A Viability Assessment of Aquaponics in Iceland

Abstract

Aquaponics is an emerging practice that incorporates a hydroponics-based setup up for soilless propagation of plants along with the utilization of rearing fish in a recirculating aquaculture system. This study has been developed to determine if aquaponics production could be a viable alternative or accent to the current means of production of plants and fish species in Iceland, based on import trends, local production, energy allotments, cultural nuances and consumer habits. The thesis analyzes a literature review for previously-held theories on purchasing habits for consumers, provides a review of agriculture and aquaculture production and adopts a consumer analysis survey over motivators for organic/sustainable fish and produce. Ultimately, the thesis suggests that aquaponics is a viable option in theory, given the conditions of the environment and access to resources; however, for it to be a successful venture will take a higher level of awareness and precise promotion in domestic ventures that reaches out to both locals and tourists. The consumer models suggest a niche attitude for Icelandic consumers that can be capitalized on to help provide a more positive attitude that manages price barriers as incentives and gives a more transparent environmental appeal.