Fish Fats Price Trend and Forecast 2026-2027

Norway paid the most for fish fats in Q3 2026: USD 2,400/MT, up 1.4% from USD 2,367/MT in Q2. High energy and labor costs and steady demand from salmon feed and supplement makers keep Norwegian prices above the other three markets. Worldwide, the average rose 1.3% to USD 2,062/MT from USD 2,035/MT, mostly because lower landings of fish, higher energy costs and firm demand from feed and supplement makers led processors to raise prices in all four markets. What about Q4 2026? We expect a global average somewhere in the USD 2,010-2,175/MT range, with anchovy landings and quotas, energy costs, demand from salmon feed and supplement makers and fish oil prices doing most of the work.

Fish fats are the oils and fats recovered when fish and fish trimmings are cooked, pressed and separated while making fish meal. They are rich in omega-3 fatty acids and are used in aquaculture feed, pet food, supplements and some food products. Prices in this report refer to crude fish fats in bulk and are quoted per metric ton. They depend on fish landings, energy costs and demand from feed and supplement makers.

Peru, Chile, Denmark, Norway and Iceland are large producers. Processors cook the fish, press out the liquid, separate the oil from the water and dry the solids into meal. Supply depends on fishing quotas and the weather, including the El Nino, which affects anchovy catches in Peru. Aquaculture feed makers are the largest buyers, and they compete with supplement makers for higher quality oil.

Fish Fats Price Forecast for 2026

Prices should rise modestly through the rest of 2026. Landings are lower and demand from salmon feed and supplement makers is steady. Good catches in Peru limit the size of the increase. A year ago the global average was USD 1,978/MT, and the latest quarter, at USD 2,062/MT, is 4.2% higher.

The risks for Q4 are balanced, with no clear tilt either way. What could push prices higher? Lower landings, tighter quotas, El Nino events or stronger demand from feed makers would lift prices. What could pull them lower? Higher landings, larger quotas or weaker demand from aquaculture feed makers would lower prices.

For the Quarter Ending September 2026

Fish Fats Prices Q3 2026:

• Peru: USD 1,750/MT
• Chile: USD 1,900/MT
• Denmark: USD 2,200/MT
• Norway: USD 2,400/MT

Fish Fats Prices in Peru

Peru recorded a 1.5% gain in Q3 2026, with the average reaching USD 1,750/MT against USD 1,724/MT in Q2. Peruvian prices rose as the demand from feed and aquaculture makers improved. The year-on-year change is a 4.8% increase, from USD 1,670/MT in Q3 2025. The price in Peru was 15.1% below the group average of USD 2,062/MT in Q3 2026.

Why did the price of Fish Fats change in Q3 2026 in Peru?

Peru rose. Demand from feed and aquaculture makers improved, fishing costs increased, and processors raised prices. Over the first nine months of 2026 the price in Peru has risen by 3.6%, which compares with a 3.2% gain in the global average. Across the four markets the average was 1.3% higher on the quarter.

Fish Fats Prices in Chile

The Q3 2026 average for Chile stood at USD 1,900/MT, an increase of 1.3% on the USD 1,876/MT recorded in Q2. Chilean prices rose as the demand from aquaculture feed makers improved. The Q3 2026 average is 4.1% above the USD 1,825/MT recorded in Q3 2025. The gap to the four-market average of USD 2,062/MT was 7.9% below for Chile.

Why did the price of Fish Fats change in Q3 2026 in Chile?

Chile rose. Demand from aquaculture feed makers improved, fishing costs increased, and processors raised offers. Since the end of 2025, the price in Chile has risen 3.1%, from USD 1,842/MT to USD 1,900/MT, while the global average has risen 3.2%. On the global measure the average was 1.3% higher over the quarter.

Fish Fats Prices in Denmark

Denmark registered a 1.2% increase in Q3 2026, taking the average to USD 2,200/MT from USD 2,174/MT in Q2. Danish prices rose as the demand from feed and supplement makers improved. Compared with Q3 2025, when Denmark averaged USD 2,119/MT, the current price is 3.8% higher. Relative to the four-market average of USD 2,062/MT, Denmark traded 6.7% above in Q3 2026.

Why did the price of Fish Fats change in Q3 2026 in Denmark?

Denmark rose. Demand from feed and supplement makers improved, energy costs increased, and processors raised prices. The cumulative 2026 change for Denmark is a 2.8% increase, from USD 2,140/MT to USD 2,200/MT, while the global average shows a 3.2% gain over the same period. For comparison, the global average moved 1.3% higher over the same quarter.

Fish Fats Prices in Norway

Norway climbed 1.4% to USD 2,400/MT in Q3 2026, from USD 2,367/MT in Q2. Norwegian prices rose as the demand from salmon feed and supplement makers improved. Measured against Q3 2025, when the average stood at USD 2,297/MT, the market is 4.5% higher. This places Norway 16.4% above the four-market average of USD 2,062/MT for Q3 2026.

Why did the price of Fish Fats change in Q3 2026 in Norway?

Norway rose. Demand from salmon feed and supplement makers improved, energy costs increased, and processors raised prices. At USD 2,400/MT, Norway is 3.2% higher than in Q4 2025, when the average was USD 2,325/MT, and the global average is 3.2% higher over the same period. The global average shifted 1.3% higher in the same quarter.

For the Quarter Ending June 2026

Fish Fats Prices Q2 2026:

• Peru: USD 1,724/MT
• Chile: USD 1,876/MT
• Denmark: USD 2,174/MT
• Norway: USD 2,367/MT

Fish Fats Prices in Peru

Peru climbed 1.1% to USD 1,724/MT in Q2 2026, from USD 1,705/MT in Q1. Peruvian prices rose as the demand from feed makers strengthened. Year on year, the average is 5.3% higher, against USD 1,638/MT in Q2 2025. The four markets averaged USD 2,035/MT in the quarter, so the price in Peru was 15.3% lower.

Why did the price of Fish Fats change in Q2 2026 in Peru?

Peru rose. Demand from feed makers strengthened, fishing costs went up, and processors lifted prices. After a 0.9% gain in Q1, the quarter closed 5.3% above the USD 1,638/MT recorded in Q2 2025. The same direction continued in Q3, with the price reaching USD 1,750/MT. The global average shifted 1.0% higher in the same quarter.

Fish Fats Prices in Chile

In Q2 2026, the average price in Chile rose 1.0% to USD 1,876/MT, compared with USD 1,857/MT in Q1. Chilean prices rose as the demand from feed makers strengthened. The current level is 4.5% above the Q2 2025 average of USD 1,796/MT. In comparison with the average of USD 2,035/MT across the four markets, the price in Chile was 7.8% lower.

Why did the price of Fish Fats change in Q2 2026 in Chile?

Chile rose. Demand from feed makers strengthened, energy costs went up, and processors lifted offers. This came on top of a 0.8% gain in Q1, and the average ended 4.5% above its level of a year earlier, when it stood at USD 1,796/MT. Q3 added to the change, with the price at USD 1,900/MT.

Fish Fats Prices in Denmark

Denmark's average moved up 0.9% in Q2 2026, to USD 2,174/MT from USD 2,155/MT in Q1. Danish prices rose as the demand from feed makers strengthened. A year earlier, in Q2 2025, the average stood at USD 2,086/MT, which makes the current price 4.2% higher. Denmark ended the quarter 6.8% above the group average of USD 2,035/MT.

Why did the price of Fish Fats change in Q2 2026 in Denmark?

Denmark rose. Demand from feed makers strengthened, labor costs went up, and processors lifted prices. Q1 had brought a 0.7% gain, and by the end of Q2 the price was 4.2% above the Q2 2025 average of USD 2,086/MT. The move then extended in Q3, taking the price to USD 2,200/MT. On the global measure the average was 1.0% higher over the quarter.

Fish Fats Prices in Norway

Prices in Norway firmed 1.0% in Q2 2026 to USD 2,367/MT, compared with USD 2,343/MT in Q1. Norwegian prices rose as the demand from salmon feed makers strengthened. Taking Q2 2025 as the base, at USD 2,253/MT, the latest quarter is 5.1% higher. The price in Norway was 16.3% above the group average of USD 2,035/MT in Q2 2026.

Why did the price of Fish Fats change in Q2 2026 in Norway?

Norway rose. Demand from salmon feed makers strengthened, labor costs went up, and processors lifted prices. Coming after a 0.8% gain in Q1, the Q2 figure sits 5.1% above the USD 2,253/MT of Q2 2025. The same direction continued in Q3, with the price reaching USD 2,400/MT. For comparison, the global average moved 1.0% higher over the same quarter.

Quarterly Fish Fats Price Trends

Fish Fats prices rose through 2025 and the first half of 2026 and rose again in the third quarter in all four markets. The global average moved from USD 1,913/MT in Q1 2025 to 1,943 in Q2, 1,978 in Q3 and 1,999 in Q4, then 2,015 in Q1 2026, 2,035 in Q2 and 2,062 in Q3, a net gain of roughly 7.8% across the window. Higher energy costs, lower landings and steady demand from feed and supplement makers lifted prices for six quarters.

What was Fish Fats Price in 2025?

2025 was a year of gradual increases for fish fats, with prices rising in each quarter in all four markets. Starting near USD 1,913/MT in Q1, the global average finished the year at 1,999 in Q4, a gain of about 4.5%. Higher energy costs, lower landings and steady demand from feed and supplement makers supported processors throughout the year.

Fish Fats Prices in Peru in 2025

In Peru, prices moved from about USD 1,610/MT in Q1 2025 to USD 1,690/MT by Q4, up roughly 5.0%. Peruvian prices rose gradually as fishing costs and demand from feed makers increased. The Q4 2025 close of USD 1,690/MT compares with USD 1,750/MT in Q3 2026, a 3.6% increase. The quarterly sections above show how the annual average developed over the year.

Fish Fats Prices in Chile in 2025

In Chile, prices moved from about USD 1,771/MT in Q1 2025 to USD 1,842/MT by Q4, up roughly 4.0%. Chilean prices rose gradually as the energy costs and demand from feed makers increased. Relative to the end of 2025, the price in Chile is 3.1% higher at USD 1,900/MT. The quarterly breakdown above allows each stage of that path to be traced.

Fish Fats Prices in Denmark in 2025

In Denmark, prices moved from about USD 2,057/MT in Q1 2025 to USD 2,140/MT by Q4, up roughly 4.0%. Danish prices rose gradually as the labor costs and demand from feed makers increased. By Q3 2026 the average for Denmark had reached USD 2,200/MT, 2.8% above the Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.

Fish Fats Prices in Norway in 2025

In Norway, prices moved from about USD 2,214/MT in Q1 2025 to USD 2,325/MT by Q4, up roughly 5.0%. Norwegian prices rose gradually as the labor costs and demand from salmon feed makers increased. The latest quarter places Norway at USD 2,400/MT, which is 3.2% above the level at which 2025 ended. The quarterly sections above show how the annual average developed over the year.

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Expert Market Research: Your Source for Real-Time Fish Fats Price Intelligence

We keep a continuous eye on fish fats prices wherever it is produced or consumed at scale, tracing causation through fish landings, fishing quotas, El Nino, energy costs and demand from aquaculture feed and supplement makers. Our forecasts draw on production data, trade flows, input cost trends and demand indicators across all reporting regions, so subscribers see why a price moved and not just that it did. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.