Abstract
Catch-based aquaculture (CBA) is an important production system in many parts of the world, especially in developing countries. In Norway CBA is based on capture and storage/farming of mature, North-east Atlantic (NEA) cod (Gadus morhua). The objective is to reduce seasonal variations and add value, by storing/farming fish to take advantage of higher prices in low seasons. Despite numerous development programs and economic incentives, the development of the CBA business has been slow. Few actors are storing fish long enough to take advantage of high price in low season. A reason for this is that CBA is caught in between two sectors: the fisheries and aquaculture, with radically different institutional frameworks, creating entry barriers and a complex regulatory framework. Moreover, the legitimacy of the CBA is in question, as CBA intervene into the resource allocation mechanism in traditional fisheries. Still, it is too early to conclude that CBA has failed, as we are dealing with an industry in the making.