July 27, 2024

Farmed salmon surges to second most valuable seafood export in Iceland

Farmed salmon has ascended to become Iceland's second most valuable seafood export, according to latest official figures, Fish Farmer reported.

Despite this rise, it remains significantly behind cod, the fish species for which Iceland is renowned.

As of the most recent data, salmon exports have reached ISK 37 billion (US$268 million), marking the highest value ever recorded. This growth is attributed to the expansion of Iceland's aquaculture sector, with the value of salmon exports increasing year on year.

In contrast, cod, predominantly wild-caught, brought in ISK 136 billion (US$986 million) for the country, as reported by the industry organisation Radar (also known as the Association of Iceland Companies in the Maritime Industry).

Radar has indicated that salmon is expected to maintain its position as the second most valuable seafood export for the foreseeable future. The organisation does not foresee any other fish species challenging salmon's position.

While salmon is set to continue growing in both value and volume, it is unlikely to surpass cod in the near term. Cod fishing is regulated annually by quotas, which are expected to remain relatively stable over the next few years. In contrast, aquaculture, including salmon production, currently faces no such restrictions.

Salmon production is advancing rapidly, with most current producers having been granted production increases. Additionally, several land-based projects are either planned or in progress.

The Radar figures, based on export data for the first five months of this year, show that salmon alone accounted for 13% of the export value of fish and 5% of the total value of all products, including both seafood and industrial goods.

-      Fish farmer