Losses occur at sea from primary processing of the catch and on land from processing in factories. Much of this can go toward production of fishmeal or fish oil.
Food and job insecurity remain high concerns among many nations, particularly for coastal communities reliant on marine resources. The increased seafood processing would create more employment opportunities whilst supporting the scaling of local by-product innovations. Increasing the overall value of the fish may also allow for certain by-products to be sold to local communities.
The Iceland Ocean Cluster, a company which facilitates networking opportunities for ocean related industries in Iceland and worldwide, has led the way in achieving increased utilization of their cod fishery. In doing so, they have created about 700 jobs and increased the market value of the fishery to around $500 million, according to the Cluster. They have been at the forefront of the 100% Fish Movement which aims to inspire seafood stakeholders to increase the use and value of each fish, support new business opportunities, increase employment and ultimately decrease waste. New products and start-up companies in this movement have included wound dressings, nutraceuticals and a cola-style drink that has overtaken sales of premium cola brands in Iceland. Fish by-product innovation is gaining traction in many other coastal countries, such as in Kenya, where there is development of the fish leather industry, and other regional Ocean Clusters within Iceland’s network.