Iceland Ocean Cluster chief executive Alexandra Leeper says the 100‑per‑cent fish model, once limited to about 45 % utilisation of Atlantic cod, now pushes over 90 % of each catch into marketable goods. Turning skins, bones and blood into collagen drinks, fish‑leather accessories and high‑value medical materials can lift a $12 fillet into as much as $5,000 in revenue.

Midwest processors representing more than 90 % of regional commercial fishing have signed the Great Lakes Fish Pledge, effectively ending landfill disposal of by‑products. John Schmidt, programme manager, notes that extending the scheme to recreational anglers could double the volume recovered. New streams of income—from pet treats sold in Chicago cafés to fish‑leather bags in Minnesota—are already emerging, offering hope for struggling lake towns.

Advocates stress that the model works only with viable business cases; Iceland’s Leeper calls it a circular‑economy example but warns that scaling to medical‑grade collagen or skin grafts will need sizable capital and cross‑industry coordination. For investors, the shift creates niche opportunities in specialty chemicals and sustainable fashion, while confirming that waste‑to‑value chains can generate tangible profit in a traditionally low‑margin sector.