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Blue Armor 1A
What if vaccinating fish was the key to more profitable and sustainable aquaculture?
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Salmon farming: a strategic response to global food challenges
By 2050, the world population is expected to reach 10 billion people, 20% more as today. This demographic growth is driving a significant increase in the demand for animal protein, putting pressure on existing agricultural and fishery resources. In addition, planetary boundaries, climate change, and environmental emergencies highlight the need for sustainable and forward-thinking agronomic alternatives. In this context, aquaculture, and salmon farming in particular, emerges as a sustainable and profitable solution to meet this growing demand.
A rapidly expanding market
The constant demand for animal protein continues to fuel strong growth in the global salmon market. In 2024, it was valued at $19.1 billion and is projected to reach $44.4 billion by 2034, with an estimated compound annual growth rate (CAGR) between 5% and 8.8%. Norway, the world leader in salmon farming, exports over €13 billion worth of salmon each year, primarily to the European Union, Asia, and the United States.
Reduced environmental impact with high farming efficiency
Unlike land-based livestock farming, open-sea salmon farming does not use arable land and consumes very little freshwater, as fish are raised directly in sea cages. In contrast to other forms of farming, salmon farming helps preserve terrestrial resources for other agricultural or urban uses. Moreover, the growth of aquaculture contributes to reducing pressure on wild fish stocks, thereby helping to slow down overfishing.
Additionally, farmed Atlantic salmon (Salmo salar) has an exceptional feed conversion ratio (FCR) of approximately 1.2. This means that only 1.2 kg of feed is needed to produce 1 kg of salmon, compared to 2 kg for poultry, 3.4 kg for pork, and up to 9 kg for beef. This high efficiency results in optimized resource use and lower production costs.
The impact of infections in salmon farming: an underestimated economic and environmental challenge
Despite advancements in farming practices and biosecurity, microbial and parasitic infections remain one of the major challenges in modern salmon aquaculture. Pathogens such as the Infectious Pancreatic Necrosis Virus (IPNV), the Infectious Salmon Anemia Virus (ISAV), and the salmon louse (Lepeophtheirus salmonis) cause significant losses in farms every year.
In Norway, the annual mortality rate in salmon farms linked to microbial infections ranges between 15% and 35%, depending on the year, amounting to several hundred thousand tons of lost biomass. This mortality results in a direct economic cost of several hundred million euros annually, due to lost production, treatment expenses, and disposal logistics.
However, this is not just an economic issue, it is also an ethical and environmental one. The ecological impact of this mortality is substantial, as each dead fish represents wasted resources: feed, energy, fuel, infrastructure, without any return on investment. This inefficiency has a cascading effect, increasing the carbon footprint per kilogram of salmon actually sold and raising CO₂ emissions per unit produced. Reducing mortality associated with infections would not only improve farm profitability, but also reduce their carbon footprint by up to 30%, according to recent studies in Norway and Scotland.
Thus, solutions aimed at strengthening disease prevention and improving vaccination represent a dual strategic lever for both economic performance and environmental sustainability in the sector.
A strategic investment opportunity
Investing in salmon vaccination and aquaculture presents attractive return on investment prospects. The sector benefits from growing global demand, superior production efficiency, and a stable regulatory framework. Moreover, it aligns with sustainable development goals, meeting the expectations of consumers and investors concerned with the environmental and social impact of their investments.
Company Presentation
Blue Armor is a newly established biotechnology company based in Wallonia, founded in 2025 by two leading experts in fish health and vaccine development. The company was created to tackle one of the most pressing challenges in modern aquaculture: the lack of effective, safe, and sustainable solutions to control viral and parasitic diseases in salmon and trout farming.
Drawing on cutting-edge RNA technology and years of expertise in veterinary science and molecular biology, Blue Armor is developing the first replicon mRNA vaccines designed specifically for salmonids. These next-generation vaccines aim to protect fish against three major viruses and one parasite — while significantly reducing reliance on antibiotics, chemical antiparasitics, and stressful delousing techniques. This project is part of a broader mission to drive sustainable transformation in the aquaculture sector by improving fish health and farm productivity.
TAX SHELTER
45%
Investments in this company benefit from a 45% personal income tax reduction. Read more…
A remaining amount of €380,500 is available for the Tax Shelter benefit.