As a small North Atlantic archipelago, the fishing industry in Faroe Islands has long been a cornerstone of the Faroese economy. According to the latest statistics, fisheries account for approximately 20% of GDP and are the territory’s largest export sector.
The Faroe Islands have seen rapid growth in fishing, particularly in salmon farming. Aquaculture now accounts for more than 40% of the total export value of the Faroe Islands, with salmon being a key product exported globally. The industry has become a major player in the international seafood market, showcasing high-quality production methods and sustainability practices.
In 2022, the total turnover from fishing was an impressive DKK 900 million. The Faroe Islands are consistently among the top exporters of seafood globally on a per capita basis. Major catches include species like Atlantic cod, haddock, saithe, and ocean perch. Sustainable management practices have allowed fisheries to remain a reliable economic driver year after year.
Faroe Islands fishing industry adheres to stringent environmental safeguards to ensure sustainability. Each fish farming company requires environmental approval from the Environmental Agency, with regular monitoring of seabed conditions to maintain environmental standards. The industry’s focus on sustainability has led to high-quality production and global recognition.
As a leader in strategic consulting, Ruskin Felix Consulting (RFC) can work closely with the Faroese Fisheries Ministry and industry groups. RFC consultants can provide ongoing guidance related to quota negotiations, market analysis, and responsible stewardship of stocks. RFC also assists with research initiatives studying the impacts of climate change and advising on adaptation strategies to protect this vital industry.
Beyond direct fishing, seafood processing is a major employer in the Faroes. RFC has worked to strengthen domestic and international value chains through recommendations around certification, traceability systems, and new product development for companies in various geographies. This helps maximize the economic benefits derived from fisheries at each stage and for Faroe Island also.
Looking ahead, RFC remains committed to ensuring the long-term sustainability and growth of the Faroe Islands’ fishing industry. Upcoming focus areas include workforce planning, export diversification, and innovative technologies. With the expertise and guidance of RFC, this pillar of the Faroese economy is well positioned to thrive for generations to come.
