China is leading a surge in global salmon demand, according to Scotland’s largest salmon producer, which has reported a 54% year-on-year increase in operational earnings.

Mowi’s latest quarterly report, published yesterday, reveals the Norwegian-headquartered company achieved revenues of €1.6 billion and operational EBIT of €231 million in the second quarter of 2026.

The results were driven by strong biological and operational performance, as well as record-high harvest volumes. Combined with lower costs, this resulted in operational EBIT of €231 million, an increase of 23% compared with the corresponding quarter in 2025.

Operational EBIT for Scotland was €48.1 million in Q2 2026, an increase of nearly 54% from €31.3 million in Q2 2025. On a per kg basis, operational earnings rose from €1.29 per kg to €1.80 per kg due to higher achieved prices and lower cost, as well as a modest increase in volumes.

China demand

Following a period of low salmon prices due to exceptionally high industry supply, salmon prices increased by 6% in the second quarter and have increased by 21% so far in the third quarter compared with 2025, driven by strong demand across many markets and a normalisation of supply growth in the industry.

Mowi CEO Ivan Vindheim said: “The salmon market continues to develop positively and demand value increased by 9% in the second quarter compared with the same period last year. Growth is strongest in Asia, led by China, but developments are also positive in Europe, followed by the USA.

“We expect market growth to continue through 2026 and beyond, driven by megatrends such as healthier lifestyles, increasing demand for sustainable protein sources, and not least salmon’s unique and broad appeal.”

The Norwegian Seafood Council ran a particularly effective campaign in China to promote Norwegian salmon during the 2026 FIFA World Cup, Mowi’s quarterly report notes.

The ‘Haaland: I Choose Salmon from Norway’ campaign “reached more than 950 retail stores and generated significant consumer engagement”, with Mowi salmon served to Norway’s national football team receiving “extensive international media and social media attention throughout the tournament”.

Biological conditions

Biological conditions were “very strong in the quarter” for Mowi Scotland. Seawater production, survival rate, feed conversion ratio and superior share all improved from Q2 2025.

According to Mowi, the improved biology and significant increase in survival rates can be partly attributed to the ongoing success of post-smolt stocking from salmon initially reared in Loch Etive.

Vindheim said: “Farming operations continue to deliver very strong biological and operational results. In particular, our Norwegian and Scottish operations are performing strongly, with record volumes and reduced costs, which is very encouraging.”

Overall, Mowi ASA delivered a seasonally record-high 150,000 tonnes of salmon in the second quarter, representing a year-on-year increase of 7.4%.

Vindheim said: “It is gratifying to see that we continue to deliver on our growth strategy. Volume growth is one of Mowi’s strategic pillars, and growth within our farming operations has been strong in recent years.

“In just a few years, Mowi has grown from a 400,000-tonne producer to a 600,000-tonne producer.”