A study by the Iceland Ocean Cluster has found that advanced marine processing and biotechnology are the sub-sectors of the Icelandic fishing industry that are growing fastest.
Just over 30 Icelandic companies fall into this category, and these sectors had a turnover of €134m in 2012 and grew by 17% between 2011 and 2012.
According to the study, if the sectors continue to grow at this rate, they will surpass the base industry in the next 15-20 years. The study says closer cooperation of fisheries, biotech firms, and other marine processing companies can open new possibilities, support new product development and better utilisation of raw material.
Better utilisation of raw material is a key opportunity for growth – raw material such as heads, bones, guts, skin and shell can often be transformed into valuable, marketable products such as pharmaceuticals and medical products, cosmetics, flavour enhancers, supplements, animal feed and fertiliser.
The study says that for the future development of the Icelandic fishing industry, it is of great importance that production of valuable by-products is increased.
