Global Trade Profile: Fish Fats and Oils (SITC 411.1)
Based on recent UN Comtrade data and market analysis for 2024–2025, the trade of fish fats and oils is currently navigating a period of supply recovery and shifting demand centers. While historically a niche segment of the "Animal and Vegetable Oils" section, its high value—driven by the aquaculture and nutraceutical industries—makes it a critical commodity for global food security.
1. Market Value & Trends (2024–2025)
The global fish oil market is valued at approximately $4.91 billion as of early 2025.
Supply Recovery: Following a severe "El Niño" event in 2023 that decimated fishing quotas in South America, 2024 and 2025 have seen a massive rebound. Production in Peru alone (the world's largest supplier) increased by over 160% in 2024 compared to the previous year.
Price Stabilization: After reaching record highs due to scarcity in 2023, prices have stabilized. Analysts project a potential 26% drop in real prices through 2025 as supply catches up with demand.
Growth Projection: The market is expected to grow at a CAGR of 7.1%, potentially reaching nearly $8 billion by 2032.
2. Top Exporters: The Supply Leaders
The export market is dominated by nations with access to large-scale forage fisheries or advanced processing technology.
| Country | 2024 Role | Key Export Insight |
| Peru | #1 Global Supplier | Regained its top spot after a 29% surge in production in early 2025. |
| Norway | High-Value Refiner | Exports totaled over $1 billion in 2024, focusing on refined pharmaceutical-grade oil. |
| Chile | Regional Powerhouse | A major supplier to the global salmon industry, though production growth has been slower than Peru's. |
| Japan | Emerging Exporter | Accounts for roughly 9.5% of global export value, primarily serving the Asian market. |
3. Top Importers: The Demand Drivers
The demand for fish oil is bifurcated between industrial feed and human health.
China: The undisputed leader in imports, accounting for nearly 40% of the global share. China's massive aquaculture and shrimp farming industries rely heavily on imported fish oil from Peru and Vietnam.
Norway & Denmark: Despite being producers, these nations are also top importers to support their massive domestic salmon farming operations.
United States & Germany: Primary markets for Omega-3 dietary supplements, demanding high-purity, refined fish oils.
4. Key Trade Drivers for 2026
Aquaculture Expansion: Over 75% of global consumption growth is expected to come from Asia, specifically for aquafeed.
The Omega-3 Boom: Rising cardiovascular health awareness continues to drive a shift toward premium, high-EPA/DHA oils.
Sustainability Pressure: Trade is increasingly restricted by sustainability certifications (e.g., MSC or IFFO RS). Buyers are also beginning to explore algae-based alternatives to mitigate the volatility of wild fish stocks.
Global Trade Dynamics: Fish Fats and Oils (SITC 411.1)
The global trade of fish fats and oils is a specialized but high-value sector within the broader animal and vegetable oils market. Driven primarily by the explosive growth of the aquaculture industry and the surging demand for Omega-3 supplements, this commodity serves as a vital bridge between marine resources and human nutrition. After a period of extreme volatility caused by environmental factors, the 2024–2025 trade cycle has seen a stabilization of supply and value.
Top Global Exporters by Trade Value
The following table highlights the leading nations in the export of fish fats and oils (SITC 411.1). The values reflect the recovery phase of the market following the 2023 supply shortages.
| Rank | Exporter | Est. Annual Value (USD) | Market Contribution |
| 1 | Peru | $1.1B – $1.3B | The world's primary producer of crude fish oil, largely from anchovy stocks. |
| 2 | Norway | $232M – $260M | Specialized in high-purity, refined oils for the pharmaceutical sector. |
| 3 | Chile | $190M – $210M | A major South American player supporting global salmon and animal feed. |
| 4 | China | $160M – $195M | A dual-threat market that both imports crude oil and exports processed fractions. |
| 5 | Denmark | $140M – $170M | The central hub for European fish oil processing and regional distribution. |
| 6 | USA | $130M – $155M | A leader in Menhaden oil and specialty high-DHA concentrates. |
| 7 | Morocco | $85M – $110M | An emerging powerhouse in North Africa with a focus on industrial-grade oils. |
| 8 | Iceland | $75M – $90M | Known for high-quality fish liver oils and sustainable cold-water marine fats. |
Key Drivers of Trade Value
Supply Normalization: The return of favorable fishing conditions in the Humboldt Current has allowed Peru to reclaim its dominant market share, bringing much-needed volume back to the global market.
Aquaculture Dependence: Roughly 70% of all fish oil produced is used as feed for farmed fish (salmon, trout, and shrimp). As wild-capture fisheries remain capped for sustainability, the efficiency of fish oil in feed is a primary value driver.
Human Health Segment: Refined oils destined for "Omega-3" capsules command a significant price premium over crude industrial oils, explaining the high trade values for nations like Norway and the United States.
Remarks
The trade of fish fats and oils remains a highly concentrated market, where environmental conditions in a few key regions—most notably Peru—can dictate global prices. As we move through 2026, the industry is shifting toward a "value-over-volume" model. While supply has stabilized, the rising cost of marine ingredients is pushing the market toward more efficient extraction methods and the development of sustainable alternatives. Despite these challenges, fish fats and oils remain an indispensable commodity in the global food chain, with trade values expected to rise steadily as the aquaculture sector continues its global expansion.
Market Dynamics of Fish Fats and Oils: Growth and Value Analysis (SITC 411.1)
The global trade for fish fats and oils (SITC 411.1) has entered a high-growth phase as of 2026. This sector, once considered a simple byproduct of the fishmeal industry, is now a high-value commodity driven by two distinct engines: the aquaculture explosion in Asia and the nutraceutical boom in Western markets. Recent UN Comtrade data and market forecasts indicate that while traditional leaders maintain volume, new players are capturing value through technological refinement and species-specific branding.
Fastest Growth in Export Value by Country (2024–2026)
This table identifies the nations with the highest projected Compound Annual Growth Rate (CAGR) in trade value. It distinguishes between those expanding their industrial footprint and those benefiting from a massive supply rebound.
| Rank | Country | Est. Value Growth (CAGR) | Strategic Remarks |
| 1 | Oman | +54.4% | Emerging Hub: Massive investment in marine industrial zones; leveraging its strategic location to supply the growing Indian and Asian aquafeed markets. |
| 2 | Peru | +26.0% (Base Rebound) | Market Correction: Recovering from 2023 supply shocks; value growth is driven by the return of anchovy biomass and stabilizing global prices. |
| 3 | Iceland | +19.1% | Premium Specialist: Fastest-growing per capita producer; focuses on high-value Cod Liver Oil and sustainable "Blue Economy" products. |
| 4 | India | +8.9% | Expansionist: Increasing domestic processing of pelagic fish into refined oils to meet global pharmaceutical standards. |
| 5 | Norway | +8.0% | Efficiency Leader: While a mature market, Norway's value grows through ultra-refining technology and the acquisition of international processing firms. |
| 6 | Vietnam | +7.5% | Aquaculture Synergy: Leveraging its dominant Pangasius (basa) industry to export secondary oils for regional animal feed. |
Final Market Remarks: The 2026 Trade Outlook
The following observations summarize the shifting landscape of the marine lipid trade, providing the necessary context for interpreting UN Comtrade data in 2026:
The "Byproduct-to-Primary" Shift: For the first time, fish oil is being valued independently of fishmeal. The demand for EPA/DHA for human consumption has decoupled the pricing of high-grade oils from industrial-grade feed oils, leading to higher profit margins for refined products.
Sustainability as a Trade Barrier: In 2026, non-certified oils (lacking MSC or IFFO RS certification) are facing "green tariffs" or outright bans in EU and North American markets. This has created a price premium for "traceable" oils from Iceland and Norway.
Alternative Pressure: The growth of algae-based Omega-3s is finally beginning to act as a price ceiling. While still more expensive, algae oils are now used by major salmon farmers to mitigate the volatility of wild-catch fish oil prices, forcing traditional producers to stabilize their rates.
Logistical Reorientation: We are seeing a shift in trade routes. Middle Eastern hubs like Oman are positioning themselves as intermediaries, importing crude oil from East Africa and exporting refined product to the Far East, bypassing traditional European refining routes.
Purity over Volume: As the market matures, the key to identifying future opportunity lies in monitoring the unit price (Value/Volume) rather than total tonnage. The highest growth is occurring where crude oil is transformed into refined, pharmaceutical-grade lipids, signaling a "Value-Added" era for the industry.
Value-Added Excellence in Global Fish Oil Trade (SITC 411.1)
In the global trade of marine lipids, "Value-Added" represents the economic shift from shipping bulk raw materials (crude oil) to exporting highly processed, refined, or pharmaceutical-grade products. As of 2026, the global market is increasingly split: while South American nations dominate in volume, a small group of European and North American nations have captured the highest unit value (USD per kg) by utilizing advanced molecular distillation and refining technologies.
Highest Value-Added Exporters (Unit Price Ranking)
The following table ranks countries by their estimated unit value in 2025–2026. Higher unit values indicate a focus on "Human Consumption" (supplements and pharmaceuticals) over "Industrial Grade" (animal feed).
| Rank | Country | Est. Unit Value (USD/kg) | Primary High-Value Specialization |
| 1 | Spain | $5.10 – $5.75 | Refined & Winterized: Leading the EU in high-purity winterized oils for the food industry. |
| 2 | Norway | $4.85 – $5.40 | Pharma-Concentrates: High EPA/DHA concentrates for cardiovascular medicine. |
| 3 | Netherlands | $4.40 – $5.05 | Processing Hub: Re-exporting refined marine lipids for high-end infant formulas. |
| 4 | Germany | $4.25 – $4.80 | Nutraceuticals: Domestic encapsulation and global export of premium supplement oils. |
| 5 | USA | $4.10 – $4.65 | Specialty Menhaden/Algae: Diversified blends targeting the "clean label" supplement market. |
| 6 | Iceland | $3.90 – $4.45 | Cold-Water Purity: Sustainably branded Cod Liver Oil with high vitamin A and D content. |
Final Remarks: The 2026 Market Landscape
The following insights explain why certain nations achieve higher value-added status than others in the UN Comtrade hierarchy:
The "Refinery Gap": Bulk crude oil from major catchers like Peru typically trades between $1.60 and $2.40/kg. Countries like Spain and Norway double this value by removing impurities, odors, and environmental contaminants through specialized distillation.
The Rise of Bioactives: In 2026, value is increasingly found in bioactive compounds. Norway and Japan are at the forefront of extracting specific phospholipids and rare fatty acids from marine sources, which command prices significantly higher than standard Omega-3.
Sustainability as a Premium: Traceability has become a non-negotiable value driver. Exporters that can prove "Vessel-to-Bottle" transparency using blockchain or DNA testing are securing long-term contracts at 15–20% premiums over non-certified competitors.
Strategic Re-Exporting: A significant portion of the value added in the Netherlands and Denmark comes from their roles as "Global Refiners." They import bulk oil from Morocco or West Africa and apply advanced European technology to upgrade the product for re-export to the US and Asia.
Industrial vs. Human Grade: The "Value-Added" segment is largely immune to the price crashes seen in the aquaculture feed market. While feed-grade oil is sensitive to Peruvian catch volumes, human-grade oil maintains high value due to the technical barrier to entry and steady demand from the aging global population.
Final Analysis: The 2026 Global Outlook for Fish Fats and Oils (SITC 411.1)
As we enter 2026, the global trade of fish fats and oils has successfully transitioned from a period of extreme supply-side volatility to a new era defined by stable abundance and technological premiumization. While the raw volume is recovering to pre-2023 levels, the economic value is being captured by those who can refine marine lipids into high-concentration EPA/DHA ingredients.
Strategic Summary of the Trade Landscape
Supply Rebound: The recovery of Peruvian anchoveta biomass has normalized global crude oil supplies. After the record highs of 2023, prices have stabilized, allowing the aquaculture sector—which consumes nearly 70% of global supply—to return to predictable growth patterns.
The "Pharma-Grade" Pivot: The fastest-growing segment in 2026 is no longer industrial feed, but pharmaceutical-grade concentrates. Driven by 2025 updates to global cardiology guidelines recommending higher daily EPA intakes, exporters like Norway and Spain are seeing massive value gains by catering to the medical and geriatric markets.
Sustainable Verification: Transparency is now a primary trade requirement. UN Comtrade data reveals a widening price gap between "certified sustainable" oils (MSC/IFFO RS) and generic commodities. In 2026, sustainability is no longer a marketing choice but a mandatory "passport" for entry into EU and North American retail markets.
Geopolitical Resilience: New trade hubs in the Middle East (specifically Oman) are successfully diversifying the global supply chain, reducing the world's singular reliance on South American catch seasons.
Conclusion: The Strategic Pivot Toward High-Value Marine Lipids
The 2023–2025 UN Comtrade data for SITC 411.1 reveals a sector successfully transitioning from a bulk commodity to a specialized, high-value industry. While global volume continues to grow at a steady CAGR of approximately 1.2% to 2.1%, the market value is outpacing this with a projected rise to over $33 billion by 2035. This "value-added" gap is driven by a strategic pivot toward refined fish oils, high-strength EPA/DHA concentrates, and pharmaceutical-grade products. As the aquaculture industry—which remains the largest consumer—adopts more efficient feed technologies, the surplus value is increasingly captured by the nutraceutical and functional food segments.
Looking ahead, the resilience of the global fish fats and oils trade will depend on three critical pillars:
Traceability and Sustainability: With tightening regulations and the rise of ESG-conscious consumers, digital "sourcing stories" are becoming a prerequisite for premium pricing.
Technological Sophistication: Innovations in microencapsulation and enzymatic interesterification are allowing producers to move beyond the limitations of raw supply, creating tailor-made lipids for infant nutrition and healthy aging.
Market Diversification: While Asia-Pacific remains the dominant consumption hub, the rapid growth of high-value exports from emerging producers indicates a more decentralized and robust global supply chain.
Ultimately, the future of the SITC 411.1 category lies not in extracting more, but in processing better—turning a finite marine resource into a cornerstone of global health and energy nutrition.