World Market Situation for Greenland halibut
Fishery for Greenland halibut was commercialized in the 1960s and has since then provided a stable source of income in Arctic regions. The fish is primarily found in Greenland, the Barents Sea and northern parts of the Pacific Ocean.
The fishery developed quite quickly during the first decade and reached a peak in the 1970s. The following four decades the development was quite stable, with a slight dip in the 80s, however, fluctuations in catch are more likely to be caused by price/cost structure than stocks/availability of resources.
Main Greenland halibut fishing nations are Greenland, Russia, Canada and Iceland representing 75% of world catches. Other significant fishing nations are Norway, USA, Spain, Germany and Portugal, of which the latter three are fishing in the Arctic on EU quotas. The catching areas providing the highest tonnage are the off shore fishery in western Greenland and the inshore fishery the same place. In general, the off-shore fishery for Greenland halibut takes place using bottom trawls, whereas in the inshore fishery, long lines and gill nets are the norm.
Regulated fisheries in Greenland
In Greenland, quotas are strictly regulated so that no single person or company can own more than a 5% share of the total inshore quota. This means that the inshore fishery is characterized by many small scale fishermen, who deliver to processing companies, e.g. Royal Greenland. Around 2/3 of the total catch is delivered to Royal Greenland, which makes the company the largest processor in Greenland. Off shore ownership is not allowed to exceed 33.3% of the total quota.
Since 2012, biologists at Greenland's Institute of Natural Resources have reported that the size of caught Greenland halibut has been stable with a slight increase after a number of years with declining sizes. Likewise, the Greenlandic stocks are considered quite stable. (Source: www.natur.gl)
Greenland halibut consumption
The countries importing the most Greenland halibut are China and Japan. In Asia, the fish is considered a delicacy and Japan especially uses special cuts for sushi, including frills – the meat located just above the fins. Exports to China mainly consist of whole fish, but also heads, tails and frames, which are valued soup ingredients. One of the main markets for fillets and loins is France, whereas the Greenland halibut is mostly consumed smoked in Scandinavia and the Benelux countries, especially in Belgium where it is a part of a popular regional dish. A lot of Greenland halibut is also imported by Germany, which has a lot of smokehouses. The high fat content of the Greenland halibut makes it great for smoking, as the fat absorbs the smoke flavour well and makes sure that the fish does not go dry. Read more about the culinary qualities of Greenland halibut here
