In Greenland the industry’s direction is influenced by a combination of traditional practices, emerging market demands, and regulatory frameworks. The shift towards
more sustainable and efficient practices is evident, but the industry needs a more cohesive strategy for by-product valorisation and value-chain development. Collaborative efforts and a shared vision among stakeholders are essential for driving innovation and sustainability. This is similar to the situation in Denmark, where the fishing industry navigates complex challenges, and its innovative spirit, underpinned by a robust regulatory framework, opens up avenues for significant growth and sustainability in the by-product market sector.

Labour shortages and logistical challenges are major constraints for the industry in both Denmark and Greenland. The remote nature of Greenland necessitates innovative solutions for workforce development and material sourcing. Investments in technology and infrastructure, coupled with a focus on human resource development, are key to overcoming these barriers. Innovative approaches to by-product utilisation are crucial for the industry’s growth.
Experimentation with new applications and market entry strategies is needed to fully capitalise on the potential of these resources. Overcoming regulatory barriers and adapting to changing market conditions will be vital for success. The sector’s environment is conducive to entrepreneurial experimentation, where exploration of new commercial uses for by-products is encouraged. Partnerships and collaborations form the cornerstone of this exploration, facilitating the development of novel market channels and transforming by-products into higher-value commodities.

The potential market for by-products in both regions is significant, with diverse applications in industries like pet food production and health supplements. However,
logistical complexities, fluctuating market conditions, the competitive nature of raw Page 30 of 46 material supply, and the intricacies of regulatory landscapes pose challenges. The industry must navigate these dynamics carefully, leveraging technological advancements and market insights to expand its reach.

Key takeaways:

• Underutilisation of marine by-products: By-products remain underutilised in both Denmark and Greenland due to lack of knowledge on valorisation, lack of
market, and prohibitive costs of valorising the by-products.

• Gap in supply and demand of workforce: Finding enough workers for the industry is a challenge in both regions, fuelled by competing industries, lack of
housing, and depopulation. In both Denmark and Greenland, the industry is relying on immigrant workers to work on boats and in processing plants, but still
lack skilled workers such as electricians for the maintenance of facilities.

• Resource and infrastructure challenges: Both regions face challenges related to resources and infrastructure. Diminishing fish stocks, lower quotas, and rising energy costs affects both regions, increasing the overall costs for actors in the industry. However, increasing costs for energy and importing fish (in Denmark)
have led more actors to look into the use of side-streams to increase their profits.

• Changing market demands: The industry is facing increasing pressure from policy and regulation, markets, and consumers to become more sustainable. As
such, there should be potential in the valorisation of side-streams to prove the industry’s sustainability credentials, and to expand the market with new products.

• Lack of innovation hampering valorisation: The industry is to some extent held back by a lack of innovation, which is due to lack of experiences of
businesses in developing new solutions, lack of smaller innovative companies pushing the development of the industry, lack of knowledge of how to utilise sidestreams in novel ways, and regulatory barriers making it difficult for new entrants into the market.