IFFO 2024 Conference Summary: Key Aspects of Marine Ingredient Demand
The recently held IFFO 2024 Conference brought together global experts to discuss trends in marine ingredient demand. Here, we highlight the key points of the last session, focused on the current and future dynamics of marine ingredients and their impact on the global market.
Fishmeal and Fish Oil Demand Trends
Dr. Enrico Bachis, IFFO’s Director of Market Research, shared crucial statistics on fishmeal and fish oil consumption in 2023. Fishmeal exports decreased, mainly due to a drop in fishing activity in Peru, while India increased its market share. About 90% of fishmeal is destined for aquaculture, showing a slight decline in consumption, except for marine fish, while usage in premium pet foods rose in North America, Europe, and Latin America.
Regarding fish oil, exports from several countries decreased, except for increases in China and Chile. Although aquaculture remains the largest consumption sector, a reduction in fish oil inclusion in their diets has been observed.
Outlook for Aquaculture and Capture Fisheries
Stefania Vannuccini from FAO highlighted record production in global aquaculture and capture fisheries, with Asia leading in both sectors. Aquaculture in Africa is growing rapidly, and this trend is projected to continue, especially in Africa and Oceania. Today, 77% of catches come from sustainable sources, a key step for the industry’s development.
Growth in the Salmon Industry and Financial Challenges
Carl-Emil Kjølås Johannessen from Pareto Securities analyzed the impact of the global salmon supply stagnation, which has driven prices and benefits for producers. Although demand continues to grow, regulations in producing countries such as Norway and Chile present challenges. Johannessen emphasized the need to invest in new technologies to address these issues.
Aquaculture in the Mediterranean: A Focus on Sustainability
Nikos Papaioannou, President of IRIDA, addressed the growth in demand for sustainable products in the Mediterranean, especially in Greece and Turkey, where seabass and sea bream production is on the rise. While regulation and costs pose challenges, demand for high-nutritional-value food provides hope for future stability.
China: A Leader in Marine Ingredient Production
Maggie Xu, IFFO’s China Director, reported significant growth in local fishmeal and fish oil production, driven by attractive prices and sustainable policies. Despite high costs, the improvement in production offers greater confidence in the market.
Innovation in Non-Essential Components
Dr. Antony Prabhu Philip from NOFIMA explained how non-essential metabolites, often overlooked, are vital in aquaculture. Hydration, especially in land-based aquaculture systems for salmon, is crucial for these species’ survival and could represent a competitive advantage in the sector.
Omega-3 Market Updates
The Omega-3 market has seen a rise in demand, driven mainly by the growth of the dietary supplement sector and pet nutrition in Asia and the Middle East. The industry is looking to diversify its sources of Omega-3 to reduce reliance on Peru, according to Aldo Bernasconi from GOED. Additionally, Philip Calder, Professor at the University of Southampton, highlighted the role of EPA and DHA fatty acids in inflammation regulation, reinforcing their relevance in disease prevention.
Pacific Control: Leading in Industry Standards
Pacific Control stands out as a leader in conformity assessment and certifications within the marine ingredients industry. Its proactive approach ensures that clients have the information and tools needed to meet the highest quality and sustainability standards. IFFO 2024 underscored the impact of aquaculture and the marine ingredients sector on the future of global consumption. Investments in innovation, source diversification, and a commitment to sustainability will be key to responding to challenges and seizing opportunities in this industry.
Source: https://www.iffo.com/blog