The effects of fisheries management on the Icelandic demersal fish value chain |
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| Institution: | 1. The School of Business and Science, University of Akureyri, Iceland;2. Department of Economics, University of Iceland, Iceland;3. Department of Business, University of Akureyri, Iceland;1. Nofima – Norwegian Institute of Food, Fisheries and Aquaculture Research, P.O. Box 6122, N-9291 Tromso, Norway;2. University of Sterling, Stirling FK9 4LA, Scotland, UK;1. Department of Fisheries and Water Resources, University of Energy & Natural Resources, P. O. Box 214, Sunyani, Ghana;2. Centre for Blue Governance, University of Portsmouth, Richmond Building, Portland Street, Portsmouth PO1 3DE, UK;3. Fisheries Economics Research Unit, Institute for the Oceans and Fisheries, The University of British Columbia, Vancouver, BC, Canada;1. Norwegian College of Fishery Science, University of Tromsø, Tromsø, Norway;2. Innovative Fisheries Management, Aalborg University, Aalborg, Denmark;3. Greenland Climate Research Centre, Nuuk, Greenland;4. Nofima—The Norwegian Institute of Food, Fisheries and Aquaculture Research, Tromsø, Norway |
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| Abstract: | Iceland׳s fishing industry has outperformed fishing industries in neighboring countries in recent years. This paper identifies key factors in market structure in recent decades that contribute to long run profitability of the Icelandic fishing (and fish processing) industry using semi-structured interviews with industry participants, and compares those with similar results from Norway. Further, the development of profitability in the Icelandic and Norwegian demersal fishing industries is used to assess the long run effects of different management systems on quality, product focus and profitability. The results indicate that three key changes in Icelandic regulation during the 1980s were important to the development of long run profitability within the fishing industry: the abolition of export barriers, the introduction of an individual transferable quota (ITQ) system and the establishment of fish auctions. A large and growing literature supports the role of ITQs in ensuring long run profitability. The importance of market structure for profitability has only recently been identified, affecting the ability of value chains to become market oriented and supply homogenous product flow from heterogeneous raw material. Comparison with Norway indicates that while individual transferable quota management does improve profitability in fishing to a certain extent, management systems must facilitate a strong market connection from consumers, through the stages of retail and processing, to fishers for the full realization of profit potential in the fishing industry. |
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| Keywords: | Demersal fishing Profitability Iceland Norway ITQ Market structure |
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