Western region is the heart of aquaculture revenues

The total value creation in the seafood industry alone increased by 36 percent last year, amounting to record high NOK 71 billion, shows a new report from Norwegian research company Nofima.

The Norwegian seafood industry employs 86 000 persons, of which 39 700 are employed directly while 46 300 are employed in supplier industries as ripple effects.

Aquaculture increasingly important

- The seafood industry is one of the key drivers for the local economies in these five counties. If we break the figures down by municipality, it is clear that the industry is vital to the prosperity of several municipalities, comments researcher and project manager for the report, Audun Iversen when presenting the figures.

The industry has exceeded turnover year-on-year for 15 of the past 20 years. 2022 was no exception with a total export value of NOK 151.4 billion, an increase of 25 percent from the peak year 2021. This high level of economic activity generates profits and employment, which in turn generates tax revenue for the state. 

The large increase is a result of growth in the aquaculture sector and the fact that the prices for both wild-caught fish and farmed fish have increased. The combination of higher prices and overall growth in the aquaculture sector has allowed it to overtake the fisheries industry in terms of economic impact. The Norwegian government has defined aquaculture to be one of the most important industries for the future and expect the business to continue to grow, also creating new business opportunities.  This is supported by predictions of future global consumption of food produced in the aquaculture business.

The Norwegian coastal areas are ideal for salmon production. The Bergen region is a seafood hub, offering a robust aquacultural ecosystem of leading research institutions, excellent schools and highly developed end-to-end value chains. Photo: Johan Wildhagen. 

Bergen region is a seafood hub

Vestland county is together with Nordland county the two regions reporting the highest value creation, with Troms og Finnmark, Møre og Romsdal and Trøndelag counties each had a direct value creation of between NOK 11 and 16 billion.  

A total of 86,000 people were employed in the seafood industry last year, with as many as 46,000 jobs as a direct result of the industry’s ripple effects. The majority is employed in the aquaculture industry. 14 000 people in Vestland county work in the seafood business.

The Bergen region is a seafood hub, offering a robust aquacultural ecosystem of leading research institutions, excellent schools and highly developed end-to-end value chains. Vestland county has also pointed out the marine sector as a future industry, highlighting the need for innovative and circular value chains. 

This ecosystem includes leading seafood companies, international firms and pioneering start-ups. Leading the field in research and competence building, the region is also home to the Norwegian Directorate of Fisheries, the Institute of Marine Research, the NCE Seafood Innovation Cluster and the University of Bergen – Norway’s largest marine university.

Tax revenues supports the welfare state

The industry is a vital contributor to the national tax revenues as with core activities generating a total of NOK 9.3 billion in corporation tax, while NOK 3.1 billion was paid in corporation tax from its suppliers. The remaining NOK 13.6 billion comes from personal tax paid by the industry and its suppliers. 

In a ripple effect analysis, the scientists have also calculated the tax revenue generated from the seafood industry’s activities, including both corporation tax and personal tax paid by both the industry and its suppliers in connection with the industry’s demand for goods and services. The total tax revenue in 2022 was NOK 25.9 billion.

You can read the report in full text in Norwegian here.