Strong Industry Fundamentals
Global seafood consumption continues to grow strongly as a result of population and urbanisation growth and a rise in health consciousness, particularly in developed countries. Seafood accounts for approximately 17% of global protein consumption. This rising consumption is set against a backdrop of a highly regulated supply of wild caught fish, which has remained relatively stable for the last 20 years. The growth in seafood production has been driven by aquaculture, which is predicted by the OECD-FAO to grow in excess of 2.5% per annum through to 2024. Consequently, there is strong and growing demand for seafood products, and for fishmeal and fish oil which are essential feed ingredients for aquaculture production. This has resulted in pricing trends for wild caught fish and fishmeal and fish oil remaining favourable.