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Packaged salmon on display in a supermarket in Norway. (Photo: Terje Engoe/FIS)

Value created from productive oceans to increase six-fold by 2050

Click on the flag for more information about Norway NORWAY
Thursday, December 20, 2012, 01:50 (GMT + 9)

The potential for increased value creation in Norwegian biomarine industry is huge. In a new analysis, a task force appointed by two science academies says that it is possible with a turnover of NOK 550 billion (EUR 74.4 billion) in 2050, a sixfold increase from today.

The working group consisted of renowned scientists, experienced managers, entrepreneurs and industry players. Scientists at SINTEF and NTNU have penned the report.
 
The report was commissioned by DKNVS (the Royal Norwegian Society of Sciences and Letters) and NTVA (the Norwegian Academy of Technological Sciences) and is a follow-up to a report from 1999 where the predictions proved to be correct: At the time it was said that the biomarine industry would represent a total market value about NOK 75 billion (EUR 10.1 billion) in 2010 - the real value proved to be about NOK 80 billio (UR 10.8 billion).

The working group expects the global trends such as increased need for food production in general, and increased demand for seafood in particular will contribute to a great increase in the value created in the marine sector in Norway and with Norwegian interests abroad.

A prerequisite is that the industry is able to manage the environmental challenges and another that we manage to procure sufficient raw materials.

The largest growth is predicted to come within the salmon aquaculture -supplier- and marine ingredients industry. The value of salmon and trout can reach up to NOK 238 billion (EUR 32.2 billion) in 2050 compared to NOK 34 billion (EUR 4.6 billion) today and marine ingredients industry can reach a market value of NOK 70 billion (EUR 9.5 billion) from the current NOK 5 billion (EUR 676.4 million).

The working group comes with clear recommendations that the industry must be prioritized politically in that arrangements are made for good framework conditions and a willingness to invest in the unborn and the nascent industries.

Source: SINTEF


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