An overview of the Icelandic seafood industry

The fishing industry and the seafood sector are crucial to the Icelandic economy as a whole. The country has established the Fisheries Directorate to oversee the industry. Numerous studies are carried out to assess fish stocks and fishermen are advised on authorized catches. The research is carried out under the aegis of the Icelandic Marine Research Institute. The long-term goal is to protect marine resources and prevent exploitation. The fishing zone to which the Icelandic fishing community has access covers around 758,000 square kilometers. The Icelandic fishing industry is therefore fairly well developed. In addition to the main activity of fishing, there are several business areas that support the industry and are constantly growing.

Catch limits set by the government for each fish species

The fishing season or fishing year lasts from September of each year to August of the following year. The Ministry of Fisheries and Agriculture in Iceland publishes the total allowable catch (TAC) table for the fishing year. These figures are determined by the Ministry on the basis of data from the Icelandic Marine Research Institute and the International Council for the Exploration of the Sea (ICES).

The quantity is given in tonnes. For example, the TAC for cod in this year 2020-2021 is 256,593 tonnes. Then there is saithe, haddock, golden redfish, Greenland halibut and deep-sea redfish and so on. The total allowable catch in tonnes for the whole year is given for each species.

There is a well-organised system for accounting catches. Fishing vessels must be registered and there are over 1,600 registered vessels throughout Iceland that fish regularly. The Icelandic fishing industry has embraced technology to a great extent and the weight of the catch is measured with electronic scales on board the fishing vessels. The weight is in turn checked on arrival at one of 58 locations throughout the country.

Seafood exports from Iceland receive a huge boost

Iceland has been an important exporter of seafood for many years. The country is one of the largest producers and exporters of seafood in the world. In Europe, it is among the top three.

In figures, the export of seafood products from Iceland in 2018 amounted to 670,775 tonnes with an export income of 1,878 million euros. Cod is the most important fish species exported and there are over 95 countries to which the products are exported from here.

Allied industries also shine – seafood industry in Iceland

The growth of the Icelandic fishing industry has ensured that several other industries that support it have also grown rapidly. The scales sector is one of them. There are electronic scales that have been specially developed for use on board fishing vessels. Software products have been developed for real-time generation of data across the country. The IT sector in Iceland has made a huge contribution to the Icelandic fishing industry.

The seafood processing industry is another segment that has made progress in this country. This includes items such as crates, tubs, storage and packaging materials, counter top freezers and so on. The fishing vessels also need nets, safety equipment for the crew and special clothing. All of these products have largely been developed and manufactured in Iceland. This has provided work for many people throughout the country. Direct employment in the fishing industry is estimated to be around 10,000.

All this has meant that there are fisheries in Iceland that have developed into companies of international repute and are able to transfer technology to companies in other countries. The seafood industry has become mainstream and makes a significant contribution to the Icelandic economy.

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