Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report — The International Review of Faroe Islands Industry and Trade

The leader of the dryfish segment of the Faroese seafood industry prepares to take more on-demand orders from clients around the world — with its processing capacity further increased and a new production hall added.

As Faroe Marine Products (FMP) completes another round of expansion, the company’s rapid growth is becoming more visible than ever. A business based on green technology and unorthodox utilization of resources, FMP since its founding some seven years ago has turned heads in more than one sense of the word, establishing a unique history of success.

The addition of a 2,500 square meter production hall to the company’s premises earlier this year is placing FMP on track to receive more on-demand orders from international clients looking to produce dried seafood or derived products of various kinds, said managing director Eirikur á Húsamörk.

While dried fish heads for the Nigerian market remain at the core of the business, FMP has worked to broaden its revenue base by constantly enlarging and refining its production capacity. Yet, with the exception of the well-established niche the company has carved for itself in Nigeria, pushing its own brand to consumer markets is currently not part of FMP’s main agenda, according to Mr á Húsamörk.

“The Nigerians have taught us how to produce natural, nutritious and tasty food at a cost that suits consumers with far less purchasing power than the average Northern European,” he said.

“So we have learned how to make good use of undersized fish and fish off-cuts from seafood processors as well as recycling heat from a combustion station, all of which makes our production both green and cost competitive. The idea is, however, that it’s now time to make more use of our own enhanced capacity for offering production on demand.”

Mr á Húsamörk added that FMP’s advanced drying process allows for a versatile concept suited for a wide variety of products.

“Our value proposition is threefold: produce the most healthy food at the most competitive price in the most environmentally friendly way possible. We have a highly skilled workforce, an excellent facility and a proven infrastructure. We produce to orders from around the world and we’re able to deliver at an unbeatable quality/price ratio. Our arrangements are very flexible and tailored according to the needs of the customer. Many of the elements involved in such orders, like packaging and distribution, are typically outsourced to third parties. Well, we know what we’re able to deliver and it’s all based on what the customer needs.”

Mr á Húsamörk pointed out that the health benefits of dried fish products are “hard to overstate” as all vital ingredients are kept intact with no boiling involved, nor salt or other additives.

“Do you know any other food as healthy, full of vitamins and proteins, as packed with Omega-3, and at the same time as tasty and ready to eat? It’s hard to overstate this — it’s a very convincing case.”

Back in 2001, FMP was established with the expressed aim of getting more food out of fish landed in the Faroe Islands after assessments and studies had indicated a high percentage of that fish wasn’t being fully utilized.

“Only half of each fish landed was used for human consumption,” Mr á Húsamörk commented. “So we thought it was time for some change.” Today, FMP ships thousands of tonnes of dried seafood every year. That leadership was recognized in 2005 by the Faroe Industry Association’s Company of Year award for successful and innovative use of natural resources and green energy in a financially sound business.

So in addition to the positive principle seen in utilizing landed fish more fully at a profit, the award was attributed to FMP’s use of otherwise wasted heat from a nearby combustion station in order to sort, clean and dry its products.

“A lot has happened since we received that award,” Mr á Húsamörk commented. “We have refined the production further with the help of advanced technology. We have much more space now, too, and more equipment — and we’ve had a lot of ongoing development in terms of products and processes. Still being able to inform all our clients how this whole system is based on green energy is of course a privilege.”

The versatility of FMP’s processing plant makes it an option for pet food manufacturing as well. “After all, pet food is not that different from the food we humans eat. And just as pet owners around the world are constantly looking for good natural ingredients, so are pet producers. Here too, dried fish is unbeatable.”

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