The European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) has released the 2024 edition of The EU Fish Market, offering an in-depth analysis of the fisheries and aquaculture sector across the EU.

Fishmeal and fish oil trends: Exports

Non-food-use products, including fishmeal and fish oil, represented 21% of the volume and 13% of the value of all EU fishery exports in 2023. Their total value reached a decade-high of €1.04 billion, which corresponds to a 1 % decrease in volume but a 19 % increase in value.

Fishmeal:

• Exports in 2023 fell to a decade low of 152,628 tonnes (- 5% compared to 2022), valued at €297 million, with a 5% increase in price to €1,943/tonne.
• Norway accounted for over 50% of exports, with Denmark leading as the primary exporter.
• Danish exports grew 8% in volume and 11% in value, recovering slightly from earlier declines but still below pre-pandemic levels.
• Germany, the second-largest exporter, achieved the highest price at €2,009/tonne in 2023 but saw its volume drop by 44%.

Fish oil:

• Exports in 2023 totaled 130,957 tonnes, down 18% since 2021, but their value soared to €530 million, driven by a doubling of the unit price to €4,409/tonne.
• Denmark contributed over 65% of total exports, with volumes falling 15% but values rising 28%, largely driven by Norwegian demand.
• Belgium and the Netherlands recorded strong growth in both volume and value. Belgium increased volumes by 59% and prices by 62% (€4,187/tonne), while the Netherlands saw a 39% rise in volume and a 68% value increase, with prices at €5,681/tonne (the highest among EU exporters).

Fishmeal and fish oil trends: Imports

Extra-EU imports of fishmeal and fish oil in 2023 totaled 780,713 tonnes worth €1.32 billion, marking the lowest volume but highest value of the last decade. This surge in value was largely due to a 49% increase in fish oil prices, reaching €3,797/tonne.

A significant driver of the price increase was the low availability of fish oil from Peru, a key global supplier, due to reduced anchovy fishing quotas.

Fishmeal:

• In 2023, fishmeal imports rose by 1% in volume and 6% in value, totaling 250,325 tonnes valued at €428 million, though still below pre-pandemic levels.
• Key suppliers: Morocco, Norway, and Faroe Islands.
• Spain emerged as the largest EU importer, increasing imports by 24% to 68,608 tonnes. Spain and Germany are critical entry points for fishmeal due to their strategic ports and logistics.

Fish oil:

• Fish oil imports fell to a ten-year low of 174,526 tonnes (- 11%), while their value peaked at €663 million (+33%). The unit price soared to €3,797/tonne, a 49% increase from 2022.
• Key suppliers: Norway and Chile accounted for 43% of the volume and 34% of the value of EU imports. Panama emerged as a new player, ranking third among suppliers.
• Peru, once a leading supplier, saw imports collapse by 92% in 2023 after a sharp decline in 2022.

Global Production: A Mixed Picture

While global fisheries and aquaculture production reached a ten-year high of 222.9 million tonnes in 2022, the EU experienced a 4% decline, primarily due to reduced catches. The contrast highlights the EU’s reliance on external suppliers and the growing importance of aquaculture worldwide, especially in Asia.

Rising costs and shifting trade patterns have underscored the critical role of marine ingredients like fishmeal and fish oil, both in the EU and globally. MID is delighted to announce that Danish producers play a significant role in the worldwide production of marine ingredients. This sector is a crucial contributor to the economic prosperity of European nations, ensuring the well-being of their citizens and bolstering self-reliance in the feed-food value chain.

Read the full report here EU Fish Market 2024 or access the full report on EUMOFA’s website.