Aquaculture expects to break the 50,000-tonne barrier next year in Iceland.
Photo: Matvælaráðuneytið - Iceland's Ministry of Food.
The value of Iceland's aquaculture exports seemed unstoppable in the second half of 2024 after setting records in July, August, September, and October, however, November breaks that upward streak. Although the export value of aquaculture products reached about ISK 6 billion (EUR 41.3 million / USD 43.1 million), that figure was down by almost a third compared to the previous year.
However, looking at it from the yearly perspective, from January to November 2024, the export value of Iceland's aquaculture products reached ISK 47.9 billion (EUR 330.1 million / USD 344.2 million), which represents an increase of 12.1 % compared to the same period in 2023.
For all these reasons, the Icelandic dashboard of the fishing and aquaculture industry, Radarinn, is confident that the year that is about to end will mark a record year for the Icelandic aquaculture industry.
"It has become quite clear that a record year is in sight, and it is also expected that the value of aquaculture products will exceed ISK 50 billion (EUR 344.5 million / USD 359.3 million) for the first time. The previous record was set in 2022, when the export value was nearly ISK 49 billion (EUR 337.6 million / USD 352.1 million)," Radarinn said in its analysis of the November results.
As WeAreAquaculture has been reporting, aquaculture has been growing steadily in Iceland in recent years. Salmon farming is now by far the largest segment in the exports of aquaculture products and, Radarinn says, its share is likely to increase further in the coming years.
"Increased production in sea pen farming and ambitious plans for large-scale land-based farming will continue to strengthen the position of Icelandic aquaculture and support economic prosperity in Iceland," stated the Icelandic dashboard of the fishing and aquaculture industry.
According to data from the Icelandic Food and Veterinary Authority (MAST), it is expected that production from sea-based farming next year will reach about 55,000 tons. To put it in perspective, Radarinn recalled that production over the past three years has been around 45,000 tons.
In addition, the dashboard of the fishing and aquaculture industry in Iceland noted that significant growth in land-based fish farming is also anticipated in the coming years. "Therefore, the record year of 2024 is likely to hold the title only for a short time," it concluded.