The 2025-26 capelin season in Iceland has concluded, with an estimated production of just under 40,000 metric tons of roe-bearing female capelin for Asian markets. This volume includes output from the Faroe Islands.
Here’s a breakdown of the production and pricing:
- Total Female Capelin Output: Approximately 40,000 metric tons.
- Lower Roe-Content Product (less than 15% roe): Estimated at around 10,000 metric tons.
- Higher Roe-Content Product (more than 15% roe): Estimated at roughly 30,000 metric tons. Negotiations for this product, primarily aimed at Japan, have stalled due to significant differences in price expectations between producers and buyers.
- Roe Production: Estimated between 7,000 to 10,000 metric tons.
bad weather during the recent season created logistical challenges, leading to processing delays and an estimated 2,000 tons of roe being deemed unsuitable for Asian markets due to odor issues. This highlights the importance of efficient logistics in maximizing the value of the catch.
Outlook for the 2026-27 Season:
The uncertainty surrounding the stalled negotiations with Japanese buyers is already influencing production strategies for the upcoming season. Some Icelandic producers are considering shifting their focus towards more standardized products that can also be sold to China, rather than exclusively tailoring production to Japanese specifications for high-roe content. This change would be a strategic move to mitigate risks if price agreements with Japan remain unresolved.