Intrafish Investment Forum, London 2013
Andrew Mallison
IFFO, The Marine Ingredients Organisation

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Prime food fish reduced to meal & oil atlantic and pacific herring sardinella jack and horse mackerel
10%
15%
20% pilchard (sardine) 25% blue whiting 30% sprat 40% capelin 50%

Increasing share of fishmeal obtained from fish by-products
From whole fish From fish residues

World fishmeal production (000 mt)
Peru Chile Thailand U.S.A
Japan Scandinavia* Others
7,000.0
6,000.0
5,354
5,000.0
6,084
6,018
5,269
5,519
5,091
4,838
4,560
5,587
4,535 4,672
4,000.0
3,000.0
2,000.0
1,000.0
0.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1,200.0
1,000.0
886
800.0
1,035
World fish oil production (000 mt)
Peru Chile Scandinavia* U.S.A
Japan Other
906 915
1,029 1,037
993
841
1,036
903 885
600.0
400.0
200.0
0.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Total annual fishmeal production*
(000 mt)
2012 2013 2014
2,452
+ 16%
2,115
2,052
*Peru, Chile, USA, IFFO Europe and South Africa

Total fish oil production* (000 mt)
2012 2013 2014
595
556
529
+ 12%
*Peru, Chile, USA, IFFO Europe and South Africa

Percentage of fishmeal usage by market in 2011 and 2012
Aquaculture Chicken Pig Other*
2%
23%
7% 68%

Percentage of fish oil usage per market
2011 2012
3% 4%
19%
22%
78% 74%
Aquaculture Direct Human Consumption Other uses

200
World fishery production (million mt)
Capture Aquaculture
160
120
80
40
0
1990 1994 1998 2002 2006 2010 2014 2018 2022

40
35
30
25
20
15
10
5
0
Inclusion of fish meal in diet for salmonids ( %)
World Norway Chile Trout Eu
2009 2010 2011 2012 2013 2014

160
140
120
100
80
60
40
20
0
2009
Fish meal usage (000 mt)
Trout Sea Bass/bream
2010 2011 2012 2013

5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
Weekly fishmeal (65% FOT) and soyameal (44% FOT) ratio in Shanghai
(RMB/mt)

2.5
2.3
2.1
1.9
1.7
1.5
1.3
1.1
0.9
0.7
C&F fish oil/rapeseed oil prices ratio in
Rotterdam (Netherlands) (US$/mt)

Crude Anchoveta Fish Oil Production and Omega-3 Market Demand
(in 000s of metric tons)
Typical Sustainable Cap
Crude fish oil production Omega-3 market demand
Source: International Fishmeal and Fish Oil Organisation, GOED Analysis

Dietary supplements are still demanding the bulk of anchovy oils
Omega-3 Demand Outlets by Crude Anchoveta Fish Oil
(in metric tons)
Dietary Supplements
122,980
Pharmaceutical
41,780
Functional Food
16,420
Pet Food
26,490
Clinical Nutrition
3,090
Source: Frost & Sullivan, GOED Analysis

Feeding a growing population.
Responsible Feed Ingredients
Responsible Feed
Responsible Aquaculture
Global Food Security

IFFO RS STANDARD

SET BY MULTI-STAKEHOLDER
GROUP

IFFO RS KEY COMPONENTS

IFFO RS – UPDATE NOV 2013
• Now over 100 certified factories
• Over 40% of global fishmeal production
• 17 whole fish stocks
• 63 species approved as by-products
• 12 Chain of Custody certificates
• Improver Program

Summary
Market forces drive raw material allocation between direct human consumption and reduction to meal and oil
Overall, fisheries related to reduction are being well managed with stable production for the future, increasing contribution from by-products
Aquaculture takes and will continue to take the lion’s share in the usage of marine ingredients.
Reduction in the diet inclusion rates of fishmeal/oil. Market choices in nonmarine inclusions.
Growth of direct human consumption of fish oil