A study conducted by the James Hutton Institute has identified several ways that Scotland is missing out on potential sources of value within its seafood supply chain.
According to the study, waste within Scotland’s seafood supply chain is resulting in lost value due to the industry not tapping into emerging revenue streams, like using byproducts as a means of additional revenue.
The study also found that improving coordination among seafood stakeholders in a model similar to what is currently used in Iceland could unlock significant value for multiple parts of the seafood industry.
“The Icelandic Ocean cluster is a promising example of how industry, researchers, and innovators can work together to build a more circular seafood economy,” Nazli Koseoglu, a lead researcher in the study, said in a release.
The study pointed to Iceland’s cluster model and the value it created by turning what were once byproducts into value generators by producing things like collagen, nutraceuticals, cosmetics, pharmaceuticals, and specialized ingredients. It said additional investments are needed to make those products possible and that a limited labor pool has often resulted in companies prioritizing things like filleting larger premium fish and diverting other fish to lower-value uses like fishmeal and fish oil.
During this year's North Atlantic Blue BioTech Summit, Iceland Ocean Cluster Founder and CEO Thor Sigfusson, said the island nation’s seafood industry has managed to increase the value of each fish tremendously by cooperating and investing in ways to utilize byproducts. He said a single cod can be worth as much as USD 5,000 (EUR 4,280) when all values are taken into account across the value chain, with companies like Oculis creating omega-3 oils for eye health and Kerecis using cod skin for biomedical applications.
“This is not a utopian thing; this is happening right now,” Sigfusson said during the summit.
The James Hutton Institute study found Scotland could tap into similar values and that much of the industry is ready and willing to do so.
“It was exciting to see during our research that the Scottish seafood industry was willing to move in that direction,” Koseoglu said. “We should stop using the term ‘waste’ and rather speak of opportunities for circularity and higher value creation that could deliver lasting benefits for coastal communities and the wider economy."
Koseoglu and the institute put out a call to the seafood sector in 2024, which helped it form its new research.
The study was performed as part of LOWINFOOD, an E.U.-funded project working to identify solutions to issues within the E.U.’s food systems, like loss and waste within agriculture, aquaculture, and fisheries.
