Market Research in the Faroe Islands

Market Research in the Faroe Islands

The Faroe Islands is an archipelago located in the middle of the Northern Atlantic Ocean. Like Greenland, these islands are a self-governing constituent country of the Kingdom of Denmark. Furthermore, these islands are paradise to hikers and nature lovers who bask in the rugged terrain. They will find unique flora and fauna on the islands.

Key Industries

Most Faroese people earn their living from the fishing industry. This situation makes the island prone to problems. For example, the islanders suffer from famine and feast employment rates. They have jobs only when the fish are plentiful.

Still, the Faroe Islands are one of the big players in the salmon farming industry. Whaling has also been a part of the culture of the Faroese people for centuries.

The Faroe Islands receive financial aid from Denmark each year. This aid contributes to the nation’s GDP.

Neighborhoods

The Faroes consist of many different Islands. Each is home to various attributes and features of nature. For example, hikers may prefer some islands because of their rugged terrain. Other islands, or rather parts of the island, you may find have more of the natural flora and fauna. The islands are home to many animals, such as sheep. The sheep roam free, walking roadside as vehicles pass them. They are the base for manymeals, such as the famous dish skeripikjøt. The islanders age the mutton for this chewy dish and dry it in the wind.

The islands’ location in the Northern Atlantic subjects them to a cold climate. The temperatures of the Faroe Islands range between four to ten degrees Centigrade.

The capital of the Faroe Islands is Tórshavn, which is home to over twenty-one thousand citizens. The Norse established it in 850 AD.

Trends

Many islanders consider whaling to be an integral part of their culture. The tradition has been a source of dispute because many animal rights groups believe the practice to be gruesome and cruel.

The Faroe Islands have been subject to brain drain. The younger generations have been fleeing to mainland Denmark for further education. Moreover, many remain there, where they can get high-paying jobs. They leave behind the older, less tech-savvy generations on the island. Thus, the Faroe Islands has vacancies in the tech industry.

Benefits and strengths in the market

The Faroese Krona is the official currency of these islands. The mainland, Denmark, gives the islands financial support. This support leads to a stable economy in the territory. The infrastructure within the Faroe Islands is also up to code. They boast well-paved roads and bridges across the nation.

Reasons to grow your business in the Faroe Islands

The Faroe Islands has a strong fishing industry, focusing on salmon farming. They also have a booming tourism industry. Tourists can island hop. It’s another great way to find activities that suit different interests. Each island can offer something unique.

About Market Research in the Faroe Islands

Market analysts have done Quantitative Research on the Faroe Islands. It has led to the conclusion that these islands enjoy the fruits of a risky industry. The fishing industry has proven lucrative for the territory. Yet, they rely on further allowances from mainland Denmark.

Market Analysts use several methods to do Qualitative Research on the Faroe Islands. For example, they can do Strategy Research involving Focus Groups, Interviews, and Surveys.

You, too, can benefit from this research, especially if you outsource it. Most firms engage the services of a market research provider. It frees up their time and resources. This research can help you decide if it’s worthwhile to do business in the Faroe Islands.

Contact us for your next Market Research Project.