Hofseth Biocare ASA

Hofseth Biocare ASA Overview

Company Headquarters: Ålesund, Norway

Founded: 2009

Workforce: ~49

Company Working: Hofseth Biocare ASA is a biotech firm, which offers several ingredients along with finished products for a range of applications for humans as well as animals. The company mainly focuses on production, and development, along with sales and marketing of several marine ingredients including calcium, and fish oil, along with various protein products. The main product lines of Hofseth Biocare ASA include Salmon protein hydrolysate, which is sold under the brand name of ProGo, Fresh, all-natural salmon oil, under the brand name of OmeGo, Calcium bone powder under the brand name of CalGo, and Collagen Peptide powder under CollaGo brand. The Salmon protein hydrolysate offered by the company is a majorly used protein in sports nutrition products. All-natural salmon oil has a full spectrum of omega fatty acids, such as EPA, DPA, and DHA which is a total of 21 fatty acids of different types. The collagen peptide powder offered by the company has a range of applications in various cosmetics and personal care products such as haircare, nails, and skincare. Moreover, the products offered by the company have a presence in 40 different nations across the globe and Hofseth Biocare ASA has branches in Chicago (Oslo), India (Mumbai), Japan (Tokyo), and California (Menlo Park).

Strategy

Hofseth BioCare ASA has experience of 15 years and has conducted R&D, based on technology and products. The company has strategized its business in better ways, as the products offered by the company are not only for human applications buts also developed for applications in the animal feed category for the development of various exclusive supplements. These days, Hofseth BioCare ASA is focusing on the preservation of the quality of proteins, calcium, and lipids derived from fresh salmons. Additionally, the company has developed finished products, as well as high-value ingredients for the nutrition market. Our products are present in 40 different countries throughout the world.

Company Snapshot

$7.7M

Revenue

49

Employees

2009

Founded

Ålesund, Norway

Headquarters

SWOT Analysis

Strengths

The company has wide product portfolio those are based on fish like protein powders, gummies, oils, gels, etc.
Better financial position, indicated by increasing operating income.
The company has high investment in R&D.
Strong focus on investments in research & Development
Robust and Diversified products portfolio based on fish such as protein powder, oils, etc

Weaknesses

Absence in Middle East and Africa region.
The company has a smaller number of workforce which can be a major weakness
The company has very limited production facilities

Opportunities

The company focus on expand its sales in emerging markets.
Increase investment in marketing activities to boost fish protein powder sales.
The focus on regional expansion in untapped markets
The development of new offerings with multiple applications

Threats

The company should keep a close eye on the fast-changing government regulations under the growing pressure from protest groups and non-government organizations, especially regarding environmental and labor safety aspects.
Intensive competition from global players
The changing rules and regulations of the government related to market

Key Developments

Date	Approach	Development
May, 2020	Agreement	HBC signed its second research agreement with Stanford University for investigation on GI-protective properties of SPH/ProGo for children and adults GI tract disorders.
November, 2022	Contractual Agreements	The revenue of Hofseth BioCare ASA has grown by 105 % year by year, as the company signed contracts with various new processors operating in the salmon business to ensure better access to salmon in the company’s process of production.
November 2022	Contractual Agreements	The revenue of Hofseth BioCare ASA grew by 105 % Y-O-Y, as the company signed contracts with various new processors operating in the salmon business to ensure better access to salmon in the company’s process of production.
March 2021	Development	Hofseth BioCare ASA got the first order for the Salmon Protein purchase from the Garden of Life– the US-based company that offers organic health supplements.

Product Offering

Hofseth Biocare ASA
- Fish meal
- Global Fish Protein Hydrolysate Market

Financial Performance

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