CHANGING SUPPLY AND DEMAND FOR FISH OIL

Abstract Competition for fish oil from human nutritional supplements (nutraceuticals) is starting to threaten its supply for aquaculture feeds. World supply of fish oil is not increasing but is the main source of healthy omega-3 fats (n-3 LC-PUFA). Fish oil demand by nutraceuticals is a derived demand for such fats. Demand growth and insecure supply are causing price inflation of fish oil, helping to drive its substitution in aquaculture feeds by vegetable oils. This is reducing the content of n-3 LC-PUFA in aquaculture products, especially salmon, with potentially negative health implications. Given the scope for further substitution of fish oil, it is unlikely that future growth of global aquaculture will be constrained by reducing omega-3 content, although it will complicate consumer marketing of salmon. Nutraceuticals is paying more than aquaculture for fish oil based on omega-3 content, but novel sources of n-3 LC-PUFA will become available in the medium term. Keywords: aquaculturefish oilnutraceuticalsomega-3rapeseed oilsalmon farming ACKNOWLEDGMENTS The authors wish to thank the following for their helpful comments: Niels Alsted, Tony Bimbo, Trond Bjørndal, Adam Ismail, Bill Lands, Andrew Jackson, Ragnar Nystøyl, Ragnar Tveterås, and Peter Virley, together with the comments of two anonymous reviewers. The authors also gratefully acknowledge the willingness of certain organizations to make available statistical information, namely IFFO, GOED, Kontali Analyse, and ISTA Mielke. Notes *Assumes fish oil in salmon diet is a mix of approx. 50% Peruvian anchovy and 50% North Atlantic sources, with balance of added oil being vegetable oils, mainly rapeseed oil. **Assumes the EPA & DHA levels in the salmon fillet are the same as in the oil in the feed. Color versions of one or more of the figures in the article can be found online at www.tandfonline.com/uaqm.