“It has not always been a fairytale on the Faroe Islands”

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How did a small group of islands become known in the world? According to CEO Regin Jacobsen, this started when small dreamers in the 80’s began to use the unique natural resources on the flourished islands which are surrounded by cooled fjords all year round. 

On day one of the North Atlantic Seafood Forum Faroe Islandic champions of salmon Bakkafrost gives an insight of how the road was graved for the company.

“It has not always been a fairytale on the Faroe Islands. In the eighties, we were dreamers and entrepreneurs. For many, the dream became a nightmare and bankrupted occurred. But from the ashes, some rose. We have been a part of the greatest revolution in any production industry in history. We managed to make our remote location an advantage,” says Regin Jacobsen, CEO Bakkafrost.

The ILA crisis in 2003 shook the small island community and after the crisis, three companies were left. And Bakkafrost became the permanent leader. And according to Regin Jacobsen, the dream is not about to end anytime soon, but a growing demand for sustainable proteins and limited fjords in the region creates great pressure on the industry.

Bakkafrost, listed on the Oslo Stock Exchange, today has a market value of NOK 33.8 billion, having seen the share price rise by 31 per cent in the past year

“Looking at the future of the salmon industry it is a great place to be. But even though the demand of salmon increases we must keep looking for new opportunities to increase both our impact in the local society, but also our production capacity, ” says Regin Jacobsen

When pointing out where the industry is moving Bakkafrost also believes in more offshore facilities, as this is one way to come about the limited access to fjords, and growing demand and population worldwide.

“The trend is on healthy food. And as the population keeps growing. In 2050 we need to have 70 % more access to protein to feed the world population. By the end of this speech there are 3000 more people than there was before this speech, ” says Regin Jacobsen.

The Faroe Island leader does not see the demand for salmon to end anytime soon.

“I think the industry will make investments for NOK 250 billion over the next ten years. Land-based plants, marine farms – growth is linked to population growth, healthy food, new products and markets,” he says.