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Australians and global consumers face a significant shortage of Omega-3 supplements following the near-collapse of Peru's anchovy fishery, which accounts for approximately 20% of the world's fish oil and meal supply. The $3 billion industry has been decimated by decades of overfishing and the current El Niño event, which warmed waters and disrupted the nutrient-rich Humboldt Current essential for anchovy populations. Consequently, the Peruvian government suspended production in June before formally terminating the harvest in August.
Matts Johansen, CEO of Aker BioMarine, the world's largest krill harvester, predicts that supply gaps will hit retailers and consumers by the second or third quarter of 2027 due to the long nature of the value chain. While krill oil is being positioned to fill part of the void, it remains a significantly more expensive alternative, costing around $30 for 60 capsules compared to $20 for a bulk packet of 400 fish oil capsules.
However, the krill industry faces mounting opposition. Conservation groups and organizations like WePlanet Australia have called for a ban on krill imports, citing sustainability concerns regarding the Antarctic ecosystem and its primary predators like whales and penguins. This pressure has already prompted major retailers including Coles and Woolworths to stop stocking krill oil products, while others like Blooms the Chemist have suspended purchases pending a review.
Although algae-based Omega-3 is a viable alternative, its production capacity remains limited at just 20,000 tonnes annually, compared to 1 million tonnes for fish oil. Furthermore, 75% of total algae production is currently diverted to aquaculture. Johansen warned that the supply crunch could lead to 'shortcuts' in the industry, potentially resulting in less sustainable products reaching market shelves. The industry's reputation is also under scrutiny after international stakeholders at the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) recently failed to agree on reinstating critical sustainability regulations, such as Measure 51-07.
Source: Yahoo News Australia