The Norwegian seafood industry is constantly growing and expanding. The snow crab entering the Barents Sea was an opportunity to create a new, profitable industry with a product well established on the world market.
Norwegian vessels entered the loophole and were joined by foreign vessels to catch snow crab. January 2017, Russia claimed sovereignty over the area and closed it for all foreign vessels, including the Norwegian ones.
The goal of this study was to determine which challenges and opportunities the entrepreneurs have met since entering the industry. The thesis is built on relevant theory and 7 interviews with key informants in the Norwegian-, and Alaskan snow crab industry.
The results of this thesis show that the Norwegian snow crab industry is in the early stages of the industry life cycle. The industry’s profitability was challenged after the loophole was closed. The future of the industry is uncertain due to lack of governmental regulations.
The Alaskan snow crab industry has met similar challenges through their life cycle and the industry was successfully regulated to ensure profitability to its active vessels and fishermen
