Four Icelandic land-based salmon companies plan investments of up to NOK 46 billion

On November 6, Norwegian aquaculture news site iLaks reported that four Icelandic land-based salmon farming companies plan combined investments of approximately EUR 3.7–4.4 billion, or up to NOK 46 billion as stated in the report's headline. The figure was disclosed by First Water chairman Orri Hauksson at Sjømatdagen 2026, held this week at the Harpa Conference Centre in Reykjavik and organized by Deloitte and Fisheries Iceland.

In his presentation, Hauksson said Iceland has a unique competitive advantage in land-based salmon farming and the potential to develop into a substantial new export industry in the coming years, but clear regulatory rules and a predictable business environment are key to realizing this opportunity. He listed Iceland's advantages: access to clean geothermal seawater, renewable energy, available land, and proximity to important export markets. According to him, the industry could generate EUR 1.1–1.5 billion in annual export revenue within five to seven years.

First Water itself is among the world's first land-based salmon farming companies to regularly harvest and export 5 kg head-on gutted (HOG) salmon. The company has sold more than 4,000 tonnes of salmon to international markets and is currently building to double its annual capacity to 10,000 tonnes.

Hauksson also emphasized that private investment has already laid the foundation for this new export industry, with hundreds of millions of euros already committed. To further support growth, Iceland needs a clearer set of rules covering licensing, fees and operating conditions; long-term predictability is crucial to locking in investment and enabling Iceland to make full use of its natural competitive advantages.

In his view, the outlook for Iceland's land-based salmon farming is promising. With superior natural resources, expertise in seafood production and close ties to international trade markets, Iceland has the foundation to become a global leader in sustainable salmon farming; companies like First Water are already demonstrating what is possible, turning Iceland's natural advantages into high-quality products, new jobs and valuable exports. He said that with continued investment and a favorable operating environment, the industry has the potential to become an important pillar of Iceland's export economy in the coming decades.