Norwegian Cod Farming - Norcod and Snow Cod

Following my recent interview with Ola Kvalheim, CEO of Ode, I managed to catch up with Christian Riber, CEO of Norcod, to understand better the path that they have been on in developing this exciting concept in Norway since their formation in 2018.

Athol: Please give a brief history of the Norcod business so that our FFP readers can get a better understanding of this fascinating concept which has only recently come to the market. Many people understand how salmon farming has developed but cod farming is a not well understood.

Christian: The chart below taken from our 2025 Annual report (www.norcod.no) gives a brief outline of the Norcod journey to-date.

Athol: Where did the knowledge and skills come from in

2017 to start the Norcod business and what sustained the company until the first harvest of saleable cod?

Christian: Norcod was founded by a team combining experienced aquaculture professionals from the Norwegian salmon industry with the global seafood market expertise. Their work also built on decades of Norwegian cod research and breeding programmes. Norcod was established by Sirena Group in 2018 and initially supported through the pioneer phase with early investor funding and partnerships across the value chain until the first commercial harvest in 2021.

A brief history of Norcod

2002

National breeding progamme for farmed cod commences in Norway

2003 – 2008

As many as 30 cod farming companies try to establish commercial cod farming in Norway withy limited success due to financial and biological issues

2014

There are no commercial farmers left, but breeding programme continues

2017

  6th generation cod in breeding programme

Sirena Group evaluation project confirms readiness/viability to re-commence modern cod farming activity in Norway

2018

Norcod established by Sirena Group

Fry agreements secured with Havlandet and Nofima

2019

Norcod secures concessions, licenses and funding for pioneer phase

First batches of fry and juveniles delivered from Nofima and Havlandet

2020

Start of first sea phase for cod at Jamnungen,

Frøya after successful pilot

Norcod listed on Euronext Growth 

2021

New production sites open at Frosvika (Meløy) and Mausund (Frøya)

First full scale harvest and delivery

Norcod acquires 50% stake in Havlandet (Norcod Havlandet) and commences building fry facility in Florø

2022

Completion of first full production cycle

3 Farming sites in operation (Jamnungen, Frosvika & Mausund)

Implementing first underwater feeding barge

Completion of new fry facility and first batch of fry delivered

2023

5 production sites in operation

Norcod divests Havlandet and acquires Krakøy harvesting facility

2024

Introduced Snow Cod brand

Overlapping production cycles ensure continuous year-round harvest and market supply

6 farming sites in operation

Jamnungen site granted increased MAB from 3,600MT to 5,200MT

2025

Capital raised  and debt package secured to facilitate growth strategy

Focus on optimising production and value chain

Total harvest volume of 7,700 Tonnes

Athol: Where are the juveniles obtained from at present for the farming sector – in-house or from external sources?

Christian: Juveniles are currently sourced from external suppliers, mainly Havlandet, the world’s leading cod hatchery that has developed farmed cod broodstock over decades of dedicated breeding work.

Athol: What do you consider to be the major advantages of snow cod over wild caught cod and what is the best way currently to justify any price difference?

Christian: Snow Cod offers consistent premium quality, reliable year-round availability and full traceability, complementing wild cod which is naturally seasonal and dependent on annual quotas. Farmed under controlled conditions, it provides predictable size, freshness and suitability for raw consumption, such as sushi. The price difference is best justified by positioning Snow Cod as a stable, high-quality product that gives retailers and foodservice operators dependable supply alongside the traditional wild catch.

Athol: How do the nets that Norcod use prevent escapees and how often are they cleaned and changed?

Christian: As part of our zero-escapes vision, we have introduced a new net strategy in the past year at all of our sites. This involves increased monitoring and changing nets during the sea phase. Since the introduction, we have not had any incidences of escapes for 15 months at any of our localities.

Athol: Who came up with Snow Cod branding for the product?

Christian: We developed the Snow Cod brand in collaboration with Sirena Group. The ambition is that Snow Cod will become the brand name for all premium farmed cod from Norway, and we are working together with all the other Norwegian cod farmers to establish the term and positioning.

Athol: What is the split between fresh and frozen Snow Cod produced at present?

Christian: At present Norcod supply predominantly fresh Snow Cod to markets.

Athol: Initially, was the idea that farmed cod could be ideal for the sushi market because of its whiteness and high quality, or what was the primary ambition for the product?

Christian: The primary ambition for Snow Cod is to supply a premium whitefish product of consistently high quality 365 days a year. It is a product perfect for a vast range of preparations and cuisines from smoked to steamed, grilled to sashimi. The controlled farming environment means the fish is free from nematodes and thus can be safe to eat raw – which is a welcome bonus and great future opportunity for Snow Cod.

Athol: What is the forecast output for 2026 and how is that split between countries. How much currently is delivered into the UK market, and who distributes snow cod in the UK?

Christian: We estimate a harvest of around 5,800 MT in 2026 and are restocking existing and new sites to achieve significant harvest volume increases in 2027. Our main markets are currently in Europe and the United States, supported by the strong market for fresh cod due to lower wild harvests. UK is an exciting market for us as one of the main markets for Norwegian cod, and we are working with our partner Maris Seafoods to develop Snow Cod in HoReCa and retail in the UK.

Athol: Recently Norway has introduced new regulations for cod farmers to reduce the risk of introgression with wild stocks. How is Norcod facilitating these regulations?

Christian: We welcome the increased regulation, as it provides greater predictability and clearer frameworks for what responsible cod aquaculture should look like. The new requirements largely reflect practices we had already implemented in our operations. For Norcod, the regulations therefore help clarify expectations and strengthen the foundation for coexistence with wild fisheries.

Athol: What are the major challenges that Norcod faces in the next five years in cod farming?

Christian: Over the next five years, Norcod’s main challenges will be to continue stabilising biological performance and operations while scaling production responsibly within biological and environmental constraints. At the same time, the company must further establish Snow Cod as a recognised premium product in international markets, ensuring stable market access in an increasingly uncertain geopolitical environment. Clear, predictable regulation will also be essential to allow the industry to grow in a responsible way alongside wild fisheries and other ocean users.

Athol: Issues with early maturation and escape of male cod affecting wild genetics – how is this being handled?

Christian: Early maturation and the potential escape of farmed cod are recognised challenges in cod aquaculture. Norcod addresses this through research on maturation control, including lighting strategies and breeding work, alongside stronger cage technology and operational routines to minimise escape risk. Recent risk assessments from the Norwegian Institute of Marine Research also indicate that the environmental risk related to these factors has been reduced compared with earlier evaluations. In the future, we are also exploring measures to eliminate the chance of early maturation, such as sex sorting of fish and sterilisation.

Athol: What are the major risks of growing cod in nets and how does Norcod deal with these incidents/occurrences?

Christian: The main risks in sea-cage cod farming relate to fish health, biological factors such as maturation, environmental conditions and the possibility of escapes. Norcod manages these through continuous monitoring, improved cage technology and operational routines, and close cooperation with veterinarians, researchers and regulators.

Athol: How do the Norcod systems manage to avoid deformities, lice, viruses, and cannibalism?

Christian: Issues such as deformities, lice and cannibalism are not a major problem in modern cod farming. Decades of breeding and research have produced a robust and healthy farmed cod, which is reflected in Norcod’s consistently high share of superior-grade fish, typically above 90%. Continued development of vaccines, optimised feed and close biological monitoring supports good fish health, and while cod farming is still a relatively young industry, the progress so far shows the sector is in a strong position.

Athol: How is the feed for farmed cod being developed to avoid biological issues in the future?

Christian: Norcod works closely with feed producers and research partners to optimise feed specifically for cod and for each stage of the fish’s life cycle. The aim is to support fish health, growth and welfare while reducing biological challenges through improved nutrition and feeding strategies.

Athol: Is there a Norcod production target for the next five years?

Christian: E5,800MT in 2026, with planned scale-up to 25,000MT per year in the next 5 years.

Athol: With the current restricted wild caught cod quotas and catching seasons, will cod farming ever produce enough frozen product to supply the top end of the fish & chip and takeaway markets in the UK, or is it planned that the high quality farmed cod will always be a premium priced commodity aimed at high-end restaurants and hotels, and the Sushi/Sashimi markets?

Christian: At current production levels, farmed cod is unlikely to replace wild cod in the frozen fillet market in the short term. However, as the industry grows it can become a valuable supplement to wild supply in this segment, helping provide greater stability in the cod market. In the meantime, farmed cod will mainly serve premium fresh segments while gradually expanding into additional market categories.

Athol: As production increases in coming years, how do you see the price comparison with Norwegian wild-caught cod?

Christian: We are working to establish Snow Cod as a premium seafood product in its own right. Its key advantages of year-round availability, consistent quality and predictable supply mean we see customers increasingly willing to pay a premium compared with wild-caught cod. Over time, as production grows, Snow Cod can complement the wild market while maintaining its position as a high-quality, reliable product.

Athol: How is seabed pollution monitored and managed under the cages?

Christian: Seabed conditions beneath the cages are monitored through regular MOM-B and MOM-C tests, part of Norway’s mandatory environmental monitoring programme for aquaculture sites. These independent surveys analyse sediment chemistry, organic impact and wider ecosystem conditions, with results reported to authorities and open to the public. Norcod’s sites consistently achieve the highest possible scores in these tests, with all locations scoring top marks on MOM-B and nearly all achieving the highest rating on MOM-C

Athol: How do you envisage cod farming to 2050 – could it involve cooperation with Iceland or Greenland?

Christian: Looking towards 2050, Norcod’s main focus is to build a stable, profitable cod farming industry and scale production responsibly within biological and environmental limits while establishing Snow Cod as a recognised global seafood product. Just as salmon aquaculture transformed the seafood market over a few decades, we believe Snow Cod has the potential to follow a similar path. Cooperation with other North Atlantic regions such as Iceland or Greenland may be possible in the future, but the priority is first to develop a strong and sustainable industry.

Athol: What help or support do you get from the Norwegian Government and what could they do to make a C-change to the sector?

Christian: The most important support from government is stable and predictable regulation, which gives companies the confidence to invest and develop the industry responsibly. In addition, origin marketing and industry support through the Norwegian Seafood Council will be important in developing Snow Cod in international markets. In an increasingly volatile world, both maintaining good market access and a predictable operating environment in Norway will be key to the sector’s growth.

Athol: Who do you regard as being your main competitor in the cod sector?

Christian: The cod farming industry in Norway is still relatively small, and much of the focus today is on working together to develop the market for Snow Cod rather than competing with one another. In the current strong cod market, we do not see wild or farmed cod as direct competitors. More broadly, Icelandic cod remains Norway’s main competitor, but with global demand for seafood continuing to grow, we believe there is ample room for both wild and farmed cod in the market.

Thank you to Christian for giving me his valuable time to talk about this fast developing concept. There will be more news to follow in future issues.

www.norcod.com