The blue whiting season has started well, with strong markets, rising prices and good raw material quality, according to Icelandic fishmeal producers.
Hafþór Eiríksson, chairman of the Icelandic Fishmeal Producers Association, said both fishmeal and fish oil prices have strengthened this year and late last year. Demand remains high, driven mainly by aquaculture feed producers in Europe.
Prices and demand on the rise
Fishmeal is sold mainly to Norway, Denmark and Scotland. Most of it goes into salmon farming feed. The market is stable and expected to grow further as aquaculture expands.
Producers are also testing new markets, including pet food and smaller export shipments worldwide. Some domestic sales exist, but volumes remain limited.
Supply and production conditions
Raw material quality is reported as good. Power supply to processing plants is stable, supporting production.
There are also early steps to increase production for human consumption. Some plants hold licences, but regulatory complexity remains after changes to permit systems.
Uncertainty later in the year
Despite the positive start, uncertainty remains for the autumn. Access to Faroese waters after August is unclear. This may affect fishing plans.
There are also concerns about sustainability certifications. Several pelagic stocks risk losing certification in October due to ongoing overfishing and a lack of international quota agreements.
If certification is lost, producers may struggle to sell to key buyers who require certified raw materials.
Overall, the current outlook is strong, but the industry faces key risks later in the year.