, which were
characterised by the presence of inflation, increasing interest rates and escalating cost-of-living pressures. Although due to rising prices many
consumers were reevaluating their spending habits, it is essential to note that the decision to buy food and beverages is not solely influenced
by price. As noted in the annual Food & Healthy Survey 1 carried out by Food Information Council, among US consumers taste continues to be
the primary factor influencing purchase decisions. 87% of respondents stated taste has an impact on their decision to buy foods and
beverages, an increase from 80% in 2022. Healthfulness remains a key consideration for 62% of respondents, and convenience has also
seen an increase, rising from 56% to 61%. In an increasingly uncertain world, focusing on aspects within consumers' control, such as personal
health, becomes more appealing. 2
Health-focused consumers would benefit from including salmon in their diets. Given the positive health effects, global health authorities
advise consuming fish two to three times weekly, with a particular emphasis on including fatty fish like salmon in one's diet. Regular
consumption of fatty fish, containing over 5% fat, is linked to a lower risk of heart disease, primarily due to their high omega-3 fatty acid
content. Harvard Medical School 3 experts emphasise the evolving science supporting the heart-protective role of omega-3s, especially EPA
and DHA found in fatty fish. Omega-3s contribute to heart health by reducing triglycerides, increasing HDL, the “good” cholesterol, preventing
plaque buildup, and mitigating inflammation and blood pressure. Recognised heart-healthy diets, like the Mediterranean and DASH diets,
emphasise the significance of fatty fish.
Moreover, an extensive research study published in the American Journal of Respiratory and Critical Care Medicine 4 provides the most
compelling evidence to date, highlighting the significant role of omega-3 fatty acids—abundant in fish—in promoting lung health. The
research, spanning over 15 000 participants, demonstrates the significance of incorporating omega-3s into diets, underscoring the potential
role of nutritional interventions in preventing chronic lung disease. Furthermore, the study suggests that nutrients possessing anti-
inflammatory properties may help to sustain lung health. In addition to fish, other omega-3-rich sources, including nuts, seeds, and fortified
foods, are recommended.
Food and Agriculture Organization of the United Nations 5 advocates for the sustainable expansion of aquaculture to address the growing
demand for aquatic food. The Blue Foods Assessment has shown that, across various environmental metrics such as freshwater use and
greenhouse gas emissions, farmed salmon is a more favourable choice than other protein sources, including chicken. Furthermore, a recent
study 6 highlights that there is untapped potential in aquatic foods to address B12 and omega-3 nutrient deficiencies, cardiovascular disease,
and climate issues, which underscores the importance and relevance of Blue Foods in the future. In 2023 for the fifth year in a row Mowi was
ranked #1 by the Coller FAIRR Initiative 7, demonstrating our industry-leading sustainability strategy.
In this category, significant opportunities still exist, with a larger population not consuming salmon than those who do. Leveraging consumer
insights allows us to attract new users and fuel growth by exploring novel ways to enjoy salmon and developing innovative products. Despite
our strong health and sustainability credentials, the primary reason consumers repeatedly choose our product is its delectable taste, making
salmon a top favourite worldwide. Recognising that resilience and adaptability are essential for sustained success in this dynamic market, as a
fully integrated producer we are well positioned to meet the ever changing needs and demands through our strong commitment to value
adding innovation, as well as customer and consumer-centric solutions.
OUR EFFORTS
At Mowi, our global network for new product development spans across the world, with centres strategically located across the globe. With
several hundred products in constant development globally, our expert team focuses on refining salmon in diverse forms, from smoked slices
to seasoned portions. Our specialists from various regions collaborate, sharing innovative approaches and drawing inspiration from different
food cultures. Our salmon establishes new benchmarks in colour, taste, marbling, and freshness, and we continually inspire customers
worldwide with increasingly delightful ways to enjoy it.
Through the collaborative synergy of our regional sales, marketing, and product development teams, we consistently pinpoint emerging
trends and innovative approaches to craft, showcase, and relish salmon products. To stay at the forefront of the market, the MOWI brand
consistently taps into emerging consumer trends and seasonal moments, where salmon has historically taken a backseat. Our dedicated local
product development teams tirelessly create delightful offerings suitable for diverse occasions, from BBQs, Christmas, Easter, to comfort
products in autumn and winter. Maintaining relevance across various occasions enables us to drive sales throughout the entire year. In 2023
we introduced a fresh and innovative addition to our product lineup in Central Europe - the new MOWI Sushi Wrap, which caters to the
increasing share of consumers in need for a quick, convenient, healthy and tasty snack. Sushi Wraps are offered in three flavours: avocado,
wakame, and mango. Each wrap features a delectable filling encased in nori.
We are committed to raising awareness and educating consumers about salmon. Last year we launched a series of activities in the US
market, including collaborating with content creators and Food and Beverage Magazine, in addition to participating in a co-branded media
mailer with Aquaculture Stewardship Council USA and Marine Stewardship Council teams. We proactively organise and engage in initiatives
that inspire and educate the younger generation on the pleasures of cooking, healthy eating, and the significance of sustainability. Last year,
we conducted multiple cooking and food education classes for children in Asia and Europe, encouraging them to explore aquaculture. By
