Norway’s seafood industry created more value from ripple effects than from its core activity in 2024, new figures from Nofima show. The combined value creation reached NOK 139 billion, with ring effects alone worth almost NOK 70 billion.
The industry’s core value creation was NOK 69 billion, while supplier activity and indirect impacts contributed to a higher total. Researcher Audun Iversen says most parts of the sector had “a decent year”, helped by higher export values. Export earnings increased from NOK 172 billion to NOK 175 billion between 2023 and 2024.
Strong Jobs Growth Across the Chain
The sector supported more than 100,000 jobs in 2024, taking into account ring effects. Of these, 43,000 worked in the core industry and more than 60,000 in supplier roles. Iversen notes that job growth among suppliers was strong, resulting in a total of approximately 103,000 people.
Aquaculture continued to dominate value creation. It generated NOK 46 billion directly and NOK 101 billion when ripple effects were considered.
Despite higher costs and lower margins than in 2023, the segment remained highly profitable. By contrast, parts of the wild-catch industry faced lower volumes and higher prices, resulting in reduced value creation in 2024.
Seven counties account for 83 per cent
Across Norway, most value came from the big seafood counties. Vestland topped the list with nearly NOK 26 billion, followed by Nordland with NOK 22 billion and Møre og Romsdal with NOK 20 billion. Seven counties accounted for 83 per cent of all value creation from seafood and its ripple effects.
The industry also made a substantial contribution to public finances. It represented 2 per cent of mainland GDP but delivered 5 per cent of corporate tax revenue from mainland industries. Total tax contributions, including personal tax and ripple effects, reached NOK 31.2 billion in 2024.