In Iceland, farmed salmon has swiftly ascended to become the nation’s second most lucrative seafood export, recent official data reveals. Despite this achievement, it still trails behind the enduring dominance of cod, a species long synonymous with Iceland’s fishing heritage.
The latest figures indicate that salmon exports now command a value of ISK 37 billion (£208 million), marking a notable uptick and setting a new record high. In stark comparison, cod, primarily sourced from wild catches, continues to lead substantially, generating ISK 136 billion (£765 million) for the country, according to the industry association Radar (also known as the Association of Icelandic Companies in the Maritime Industry).
Radar predicts that salmon is poised to maintain its position as the second-highest seafood earner for the foreseeable future, noting that no other fish species currently poses a challenge to its ranking. The sector anticipates continued growth in both the monetary value and production volume of salmon, although surpassing cod in the near term appears unlikely.
Unlike cod, which is subject to annual fishing quotas and expected to remain relatively stable in the coming years, salmon farming operates with fewer regulatory constraints. The aquaculture industry is rapidly expanding, with existing producers granted production increases and several new land-based projects either underway or in planning stages.
Based on export data from the first five months of the year, salmon alone accounted for 13% of the total export value of fish and 5% of the overall export value encompassing seafood and industrial products, underscoring its rising significance in Iceland’s economic landscape.