Aquaculture is one of the booming industries worldwide, especially in Norway. But sea-based aquaculture has had damaging effects on biodiversity, various emissions/discharges, and other related problems. Norwegian authorities, research personnel, and aquaculture Industries are trying to find a sustainable alternative to sea-based aquaculture. Land-based aquaculture is less harmful to nature and is also more beneficial for farmers due to less vulnerability to infectious diseases and sea lice. Arctic char which can be farmed on land-based facilities, can be an excellent alternative for this purpose. Klosser Innovasjon, together with the Norwegian government, is running project Arctic Red to solve this problem by creating an increased value creation of sustainable aquaculture production, R&D, technological improvements, and proper market creation. Market segmentation for Arctic char was performed to identify the beachhead market. Value proposition, value chain analysis, SWOT analysis, end-user profiling, TAM analysis, market survey, and pricing frameworks was done by interview and observation to find the most profitable Business model for the Arctic char farmers.