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Fishmeal industryoverview
Jonathan Shepherd, Andrew Jackson and Jean-Francois Mittaine
Visit to FAOJuly 4th 2007
What is IFFO?
The International Fishmeal and Fish Oil Organisation, the global trade association representing fishmeal and fish oil producers and related trades.
Represents two-thirds of world production plus 95% of exports of fishmeal and fish oil worldwide
History of fishmeal & oil use
19501950--1969 1969 -- Fish Oil extracted for production of margarines Fish Oil extracted for production of margarines and soaps. Fishmeal more a byand soaps. Fishmeal more a by--product used for fertilizer & product used for fertilizer & animal feedanimal feed
19701970--1989 1989 -- Fishmeal important feed ingredient in intensive Fishmeal important feed ingredient in intensive animal production (poultry, cattle & pigs). Oil becomes animal production (poultry, cattle & pigs). Oil becomes more of a bymore of a by--product often just used for fuelproduct often just used for fuel
19901990--2009 2009 -- Fishmeal increasingly used in aquaculture diets Fishmeal increasingly used in aquaculture diets and becoming a strategic ingredient for critical phases in and becoming a strategic ingredient for critical phases in the lifecycle of animal production due to its unique the lifecycle of animal production due to its unique nutritional qualities. Fish Oil increasingly valued for its nutritional qualities. Fish Oil increasingly valued for its health and nutritional benefits to humans and animalshealth and nutritional benefits to humans and animals
Annual Fishmeal & Fish oil ProductionAnnual Fishmeal & Fish oil Production
Fishmeal & Fish Oil Production
0
1
2
3
4
5
6
7
8
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
(est
)
ton
nes m
illi
on
s
Fishmeal
Fish Oil
IFFO DataIFFO Data
Fishmeal Production by Country or RegionFishmeal Production by Country or Region
IFFO DataIFFO Data
Major Fishmeal Producers
0
1000
2000
3000
4000
5000
6000
7000
2000 2001 2002 2003 2004 2005 2006
(prov)
tonnes ,000
Others
South Africa
Japan
USA
Thailand
China
Scandinavia*
Chile
Peru
IFFO Data
Estimated Global Fishmeal ConsumptionEstimated Global Fishmeal Consumption
Consumption of Fish Meal 2006 (tonnes ,000)
3055, (57%)1147, (21%)
739, (13%)
359, (6%)
Fishmeal Consumption 2002 (tonnes ,000)
558,( 9%)
2769, (45%)1364,(22%)
1513, (24%)
Aquaculture
Pigs
Poultry
Others
IFFO/FAO Data
Estimated Aquaculture ConsumptionEstimated Aquaculture Consumption Consumption of Fishmeal 2006 (tonnes ,000)
(60, 2%)
515, (17%)
28, (1%)
148, (5%)
193, (6%)
525, (17%) 698, (23%)
146, (5%)
723, (23%)
18, (1%)
Shrimp
FW Crustaceans
Marine Fish
Salmon
Trout
Eel
Milkfish
Carp
Tilapia
Catfish
World Fishmeal ConsumptionWorld Fishmeal Consumption
WORLD FISH MEAL CONSUMPTION AND STOCKS
6809 6897.56665.6
5383.8
6390.6
7103
6520.4 6034
5170.8
6235.85835.1
0
1000
2000
3000
4000
5000
6000
7000
8000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
YEAR
Th
ou
san
d T
on
nes
Far East Europe Americas All others
Summary of trends in Fishmeal
Production of fishmeal has remained relatively constant
Approximately 40% of production comes from South America
Aquaculture now represents over 50% of consumption
South East Asia now represents over 50% of consumption
Growing importance of Aquaculture & S.E. Asia
Summary of trends in Fish Oil
Production of fish oil has remained relatively constant
Approximately 40% of production comes from South America
Aquaculture now represents over 80% of consumption
Salmon now consumes nearly 40% of world production
Fishmeal Price/Production/ConsumptionFishmeal Price/Production/Consumption
Peruvian Fishmeal Production
Years 2004 - 2006 (in 1000 MT)
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2004 2005 2006
CHINA - Fishmeal Imports 2004-2006 (in 1000 MT)
500
700
900
1 100
1 300
1 500
1 700
2004 2005 2006
FOB PERU FISHMEAL (F.A.Q.) PRICES
From Jan. 2004 to June 2007
400
500
600
700
800
900
1 000
1 100
1 200
1 300
20
04
w0
7
w1
3w
19
w2
5
w3
1w
37
w4
3
w4
9w
02
w0
8
w1
4w
20
w2
6
w3
2w
38
w4
4
w5
0w
04
w1
0
w1
6w
22
w2
8
w3
4w
40
w4
6 2w
06
w 1
2
w 1
8w
24
US$/MT
2004 2005
2006 2007
Fish Meal and Fish Oil will not limit Fish Meal and Fish Oil will not limit aquaculture growth Iaquaculture growth I
Estimated Feed ProductionEstimated Feed Production
Aquaculture Feed Production
0
5000
10000
15000
20000
25000
30000
35000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Pro
du
cti
on
to
nn
es
,0
00
Catfish
Tilapia
Carp
Milkfish
Eel
Trout
Salmon
Marine Fish
Freshwater Crustaceans
Shrimp
FAO 2006FAO 2006
Fishmeal and Fish Oil will not limit Fishmeal and Fish Oil will not limit aquaculture growth IIaquaculture growth II
Estimated Fishmeal UsageEstimated Fishmeal Usage
Fishmeal Usage
0
500
1000
1500
2000
2500
3000
3500
4000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Us
ag
e t
on
ne
s ,
00
0
Catfish
Tilapia
Carp
Milkfish
Eel
Trout
Salmon
Marine Fish
Freshwater Crustaceans
Shrimp
Based on FAO 2006 with IFFO dataBased on FAO 2006 with IFFO data
Fishmeal and Fish Oil will not limit Fishmeal and Fish Oil will not limit aquaculture growth IIIaquaculture growth IIIEstimated Fish Oil UsageEstimated Fish Oil Usage
Fish Oil Usage
0.0
200.0
400.0
600.0
800.0
1000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Us
ag
e t
on
ne
s ,
00
0
Catfish
Tilapia
Carp
Milkfish
Eel
Trout
Salmon
Marine Fish
Freshwater Crustaceans
Shrimp
Based on FAO 2006 with IFFO dataBased on FAO 2006 with IFFO data
Assumption of fishmeal inclusionAssumption of fishmeal inclusion
%%
345Tilapia
374047Eel
253035Salmon
343841Marine Fish
161924Shrimp
201020062002
Fishmeal and Fish Oil will not limit Fishmeal and Fish Oil will not limit aquaculture growth IVaquaculture growth IV
% Use of Global Production% Use of Global Production
Percentage Use in Aquaculture
0.0
20.0
40.0
60.0
80.0
100.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
%
Fishmeal% used in Aqua
Fish Oil % used in Aqua
Based on FAO 2006 with IFFO dataBased on FAO 2006 with IFFO data
Most Feed Fisheries are being managed Most Feed Fisheries are being managed sustainablysustainably
The most obvious evidence is that output has remained relativelyThe most obvious evidence is that output has remained relativelyconstant for decadesconstant for decades
The worldThe world’’s largest fishery in Peru contracts due to an El Nis largest fishery in Peru contracts due to an El Niññoo every every few years, but is managed back to give a Maximum Sustainable Yiefew years, but is managed back to give a Maximum Sustainable Yieldld
Unlike most fishing for human consumption, feed fish are mostly Unlike most fishing for human consumption, feed fish are mostly small small bony almost inedible pelagic fish with a short lifebony almost inedible pelagic fish with a short life--cycle, therefore cycle, therefore recovery is rapid recovery is rapid
Most major feed fisheries are controlled by Most major feed fisheries are controlled by TACTAC’’ss, area catch limits, , area catch limits, seasonal bans, min. mesh sizes, vessel registration satellite trseasonal bans, min. mesh sizes, vessel registration satellite tracking acking and monitoring of all landings e.g. SGS in Peru and monitoring of all landings e.g. SGS in Peru
Mistakes have been made in the past, but improved stock knowledgMistakes have been made in the past, but improved stock knowledge e and management controls have had a beneficial effectand management controls have had a beneficial effect
EcoEco--efficiency wild to farmedefficiency wild to farmed
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ra
tio
Wild
to
Fa
rme
d
All Aquaculture
Bellona Salmon
Based on FAO 2006 with IFFO dataBased on FAO 2006 with IFFO data
EcoEco--efficiency wild to farmedefficiency wild to farmed
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Rati
o W
ild
to
Farm
ed
All Aquaculture
Carnivores only
Bellona Salmon
Based on FAO 2006 with IFFO dataBased on FAO 2006 with IFFO data
Optimal use of the ResourceOptimal use of the Resource
An increasing amount of fishmeal is coming from fish An increasing amount of fishmeal is coming from fish processing byprocessing by--products e.g. trimmingsproducts e.g. trimmings
There are increasing amounts of meal and oil being There are increasing amounts of meal and oil being produced from aquaculture processingproduced from aquaculture processing
The estimated 1.5 million tonnes of salmon harvested The estimated 1.5 million tonnes of salmon harvested this year could yield around 30,000 tonnes of this year could yield around 30,000 tonnes of fishmeal and 20,000 tonnes of fish oilfishmeal and 20,000 tonnes of fish oil
All this further improves the ecoAll this further improves the eco--efficiency calculationefficiency calculation
New Resources New Resources –– not manynot many
Discarded ByDiscarded By--catchcatch•• Many economic reasons for dumping of Many economic reasons for dumping of incidentally caught fishincidentally caught fish
•• Recent estimates put the figure at 7.3 million Recent estimates put the figure at 7.3 million tonnes worldwide (FAO 2005)tonnes worldwide (FAO 2005)
•• Efforts are being made to reduce the figure and it Efforts are being made to reduce the figure and it has come down in recent yearshas come down in recent years
•• Catch should be minimised Catch should be minimised –– should the remainder should the remainder be made into fishmeal & fish oil ?be made into fishmeal & fish oil ?
New Resources 2New Resources 2
Trash FishTrash Fish
•• Estimated 5Estimated 5--6 million tonnes of low value wet fish 6 million tonnes of low value wet fish used in Asian aquaculture (Allan 2004)used in Asian aquaculture (Allan 2004)
•• More efficient use if turned into meal & oilMore efficient use if turned into meal & oil
Antarctic KrillAntarctic Krill
•• Biomass of 400Biomass of 400--500 million tonnes500 million tonnes
•• Sustainable annual catch of 4Sustainable annual catch of 4--5 million tonnes5 million tonnes
•• This would yield 500,000This would yield 500,000--750,000 of meal750,000 of meal
•• Currently only about 100,000 tonnes harvestedCurrently only about 100,000 tonnes harvested
•• Aker Seafood Corp about to start increasing krill Aker Seafood Corp about to start increasing krill meal production, investing heavilymeal production, investing heavily
Factors Influencing SupplyFactors Influencing Supply
• Regulations affecting fishing areas & quotas
• Natural Variation e.g. el Niño
• Fishing Effort
• Demand for direct human consumption
• Developments e.g. by-product utilisation, krill
Factors Affecting DemandFactors Affecting Demand
• Price elasticity of demand
• Growth of aquaculture
• Growth of Chinese protein production
• Cost effective alternatives (including with new technology, biofuel etc)
• Growing appreciation of the role of EPA and DHA Ω-3 fatty acids in human and animal nutrition
• Consumers’ perception of the sustainability of fishmeal and fish oil
Poor growth & survivalPoor growth & survivalUGF & UGF & immunostimulantsimmunostimulants
GM issues and unGM issues and un--naturalnaturalPerceived as entirely naturalPerceived as entirely natural
Low palatability & digestibilityLow palatability & digestibilityHigh palatability & digestibilityHigh palatability & digestibility
AntiAnti--nutritional factors & enzyme nutritional factors & enzyme inhibitioninhibition
No antiNo anti--nutritional factorsnutritional factors
Perceived health risks Perceived health risks -- MBMMBMResidual health promoting oilResidual health promoting oil
Amino acid deficienciesAmino acid deficienciesAlmost perfect amino acid profileAlmost perfect amino acid profile
Substitution Substitution --vesves
High fibre High fibre
Fishmeal +Fishmeal +vesves
High proteinHigh protein-- dietary spacedietary space
Factors Influencing DemandBarriers to substitution
Changing role of fishmeal & fish oiloil
FishFish
PigsPigs
PoultryPoultry
Starter, finisher, Starter, finisher, broodstockbroodstock & &
recovery dietsrecovery diets
Moderate use Moderate use in most dietsin most diets
High use in most High use in most dietsdiets
Breeder & Breeder & recovery dietsrecovery diets
Creep & Creep & WeanerWeaner dietsdiets
Grower dietsGrower diets
Breeder diets & Breeder diets & recovery dietsrecovery diets
Starter dietsStarter dietsGrower dietsGrower diets
201220122006200620022002
Commodity Strategic Ingredient
Incr animal prod.
Decr FM inclusion
Constant FM prod.
Future implicationsDespite new resources total volumes of Fishmeal/Oil are likely to remain relatively constant
As the cost of Fishmeal/Oil rises, so their inclusion level willdecrease
But Aquaculture is still growing strongly so that the total volumes fed to aquaculture will in future be higher than today while less will go to terrestrial agriculture
Farmers have same overall feed cost but feeds deliver high performance and yield healthy livestock products with natural EPA and DHA
Consumers can be confident they are being given safe and healthy products from a well managed sustainable source