Surge in Salmon: Russia’s Aquaculture Thrives on Domestic Demand


The salmon industry in Russia, particularly aquaculture, has seen a remarkable upturn in demand, propelling Inarctica, the nation’s premier salmon farming operation, to notable financial success in 2023. The surge in domestic market demand has not only bolstered Inarctica’s standing in the Russian aquaculture market but has also underscored the vital role the sector plays in the country’s food production and economic stability.

The Financial Leap of Inarctica

Inarctica’s financial achievements in the past year have been impressive, with a 27% increase in net profit, reaching 15.5 billion rubles (approximately 155 million euros or 168.7 million US dollars). This growth is accompanied by a 21% rise in revenue, totaling 28.5 billion rubles (about 285.1 million euros or 310.2 million US dollars), marking Inarctica’s significant contribution to around one-fifth of Russia’s total aquaculture output.

Demand Recovery Fuels Market Expansion

Ilya Sosnov, CEO of Inarctica, remarked on the recovery and expansion of the Russian salmon market in both value and volume in 2023. The Russian Fisheries Union reported a 10% increase in the consumption of Atlantic farmed salmon and trout, surpassing 250,000 tons. Inarctica’s sales mirrored this growth, with a 10% year-on-year increase, reaching 28,200 tons. This expansion reflects not only Inarctica’s solid market presence but also the broader positive trends in domestic salmon consumption.

<H3>Strategic Growth and Diversification</H3>

Inarctica’s strategic operations extend across the Barents Sea and Lake Karelia in northwestern Russia, where it manages 35 farms for salmon and rainbow trout. Despite a slight decrease in fish biomass, the company maintains strong growth through strategic expansions and acquisitions. Last year’s acquisition of two salmon fry farms and the planned opening of a new factory underscore Inarctica’s commitment to increasing production capacity and diversifying its operations, including venturing into the algae product market with the acquisition of the AVK algae factory.

Inarctica’s success story in 2023 is a testament to the vitality of the Russian salmon aquaculture sector, driven by increasing domestic demand and strategic market positioning. As the company continues to expand its footprint in the aquaculture industry, it not only enhances its value proposition to investors but also contributes significantly to meeting Russia’s growing appetite for salmon. With the ongoing development of the Russian aquaculture market, Inarctica is poised for continued growth, underscoring the potential of salmon aquaculture as a key component of Russia’s food production and economic landscape.

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