Salmon is the most consumed farmed seafood in the EU and there is no indication that demand will abate. Yet salmon aquaculture’s environmental impacts are significant, and its future is likely to be shaped by demands of increased but at the same time more sustainable production. This study developed an integrated theoretical framework based on the multi-level perspective (MLP) and a global value chain (GVC) governance framework and applied it to the global farmed salmon value chain. The objective was to provide insights on the most likely transition pathway towards sustainability based on industry and expert perspectives. The perceptions on challenges and drivers of change, were gathered through focus groups and in-depth interviews, and fitted to the integrated framework to facilitate the transition pathway analysis. Viewing the qualitative findings in the context of the MLP framework provided information about the current workings of the system, the drivers of change in the socio-technical landscape and niche-innovations and their potential to challenge or enhance the current system and thus indicated possible system transitions. To emphasize the role of industry actors in shaping the future of the salmon value chain, the analysis was strengthened using the GVC model which added information about power relations, signaling the ability of system actors to motivate or resist change. The findings indicate that, due to resistance in the regime and the fact that niche-innovations are not yet sufficiently developed, the farmed salmon value chain will continue to be predominated by traditional sea-based aquaculture but that there will be a gradual shift towards more diversity in terms of production methods in response to landscape pressures. The discussion addresses sustainability challenges and policy implications for the farmed salmon value chain and highlights the need for a food system perspective.