The Faroe Islands does not produce more than two to three percent of all salmon in the world; nonetheless they have caught the attention of the global market. They achieve particularly good prices compared with the competition.
According to Regin Jacobsen, Bakkafrost CEO, local raw materials is the key factor to the Faroese success story.
He told Salmonbusiness.com: “Local raw materials is our cutting edge. The feed we produce is from locally harvested fish. We emphasise that factor also to differentiate our product in the market.”
“If you are going to sell yourself as superior, you must have the product that leaves everything else paling in comparison,” said Jacobsen. “Norwegian salmon is superb food, and safe to eat. But to build a “brand”, you have to be able to tell a story. It has to be just that little bit better. Our average weight is highest in the world – around 6.5-7 kilos in round weight.”
However, Faroe Islanders have got competition.
Regin Jacobsen explains: “Chile has almost caught up with us in the second and third quarters of 2018, with regard to weight average. They are practically on a par with the Faroe Islands. The question is whether they manage to keep up at that level in the long run. They have, from a biological perspective, made spectacular advances in 2018. It will be exciting to see if they manage sustainable production in the long term. At present they are doing very well,” concluded Jacobsen, according to Salmonbusiness.com.
Article edited 14:25; 26 November 2018