BioMar partners Fóðurblandan to launch aquafeed production in Iceland

ICELAND – BioMar Group has partnered with Icelandic feed producer Fóðurblandan to begin local production and distribution of aquafeed in Iceland, making BioMar the first global aquafeed manufacturer to establish production operations in the country.

The strategic alliance, announced on May 26, brings together BioMar’s world-renowned research and development in aquafeed with Fóðurblandan’s well-established manufacturing and distribution infrastructure. 

Production will take place at Fóðurblandan’s upgraded facility in Reykjavik, accompanied by the establishment of a distribution centre for BioMar’s existing feed portfolio, ensuring uninterrupted supply to aquaculture operations across the island.

“This partnership gives us a unique opportunity to deliver locally produced, high-quality aquafeed backed by BioMar’s extensive R&D capabilities,” said Paddy Campbell, Vice President of BioMar’s Salmon Division. 

“Fóðurblandan’s experience and strong supply chain infrastructure make them an ideal partner to support our customers’ ambitions in Iceland.”

To steer the new venture, BioMar has appointed Mike McLeish as Business Unit Director for Iceland. McLeish, a seasoned professional in the aquaculture sector, has held senior roles in multiple international markets. 

He will be supported by Johannes Gislason, an Icelander with a strong background in aquaculture, who joins as Sales and Business Development Manager to strengthen BioMar’s customer engagement and technical support.

Úlfur Blandon, CEO of Fóðurblandan ehf., welcomed the collaboration, noting its alignment with both sustainability and local economic development goals.

“We are proud to enter into a commercial partnership with BioMar. With Fóðurblandan’s strong presence and extensive knowledge of the Icelandic market, combined with BioMar’s world-class technical expertise in feed development, we are forming a powerful alliance to support the future of aquaculture in Iceland,” Blandon said.

He added that producing feed locally is a major step toward reducing the industry’s carbon footprint, and this partnership plays a vital role in building a more sustainable, resilient and domestically driven feed supply chain.

BioMar records close to 20% increase in earnings 

The announcement comes on the heels of a banner year for BioMar. Despite a 5% drop in production volume to 1.37 million tonnes in 2024 and a 7% decrease in revenue to DKK 16.6 billion (approx. US$2.39 billion), the group achieved record profitability. 

BioMar’s EBITDA rose 18% across consolidated companies, driven by a sharpened focus on product optimisation and operational excellence.

“It is with great satisfaction that we look back at 2024,” said Carlos Diaz, CEO of BioMar Group. 

“The increase in profitability is the result of an unwavering strategic focus on optimising our product portfolio, combined with a series of operational excellence measures. The improvement was broadly based across divisions and business units.”

Diaz noted that the reduction in volume was a deliberate move as BioMar shifted away from high-risk clients and low-value contracts in favour of long-term partnerships. Biological issues in Norway and Chile, as well as energy shortages in Ecuador, also contributed to lower volumes.

BioMar’s joint ventures in China and Turkey added further strength to the company’s performance, reporting combined non-consolidated revenue of DKK 1.502 billion (approx. US$216 million) and an EBITDA of DKK 166 million (approx. US$23.9 million) on a 100% basis.

Looking ahead, BioMar expects to generate full-year 2025 revenue between DKK 16.0–17.0 billion (approx. US$2.30–2.45 billion), with an EBITDA projection of DKK 1,470–1,570 million (approx. US$211.6–226.1 million), though the company cautions that shifting raw material prices and market volatility may affect outcomes.

For BioMar, the partnership with Fóðurblandan is a strategic foothold in a growing aquaculture market and a model for sustainable, localised feed production.

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