Unlike the core business, the spillover effects are found throughout the country, through the core business's suppliers and their own suppliers.
Nofima
Nofima has published its latest annual impact analysis on the Norwegian seafood industry, highlighting that although the challenges were greater in 2024, the positive indirect effects of the overall activity were greater than in 2023.
The researcher who leads this work, Audun Iversen, links this fact to the increase in export value, which has provided the basis for greater spillover effects, with strong growth in employment and value creation.
Specifically, the total value created by Norwegian seafood in 2024 was NOK 139 billion. Margins were lower due to rising costs, but since these increases were reflected in the purchase of goods and services, value creation was almost as high as in 2023.
In addition, the Norwegian Food Research Institute confirms that the value of Norwegian seafood exports increased by around 1.5% from 2023 to 2024, from NOK 172 billion to NOK 175 billion.
"Even with higher costs, the aquaculture industry was still very profitable in 2024, and the fishing fleet was largely compensated for lower quotas with higher prices," highlighted Iversen.
In terms of employment, the significant increase in jobs among the industry's subcontractors led total employment in 2024 to rise to nearly 103,000 people. The core business accounted for 43,000 jobs, while 60,000 were generated among subcontractors.
Nofima also notes that the Norwegian aquaculture industry has long since surpassed traditional fishing in terms of value creation. Specifically, it accounts for 73% of the total value creation in the seafood industry.
Regarding the areas of Norway where the activity is most significant, the leader is Vestland county, where the greatest value creation and employment in and from the seafood industry are concentrated (approximately NOK 26 billion in 2024).
"A full 83 percent of the value creation from the seafood industry and its spin-offs is found in the seven counties where we also find most of the core activities," detailed Iversen.
Finally, the report highlights the significant contribution of the sector to Norwegian tax revenues, noting that the total tax revenue generated was NOK 31.2 billion in 2024 and that the industry's share of taxes is 'much higher' than its share of GDP.
