Farmed salmon overtakes capelin as Iceland’s second-largest seafood export

ICELAND – In Iceland, farmed salmon has surged to become the second-largest source of seafood export income, now trailing only behind the country’s long-standing leader, cod. 

According to data from Fisheries Iceland, cod continues to dominate Iceland’s seafood industry, generating ISK 136 billion (US$979 million) last year, a figure that eclipses the earnings from all other fish species, whether wild-caught or farmed.

For many years, cod has been the cornerstone of Iceland’s seafood exports, consistently delivering the highest foreign revenue. 

However, the landscape of Icelandic seafood exports has seen a significant shift with farmed salmon’s rise. 

Traditionally, capelin held the second spot in terms of export earnings.

In 2023, however, farmed salmon generated ISK 37 billion (US$266 million), surpassing capelin, which brought in ISK 32 billion (US$230 million).

Fishing for species like capelin is inherently seasonal, with the fish only present in Icelandic waters during certain parts of the year. 

This contrasts with salmon farming, which can be carried out throughout the year. 

The volatility of capelin fishing has been evident in recent years, with no fishing quotas issued in 2019 or 2020, affecting its consistency as a revenue source.

From 2014 to 2021, open-net salmon farming in Iceland experienced exponential growth. 

Production soared from less than 4,000 tonnes annually to nearly 45,000 tonnes. 

This dramatic increase underscores the expansion and refinement of the farmed salmon industry, led by companies such as Arnarlax, Iceland’s largest producer. 

The majority of Iceland’s fish farms cultivate salmon, primarily in open pens located in the fjords. 

However, this practice has sparked controversy due to environmental concerns, including potential pollution, threats to native salmon populations, and animal welfare issues.

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