Irida’s Presence in the Annual IFFO Conference in Lisbon, October 21-23, 2024
Irida was pleased to participate in the annual International Fishmeal and Fish Oil Organization (IFFO) conference held in Lisbon from October 21-23, 2024. Nikos Papaioannou, Chairman of Irida, and Michalis Gogorosis, Business Development Director, represented Irida among more than 500 industry experts who gathered to discuss the future of marine ingredient production and trade for 2025.
The conference highlighted positive industry developments, including the recently announced Peruvian fishing quota of 2.51 million tonnes and the balanced supply-demand dynamics in the market. This outlook has fostered optimism that fish meal and fish oil prices will be more favorable in the first half of 2025 compared to the previous year.
Insights into Mediterranean Aquaculture
As an invited speaker, Nikos Papaioannou presented valuable insights into the Mediterranean aquaculture industry’s progress and its contribution to global seafood production. Key highlights from his presentation included:
- Market Growth and Demand: The Mediterranean aquaculture sector is experiencing consistent growth in both supply and demand, particularly for high-quality, nutritious, and sustainably produced seafood. Sea bass and sea bream, primarily sourced from Greece and Turkey, continue to be the dominant species, with annual production growth expected to reach 5%.
- Recipe Innovation and Global Appeal: Recipe innovation has broadened market appeal, transforming the preparation of bass and bream from traditional grilling to diverse culinary applications. Mediterranean cuisine’s healthful influence has inspired new combinations, and international trends have seen these fish featured in Japanese cuisine and beyond.
- Sustainable Nutrition: Fishmeal and fish oil remain key raw materials in aquafeeds, specifically for sea bass and bream. Their inclusion rates in feeds are maintained at the sustainable levels of 18% and 7,5% respectively with a positive trend toward certified sources to ensure environmentally responsible production.
- Industry Challenges: Persistent challenges, including licensing delays, are impacting growth. Additionally, the sector requires high-quality aquafeeds, robust fish health management, and strategies to mitigate environmental risks to sustain its momentum.
- Promising Recovery and Future Outlook: Following challenges posed by the COVID-19 pandemic, the Ukraine war, and inflation, 2024 saw a robust recovery. The outlook for 2025 is optimistic, as the industry anticipates continued growth and stability.
IRIDA’s participation at the IFFO conference reinforced its commitment to sustainable practices and leadership in the aquaculture industry. As the sector evolves, Irida remains dedicated to fostering innovation, environmental responsibility, and industry-wide collaboration.
