This document summarizes recent trends in the global fishmeal and fish oil industries from 2004-2014 based on data from IFFO. It finds that: 1) Peru and Chile have increased their share of global fishmeal production from 38% on average from 2005-2013 to 49% in 2013. 2) Asia is the largest consumer of fishmeal and fish oil, accounting for over half of global consumption. 3) Prices of fishmeal and fish oil have fluctuated in recent years but have generally trended downward since 2014.

1. FISKIMJÖL OG LÝSI:
SAMANTEKT Á ÞRÓUN SÍÐUSTU
ÁRA
Flutt á Vorráðstefnu FÍF í mars 2015
af Jóhanni Pétri Andersen en byggt á
glærum frá IFFO

2. 0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
Global fishmeal & fish oil production 1963-2013
(000 mt)
Fishmeal Fish Oil
4,675
889

3. Global fishmeal production
(000 mt)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Peru and Chile Scandinavia* USA Rest of the World
49%
38%
% average 2005-2013
36%
48%
% in 2004
*Denmark, Norway, Iceland

4. Global fishmeal exports
(000 mt)
*Peru, Chile, Denmark, Norway, Iceland, UK, Ireland, Faroe Islands, USA
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Biggest 10 exporters Total exports IFFO*
78%
80%
Average 60%
2,611

5. Global fishmeal imports
(000 mt)
2.827,0
0
1.000
2.000
3.000
4.000
5.000
Total fishmeal imports (000 mt)
China,PR
35%
Norway
8%Japan
7%
Taiwan
5%
Denmark
4%
Indonesia
3%
Vietnam
3%
Turkey
3%
U.K
2%
Greece
2%
Others
28%
64% Average 72%

6. 5,613
5,001
5,424
5,071
4,673
2009 2010 2011 2012 2013
Global fish meal consumption
(000 mt)
Asia China,PR Europe Latin America North America Other

7. Global fishmeal usage
(000 mt)

8. Global fish oil production
(000 mt)
0
200
400
600
800
1,000
1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Peru and Chile Scandinavia* USA Rest of the World
28%
50%
35%
42%
% in 2004 % average 2005-2013
*Denmark, Norway, Iceland

9. Global fish oil exports
(000 mt)
*Peru, Chile, Denmark, Norway, Iceland, UK, Ireland, Faroe Islands, USA
750,9
0
200
400
600
800
1.000
1.200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
IFFO* Total
81% Average 68%

10. Global fish oil imports
(000 mt)
778,5
0
200
400
600
800
1.000
1.200
Total fish oil imports (000 mt) Norway
22%
Denmark
13%
China,PR
8%Chile
5%
Taiwan
5%
Turkey
5%
Canada
4%
France
4%
Greece
3%
Singapore
3%
Others
28%
64% Average 68%

11. 1,021
1,124
1,011 1,051
921
2009 2010 2011 2012 2013
Global fish oil consumption
(000 mt)
Asia China,PR Europe Latin America North America Other

12. Global fish oil usage
(000 mt)

13. 6,095 6,035
5,286
5,630
5,124
4,892
4,562
5,629
4,556 4,675
4,112
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
World fishmeal production (000 mt)
Peru Chile Thailand U.S.A Japan Scandinavia* Others
-12.0%
*Denmark, Norway, Iceland

14. 1,091
964 973
1,052 1,075
1,033
864
1,080
920 893
826
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
World fish oil production (000 mt)
Peru Chile Scandinavia* U.S.A Japan Other
-7.5%
*Denmark, Norway, Iceland

15. Prices

16. 2.5
2.7
2.9
3.1
3.3
3.5
3.7
3.9
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41
Fishmeal/soyameal ratio in Hamburg (FOT)

17. Rebased prices (100=week 1 2014)
65
75
85
95
105
115
125
1 2 4 5 7 8 9 11 12 14 15 16 18 19 21 22 23 25 26 28 29 30 32 33 35 36 37 39 40 42
soyabean meal wheat corn

18. 90
100
110
120
130
140
150
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41
Standard 65% Peruvian FOB Super prime PeruvianFOB
Rebased prices (100=week 1 2014)

19. Rebased prices (100=week 1 2014)
80,0
85,0
90,0
95,0
100,0
105,0
110,0
115,0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41
Peruvian feed-grade fish oil FOB
Average Peruvian Omega-3 fish oil FOB
Rapeseed oil CIF Europe

20. Rebased prices (100=week 1 2014)
0,0
0,5
1,0
1,5
2,0
2,5
3,0
12001
252001
492001
212002
452002
172003
412003
132004
372004
82005
322005
42006
282006
522006
242007
482007
202008
442008
162009
402009
112010
352010
72011
312011
32012
272012
512012
232013
472013
192014
C&F fish oil/rapeseed oil prices ratio in Rotterdam
(Netherlands)
(US$/mt)

21. TAKK FYRIR