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Business transactions’ value chains can constrain their capacity to maximize market value from limited resources. Seafood markets exhibit a strong demand for fresh, high‐quality seafood yet empirical studies show large variations in value chains’ adaptation and exploitation of market opportunities. This article presents a comprehensive model that identifies the main drivers and constraints in value chains for wild harvested seafood that generate differences in market adaptation. The model is built on theories of value chains, business conventions, competitive behaviour, governance conventions, legal regulation, and direct ecological and economic constraints. The model is applied in a comparative case analysis of market adaptation by value chains for North Atlantic cod products in Norway and Iceland, which explains why business conventions in Iceland are more consumer market adapted than those in Norway.