March 29, 2023

Iceland aquaculture shipments totalled US$4.7 billion in 2022

Data from Statistics Iceland showed Iceland's aquaculture shipments totalled ISK 642 billion (~US$4.7 billion; ISK 100 = US$0.73) in 2022, 39% up compared to 2021, Fish Farmer reported.

Salmon is by far the biggest earner thanks to rising prices. At 11% up, the volume increase was slightly less than the value increase. There was also a 38% increase in salmon ova shipments, which has become a valuable high tech product.

Svands Svavarsdottir, Iceland's Minister of Food, said that she will unveil a comprehensive plan for the country's fish farming industry in September.

The plan is likely based in part on the Boston Consulting Group's (BCG) optimistic report on the future of aquaculture for her department.

According to the BCG report, Iceland has a sizable potential for value creation over the next ten years.

The report said production of macroalgae and microalgae could rise from 115,000 tonnes to 273,000 tonnes, while aquaculture production could rise from 51,000 tonnes in 2022 to 428,000 tonnes by 2032. The industry could potentially create more than 12,000 jobs and generate ISK 430 billion (~US$3.1 billion) in sales value.

-      Fish Farmer