Austevoll Seafood Boston Consulting Group Matrix

Lerøy Midt is a significant contributor to Austevoll Seafood's portfolio, demonstrating robust performance. In the fourth quarter of 2024, the company achieved its highest Q4 biomass production on record, underscoring its operational strength and biological advancements. Harvest volumes in this key region saw a notable increase, reaching 22,582 GWT in Q4 2024, up from 20,257 GWT in the same period of 2023.

Looking ahead, Lerøy Midt's trajectory indicates continued expansion. The projected harvest volume for 2025 is approximately 75,000 GWT, a substantial rise from the 69,000 GWT harvested in 2024. This sustained growth pattern positions Lerøy Midt as a strong performer within the company's business units, likely classifying it as a star in the BCG matrix due to its high growth and market share.

Stars in the BCG matrix represent business units with high market share in a high-growth industry. Lerøy Seafood Group, specifically its salmon and trout farming operations, fits this description perfectly. The company's 2024 performance, with a 14% revenue increase to NOK 26.7 billion and a 20% rise in Q4 harvest volumes, demonstrates strong momentum.

Lerøy Midt's projected 2025 harvest of 75,000 GWT, up from 69,000 GWT in 2024, further solidifies its star status. This consistent growth, driven by operational efficiency and market demand, positions these segments as key growth drivers for Austevoll Seafood.

Pelagia Holding AS, a significant joint venture for Austevoll Seafood, consistently generates robust financial performance, especially in the fishmeal and fish oil sectors. In 2023, Pelagia reported a substantial contribution to Austevoll's overall revenue, highlighting its role as a reliable income stream.

Despite potentially slower market growth for commodities like fishmeal and fish oil, Pelagia leverages its strong market position and efficient operations. This allows it to maintain a steady and significant cash flow for the Austevoll group, solidifying its status as a cash cow.

Austevoll Seafood's pelagic operations in Peru and Chile, along with its joint venture Pelagia Holding AS, firmly establish themselves as cash cows within the company's BCG matrix. These segments consistently generate substantial and reliable cash flow due to high, stable production volumes and established market positions. For instance, Austevoll's overall pelagic catch exceeded 500,000 tonnes annually, with Chile alone landing a record 133,000 tonnes in 2024.

Two specific pelagic fishing vessels, having concluded their quotas in April 2025, have ceased further operations for the remainder of the year. This action signifies the discontinuation of these assets' contribution due to market limitations, reflecting a low or negligible future impact on market share or growth.

The wild catch segment, particularly whitefish operations, is a clear 'dog' due to declining quotas. For 2025, cod quotas are down 32% and haddock by 8%, building on 2024 reductions. This directly limits revenue potential and market share. For instance, two pelagic fishing vessels ceased operations in April 2025 after exhausting their quotas, highlighting the severe impact of these market limitations.

Lerøy Sjøtroll's farming operations also exhibit 'dog' characteristics. Despite biological improvements in 2024, the segment reported poor financial results, including a negative EBIT per kilogram in Q3 2024. This persistent financial strain suggests these sites may have low market share and profitability, requiring strategic reassessment.

The introduction of Norway's resource rent tax on salmon and trout farming, while impacting the entire sector, disproportionately affects less efficient or higher-cost sites. These struggling locations could shift from potential stars or cash cows to 'dogs' if their profitability is significantly squeezed by the increased tax burden.

Austevoll Seafood's strategy emphasizes expanding into value-added processing to serve global markets with diverse seafood products. This involves identifying and investing in new product lines or niche markets within this segment where current market share is low but growth potential is high, necessitating focused market adoption efforts.

The new carbon-neutral salmon product launched by Lerøy Seafood Group in 2024, building on their impressive achievement of exceeding 2025 greenhouse gas emission reduction targets, represents a significant question mark. This product taps into a growing consumer demand for sustainable options, a market valued at approximately USD 25 billion in 2023. However, its current market share is likely modest, requiring substantial investment to gain broader traction and establish market leadership.

Emerging markets in Southeast Asia, such as Vietnam or Indonesia, and specific growth pockets in Latin America, like Peru or Chile, are also categorized as question marks for Austevoll Seafood. These regions show strong seafood consumption trends, but Austevoll's current stake is minor, necessitating considerable investment in marketing and distribution to build brand awareness and robust supply chains.

Innovative seafood technologies, novel aquaculture species, and untapped geographical markets represent further question marks for Austevoll Seafood. These nascent areas, though currently small in scale, hold significant untapped growth potential. For example, acquiring a company in cellular aquaculture could cost upwards of $50 million in 2024, highlighting the substantial capital required for these emerging segments.