In real terms, prices are expected to decline from the record high of 2014. The aquaculture to coarse grains price ratio is expected to be cyclical over 2015-24 and to eventually stabilise slightly lower than the historical average (1990-2014). The price ratio between aquaculture and fishmeal will remain relatively stable. Since the feed demand for fishmeal from aquaculture and livestock sectors is growing faster than supply, an increase in the fishmeal to oilseed meal price ratio is expected. The popularity of the Omega-3 fatty acids in human diets and the growth in aquaculture production have both contributed to a rise in the fish oil to oilseed price ratio since 2012, which is expected to be maintained over the medium term.