The Icelandic fisheries industry uses on average 77-80% of the cod catch for various fish products. In other countries around the North Atlantic the average is 46-53%. Better use of the catch means less is thrown away and wasted, thus raising the productivity of the industry and increasing the economic value of a valuable marine resource.
Read more: Thanks to sustainable fisheries Iceland's cod stock now larger than at any time since 1985
According to the local business weekly Markaðurinn the value of the products of the Icelandic fishing industry has grown dramatically in recent decades, despite the volume of the catch having dropped: The industry has produced more from less. Thirty years ago the industry produced about 54 billion ISK worth of exports from the cod catch. This year the volume of the catch is only half of what it was 30 years ago, but the value of the products sold is more than 100 billion ISK. This means that the value of the catch has nearly quadrupled.
The key to this revolution is a switch from exporting the catch as whole-frozen cod to a greater variety of products including various products from material which was previously thrown away, including the heads, liver and other parts of the fish. The industry has also developed various other by-products which are used as raw materials in the cosmetics and medical industries. In the process various technology and engineering companies that service the fishing industry has developed technological solutions and machinery which has also found an international market.
Read more: Icelandic fishing industry consumes 43% less fossil fuels than in 1990
The Icelandic fisheries industry uses on average 77-80% of the cod catch for various fish products. In other countries around the North Atlantic the average is 46-53%. Better use of the catch means less is thrown away and wasted, thus raising the productivity of the industry and increasing the economic value of a valuable marine resource.
Read more: Thanks to sustainable fisheries Iceland's cod stock now larger than at any time since 1985
According to the local business weekly Markaðurinn the value of the products of the Icelandic fishing industry has grown dramatically in recent decades, despite the volume of the catch having dropped: The industry has produced more from less. Thirty years ago the industry produced about 54 billion ISK worth of exports from the cod catch. This year the volume of the catch is only half of what it was 30 years ago, but the value of the products sold is more than 100 billion ISK. This means that the value of the catch has nearly quadrupled.
The key to this revolution is a switch from exporting the catch as whole-frozen cod to a greater variety of products including various products from material which was previously thrown away, including the heads, liver and other parts of the fish. The industry has also developed various other by-products which are used as raw materials in the cosmetics and medical industries. In the process various technology and engineering companies that service the fishing industry has developed technological solutions and machinery which has also found an international market.
Read more: Icelandic fishing industry consumes 43% less fossil fuels than in 1990
