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The Icelandic Market

The Icelandic fisheries sector has been one of the mainstays of the Icelandic economy for as long as anyone can remember, both as a source of food for the nation as well as representing a significant proportion of Iceland’s export income.

The sector has also played an important role in Iceland’s culture and heritage. Appoximately 9,000 people are directly employed by the fisheries industry, or approximately 5.3% of Iceland’s workforce, and the sector accounted for approximately 38% of the total export of goods in 2011.

There has been a strong trend towards consolidation in the Icelandic seafood industry in the past two decades after fishing quotas became transferable. The driving force behind this was increased economisation. At present, the five largest seafood industry companies hold approximately 33% of issued average quotas whilst the top ten companies hold 53%.

There has been a good EBITDA margin from the operation of seafood industry companies over the past three years, leverage has been reduced and profits have increased. And, whilst the Icelandic fishing fleet has consolidated in the past decade, the catch value of Icelandic fishing vessels in the first half of 2012 amounted to ISK 80.5bn, as compared to ISK70.5bn during the same period in 2011. The catch value, therefore, has increased by ISK 10bn, or 14.2%, between years*. To ensure they stay competitive, skippers and owners update and modernise their fleets frequently and the Icelandic Fisheries Exhibition provides exhibitors with the ideal opportunity to meet and discuss new requirements.

The Exhibition will again cover every aspect of the commercial fishing industry from catching and locating to processing and packaging, right through to marketing and distribution of the final product.

Request information about any aspect of the exhibition or the Icelandic Fisheries Awards scheme here.

 

*Source Statistics Iceland

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