Cod Liver Oil Producer Wants to Export More Skip to content

Cod Liver Oil Producer Wants to Export More

According to managing director of the cod liver oil producer Lýsi, Katrín Pétursdóttir, there is a market for a significant increase in the export of cod liver oil but these opportunities cannot be taken advantage of due to lack of raw material.

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Icelandic cod. Copyright: Icelandic Photo Agency.

However, fishermen and fishing vessel operators claim that it doesn’t pay to bring all by-products of fish to shore, ruv.is reports.

In a new directive from the Ministry of Fisheries, which takes effect September 1, increased demand will be made on the use of the catch, assuming that heads, spines and livers of fish will be brought to land for processing, among other items.

Fishing vessel operators dismiss these demands as unrealistic and say they are bound to lead to lower profits for the national economy.

Lýsi processes oil from fish liver and the product’s export value amounts to ISK 4.5 billion (USD 39 million, EUR 27 million) annually. The company is also involved in extensive research and development work.

Cod and other fish liver oil, known as lýsi in Icelandic, the same as the company’s name, has long been upheld as a healthy dietary supplement and is consumed daily in homes across the country, either as oil or capsules.

Pétursdóttir said there is also significant demand for the product in foreign markets. “We could easily double or triple the sale of cod liver oil in our exports. […] We can accept everything fishermen are willing to submit to us.”

Click here to read about other export opportunities in regards to fish liver and here to read another recent story on fisheries policies.

ESA

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