Industry · municipality
The Fish Processing Industry in Vestvågøy: Current Situation and Future Opportunities
A Detailed Analysis of Companies, Economic Trends, and Development Perspectives
Executive Summary
The fish processing industry in Vestvågøy is a small, specialized sector with a unique history. Today, only one company is registered in the municipality – Fiskerinytt Ilone Tatiana Giske – which has been active since 2007. Although the sector has experienced a significant decline in sales and employees after 2018, the broader service economy in Vestvågøy shows a more stable development. This opens opportunities for entrepreneurs wishing to explore the sector, but with a clear understanding of the challenges.
Economic Overview
Economic Trends
Sales:
- 2016: NOK 8.5 million
- 2017: NOK 7.8 million
- 2018: NOK 14.0 million (peak)
- 2019–2026: NOK 0 (activity ceased)
Employees:
- 2016: 18 employees
- 2017: 38 employees (highest number)
- 2020: 11 employees
Sales experienced a sharp increase in 2018 (+81% from 2017), but fell by 100% in 2019. Employees increased by +111% from 2016 to 2017, but decreased by -57.7% from 2019 to 2020. This shows an unstable sector with significant variations over time.
Companies in the Sector
Registered Companies
There is 1 company registered in the fish processing industry in Vestvågøy:
| Name | Address | Business Structure | Established | Employees | Bankrupt |
|---|---|---|---|---|---|
| Fiskerinytt Ilone Tatiana Giske | Haugveien 312, Gravdal | Sole proprietorship | 2007-09-15 | 0 | Not bankrupt |
Business Structures:
- Sole proprietorship (ENK): 1 company
Note: No detailed economic data is available for this company, and there are no other companies in the sector in Vestvågøy.
Geographic Distribution
The single company in the fish processing industry in Vestvågøy is located in Gravdal. There is no data about other companies or activity distribution in other parts of the municipality. This shows that the sector is concentrated in a single part of Vestvågøy.
Operational Dynamics
Bankruptcy Status:
- The single company in the sector is not bankrupt.
- There are no registered bankruptcies in the fish processing industry in Vestvågøy over time.
Operational Activity:
- Although there are no bankruptcies, the sector has experienced a sharp decline in sales and employees after 2018. This may indicate a weak operational strategy or external challenges affecting the sector.
New Companies:
- There are no new companies registered in the fish processing industry in Vestvågøy after 2018.
Outlook
Development Perspectives for Entrepreneurs
For entrepreneurs considering starting a fish processing business in Vestvågøy, it is important to be aware of the following:
- Small market sector: There is only one company in the sector, which may indicate a small market sector with limited competition.
- Stable foundation in services: The broader service economy in Vestvågøy has shown stable development, with increasing sales and employees over time. This can be a positive signal for entrepreneurs.
- Development in competitors: There are no competitors in the fish processing sector, but there are several companies in the broader service sector that may be relevant for entrepreneurs.
- Risk of decline: Sales in the fish processing sector have fallen to zero after 2018, which may indicate a weak sector that has not managed to adapt to changes.
SmartGrunder can help entrepreneurs find suitable addresses in Vestvågøy for the fish processing sector, based on natural conditions and potential development perspectives.
Development in the Service Sector
Service sector in Vestvågøy has shown a more stable development compared to the fish processing sector:
- Sales: 2016: NOK 401.0 million → 2025: NOK 466.9 million (+16.4%)
- Employees: 2016: 238 employees → 2026: 227 employees (-4.6%)
Peer companies in the service sector:
| Name | Address | Industry | Sales | Employees | EBITDA |
|---|---|---|---|---|---|
| Extra Leknes 2473 | Storgata 8, 8370 Leknes | Supermarket chain | NOK 137.7M | 47 | NOK 7.6M |
| G K Larsen As | Vikingveien 436, 8360 Bøstad | Supermarket | NOK 29.3M | 18 | NOK 4.2M |
| Gravdal Dagligvarer As | Gravdalsgata 22, 8372 | Supermarket chain | NOK 49.6M | 18 | NOK 3.5M |
Conclusion: The service sector has shown a more stable development, with increasing sales and a relatively stable number of employees. This can be a positive signal for entrepreneurs considering starting a business in Vestvågøy, even though the fish processing sector has shown weaker development.
Other companies in tjenester (not in fish store)
| Company | Industry | Address | Sales | Employees | EBITDA |
|---|---|---|---|---|---|
| Extra Leknes 2473 | supermarket chain | Storgata 8, 8370 Leknes | NOK 137.7M | 47 | NOK 7.6M |
| G K Larsen As | supermarket | Vikingveien 436, 8360 Bøstad | NOK 29.3M | 18 | NOK 4.2M |
| Gravdal Dagligvarer As | supermarket chain | Gravdalsgata 22, 8372 | NOK 49.6M | 18 | NOK 3.5M |
| K. Kristoffersen As | supermarket | c/o REMA 1000 Leknes|Leknessletta 2, 8370 | NOK 144.8M | 32 | NOK 3.1M |
| Normal Norge As Avd No1199 Leknes | discount store | Storgata 8, 8370 Leknes | NOK 19.2M | 10 | NOK 2.2M |
| Prix Stamsund 2571 | supermarket chain | J.M.Johansens vei 19, 8340 Stamsund | NOK 33.2M | 11 | NOK 1.8M |
| Ng Kiwi Nord As Avd 162 Leknes | supermarket | Slaksletta 1, 8370 Leknes | NOK 66.9M | 21 | NOK 1.8M |
| Joker Stamsund | supermarket | J.M.Johansens vei 157, 8340 Stamsund | NOK 21.5M | 14 | NOK 851.0K |
| Karlsen Dagligvarer As | supermarket | Storgata 8, 8370 Leknes | NOK 59.4M | 25 | NOK 719.0K |
| Joker Ballstad | supermarket | Fryseriveien 1, 8373 Ballstad | NOK 18.9M | 11 | NOK 676.0K |
| Borgtun As | supermarket | Vikingveien 508, 8360 Bøstad | NOK 5.3M | 12 | NOK 201.0K |
| Coop Prix Leknes Avd 4568 | supermarket chain | Lekneskroken 3, 8370 | NOK 0 | 7 | NOK 0 |
| Finn Henrik Pettersen | supermarket | J.M.Johansens vei 224, 8340 Stamsund | NOK 0 | 0 | NOK 0 |
| Normal Norge As Avd No2003 Leknes Lofotsenteret | discount store | Storgata 8, 8370 Leknes | NOK 0 | 0 | NOK 0 |
| Pirozhkov Salg | other non-specialised store | Tussan 70, 8372 Gravdal | NOK 0 | 0 | NOK 0 |
| Vinmonopolet As Butikk Leknes | alcohol store | Storgata 8, 8370 Leknes | NOK 56.0M | 8 | NOK -753.0K |
Conclusion
The fish processing industry in Vestvågøy is a small, specialized sector with a unique history. Although the sector has experienced a significant decline in sales and employees after 2018, the broader service economy in Vestvågøy shows a more stable development. This opens opportunities for entrepreneurs wishing to explore the sector, but with a clear understanding of the challenges. SmartGrunder can help entrepreneurs find suitable addresses in Vestvågøy for the fish processing sector, based on natural conditions and potential development perspectives.