The "100% Fish" initiative, championed by the Iceland Ocean Cluster, aims to maximize the value derived from each fish by utilizing every part, from head to tail. This concept emerged in Iceland following a significant decline in cod stocks in the 1980s, which forced the industry to find innovative ways to increase profitability from a smaller catch. The goal is to transform a fish, whose fillets might be worth $12-$15, into one that yields a potential value approaching $5,000 by repurposing traditionally discarded parts.
This approach not only reduces waste, which accounted for approximately one-sixth of global aquatic food production in 2021 (26.2 million tons), but also extends the seafood industry's reach into new sectors. For example, fish skins are used for leather in fashion and for wound care products by companies like Kerecis, which was recently acquired for $1.3 billion. Collagen is extracted for supplements and energy drinks, while cod enzymes are incorporated into facial serums and skincare products. These innovations contribute to a "blue economy" by creating high-value products from what was once considered waste.
The initiative has garnered international attention, with similar models being adopted in regions like the Great Lakes in North America, Oregon, Alaska, Namibia, Korea, and Queensland, Australia. The Great Lakes region, for instance, has seen over 40 companies representing 90% of its commercial catch sign the 100% Fish pledge. While much of the repurposed material initially goes into lower-value products like animal feed and fertilizer, efforts are underway to develop higher-value applications such as fish leather, pet treats, and nutritional supplements, potentially unlocking over $35 million in annual economic benefits for the Great Lakes region.
The core philosophy behind 100% Fish is to create value from every part of the catch, reflecting a "waste not, want not" mindset. This contrasts with past industrial seafood practices that often discarded up to half of a fish in favor of fillets. The Iceland Ocean Cluster, founded by Thor Sigfusson, fosters collaboration between marine biologists, biochemists, fishermen, processors, and entrepreneurs to continually innovate and develop sustainable and profitable practices. The initiative emphasizes that there is a moral obligation to use everything harvested from the ocean.
While the theoretical maximum value of $5,000 per cod might not always be fully realized in practice, the industry has seen significant economic uplift. For Atlantic cod, 90% of each fish is now utilized, compared to over 50% being wasted historically. This shift supports key UN Sustainable Development Goals, including "Life Below Water" and "Responsible Consumption and Production," demonstrating a successful pivot from focusing on volume to prioritizing value in fisheries.
