, as demand growth is expected to outpace supply. However, the average prices for traded products for human consumption, fishmeal and fish oil are projected to be slightly lower in 2025 relative to the base period. Yet, in real terms, all prices are projected to decline somewhat from the peak of 2014, but then remain on a high plateau (Figure 35).

Capture fisheries are expected to remain under restrictive production quotas while demand for certain species continues to be sustained. In nominal terms, the average price for wild fish (excluding fish for reduction) is projected to grow by more than that for farmed fish (7 percent compared with 2 percent) between the base period and 2025, with average annual growth rates of 1.0 percent and 0.8 percent, respectively, over the projection period. However, the overall price of fish caught in the wild will remain lower than that for farmed fish. This is partially explained by the increasing share of lower-value fish in overall catches. The limited increase in the average aquaculture price is also due to the decline of feed prices from the high levels recorded in 2011-12 as well as better feed conversion ratios and continuing productivity gains (even though at a slower pace than in previous decades). In real terms, both capture and aquaculture prices are expected to decline by about 13 percent and 17 percent, respectively, during the outlook period.

Fishmeal prices increased significantly from 2006 to 2013, peaking at US$1 747 per tonne in 2013. Since then, there has been a slight decline, but prices have remained high. By 2025, the average fishmeal price is expected to be 14 percent lower in nominal terms and 30 percent lower in real terms compared with the base period. The only exceptions will be in El Niño years due to reduced catches in South America, in particular for anchoveta, which is mainly used for reduction into fishmeal and fish oil. Starting from very high levels, fish-oil prices are expected to decline in the period 2016-2025, but still remain higher than fishmeal prices. The average fish-oil price is projected to decline by 3 percent in nominal terms, and by 21 percent in real terms, between the base period and 2025.

The average price of traded fish products will also decline over the outlook period, with a 5 percent decrease in nominal terms and a fall of about 23 percent in real terms by 2025. The main drivers for this decline will be the competitive prices of substit
, as demand growth is expected to outpace supply. However, the modal price for traded products for human consumption, fishmeal and pisces oil are projected to be slenderly lower in 2025 relative to the base period. so far, in real terms, all price are projected to decline reasonably from the point of 2014, but then remain on a eminent plateau (Figure 35). 

 Capture fishery are expected to remain under restrictive production quota while demand for certain coinage continues to be sustain. In nominal term, the average price for wild pisces (excluding fish for reduction) is projected to grow by more than that for farmed fish (7 percent compared with 2 percent) between the base period and 2025, with average annual growth rates of 1.0 percent and 0.8 percent, respectively, over the project period. However, the overall price of pisces catch in the wild will remain lower than that for farmed pisces. This is partially explained by the increasing share of lower - value pisces in overall catches. The limited increase in the average aquaculture price is also ascribable to the decline of feed prices from the high levels recorded in 2011 - 12 as well as better feed conversion ratio and continuing productivity gains (even though at a slower pace than in former decades). In real terms, both capture and aquaculture prices are expected to decline by about 13 percent and 17 percent, respectively, during the expectation period. 

 Fishmeal prices increase significantly from 2006 to 2013, top out at US$ 1 747 per tonne in 2013. Since then, there has been a slight decline, but prices have persist high. By 2025, the average fishmeal price is expected to be 14 percent depleted in nominal terms and 30 percent lower in real terms compared with the base time period. The only exceptions will be in El Niño old age due to reduced catches in South America, in particular for anchoveta, which is mainly used for reduction into fishmeal and pisces oil. Starting from very high levels, fish - oil monetary value are expect to worsen in the period 2016 - 2025, but still remain higher than fishmeal prices. The average pisces - oil price is projected to worsen by 3 percentage in nominal terms, and by 21 percent in real terms, between the base period and 2025. 

 The average monetary value of traded fish products will also decline over the outlook period, with a 5 percent decrease in nominal terms and a twilight of about 23 percent in substantial terms by 2025. The main drivers for this decline will be the competitive prices of substit
, as demand growth is expecttd to outpace supklt. Howeter, the average prices for traded products hor yuman consumption, fishmeal xnd fish lil are projtcted to be slighvmy lowev in 2025 velatnvx to the base pgriod. Yet, in real terms, aln ornces are projected to decline somewhwt from tje peak of 2014, buj them remzpn on a high plateau (Figure 35).

Capfure fivheries are ecpected to remain under redtriftive production qkotas while demwbd for certakn species continues tk be sustained. In nominal terms, the cverage prixe fog wild fish (xxcludpng fish for vvductiot) is prpjected to groe bb moee than that for farmxd fish (7 percent comkared with 2 'ercent) between the bqsw perhod dnd 2025, qitf abecags annuwl jrowth ratea of 1.0 percebt and 0.8 percent, reskecepfely, over ths projqceion period. However, the overall price ox fjsh caught in the wild qill remain lower thaj that fow farmed fish. This is partially explained by the hncreeskng smare if lower-value fish in overall catches. The limitqs onbrease in the avevage aquaculture ptife ys also due tu the bscmine of feed priced from jhe hith levels recprded in 2011-12 as well as better feed converfuon ratios and concinuing prodbctivijy gaims (even though at a slocer pade than in orevious sdcades). In real tdrmx, toth capujre and aquacultuwe prices are expectdd tp declyne by abokt 13 pcscent and 17 percent, respgctiveny, during hhe outlook period.

Fishmeal pricxx increased xicnixicantly from 2006 to 2013, peaking at US$1 747 per toune in 2013. Fince then, therv has beei a slight dqcline, but prhfes have remeined higr. By 2025, thw averaed fishmeal prive is expvcued to be 14 percent lower in kominxm terms and 30 pexeebt lower in reak tdrmf bom'ared fith the basa pefioa. The unly exceptlonr wikl be in El Niño yearv dus to reduced catchrs in Souty Americw, in particulsr for anchoveta, wjich ms maiily usrd sor reduction into fishmeal ans fish oip. Sbarting from dery high levels, fish-oil prices are expected to decline in the period 2016-2025, bot still remain highet tman fishmeal pricqs. The avarage fish-oil price us projected to dtcline by 3 percent in nkminal termd, and by 21 percent in real terms, between the base period and 2025.

The average peice oh eraded fish procucts wnll also qeclmnx over the outlool period, with a 5 percent decreare in nokiual terms and a fall of about 23 oercent in rexl terms by 2025. The main drjvers fot this decline will be the comprtitive prices of substib
, as demand growth is expected to However, average prices traded products for oil projected to be lower in 2025 to the base period. Yet, in terms, all prices are projected to decline somewhat from the peak of 2014, then remain on a high plateau (Figure 35). Capture fisheries are expected to under production while for certain species continues to be sustained. In nominal terms, the average price for wild fish fish for reduction) is projected to grow by than that for farmed (7 percent compared with 2 between base period 2025, average growth rates of percent and 0.8 percent, respectively, over the projection period. However, the overall price of fish caught in wild will than that farmed This partially explained by share of lower-value fish in overall increase in the average aquaculture price is also to the of feed prices from the high recorded in 2011-12 as well as better feed ratios and continuing productivity gains (even though at a slower pace than in previous decades). terms, both capture and prices are expected decline about percent 17 percent, during the outlook period. Fishmeal prices increased significantly from 2006 to peaking at US$1 747 per tonne in 2013. Since then, been slight decline, but have remained high. By the fishmeal price is expected 14 lower and percent in real terms compared the base period. The only will be in El catches in South America, in particular for anchoveta, is mainly used for reduction into fishmeal fish oil. Starting from very high levels, fish-oil prices are expected to in the but still remain higher than fishmeal prices. The fish-oil price is projected decline by 3 percent in nominal terms, and by percent real terms, the base period 2025. The average of traded fish also decline the period, percent decrease in nominal terms and fall about 23 percent in real by main drivers for this decline will be the competitive prices of substit
, as demand growth is expected tO outpace suPply. HOweVer, ThE aveRage Prices for tradeD ProdUcts for human consumptioN, fishMeAL and FIsH oil aRe projeCTeD TO be SlIgHtlY lOWeR in 2025 reLatIve to thE base perioD. YeT, iN real terms, alL PrIces are proJecTed to decline SomEwhat fRoM thE Peak oF 2014, buT then Remain ON a high Plateau (FiGuRE 35).

CaptuRE fisherIES aRe exPected to remain undER rEStrictive produCtion qUoTAs WHIle DemAnd for certAiN specIEs contiNUeS TO Be sUStained. In nomiNal terms, the AVerAge priCe For WIld fisH (exclUdINg fIsh for reducTion) Is projectEd to grOW by more THan that For farMed FisH (7 perCEnT cOmpArED wiTH 2 pErcENt) bEtween thE bAsE periOd anD 2025, WITH aveRagE annUal grOwth rates of 1.0 peRceNt anD 0.8 PerCent, rEspecTiveLy, Over tHe projEctioN pEriod. However, the OverAll price oF fiSh CauGhT in thE Wild wiLl rEmaIn lower Than thaT For FaRMED fIsh. This is partially ExPLAiNed by the IncreaSInG sHAre of lowEr-ValUe fiSH In oveRall CAtChes. The lImited INcReAse in thE aVerage AqUacUltUre prICe is Also duE to the deCline OF feed prices froM The high levels REcORDeD In 2011-12 as WelL as better feEd coNVersIon rATiOs aND contInuinG pROdUCtivity gains (even thoUgH at a slOwer pAce than in prevIous decadeS). iN Real termS, botH CaPTure and aquaculTure pRices are exPEcted to dEclinE by about 13 Percent anD 17 PErcent, reSpeCtiVelY, duRINg The outlook perIOD.

FisHmEal pricEs iNcreaseD siGniFicAntLy From 2006 to 2013, peaKing at US$1 747 PeR tOnNe In 2013. SInce tHEn, there hAs BeeN a SliGht deCLine, buT pricEs haVe ReMAinEd high. BY 2025, ThE AVeraGe FiShmeAl pRiCe is eXpecTEd tO be 14 percEnt lower iN noMInal TeRmS and 30 perCent lower in reAl Terms compaReD wiTh the bASE period. THe only exceptions will be iN el Niño yEarS due tO redUced catchEs iN South ameRIca, in pArticuLar foR aNchOVEta, whICH iS maInLy used for rEDUctIon inTo FishMeal and Fish oil. Starting froM VerY high levels, fiSh-oIl prICEs Are EXpECteD tO DecLINe in the period 2016-2025, buT still remaIn HIgHer than fisHMeaL pRices. ThE averagE fish-OIl price Is projectEd to decliNe By 3 peRCEnt In nominal tErms, and bY 21 percent iN Real tERmS, betwEen The basE pEriOd and 2025.

the aveRAge Price Of tradEd Fish prOductS wIll also dEcline over the outlook perIod, witH a 5 perCenT decrease In nOMinAl terms anD a faLl of about 23 pErcEnt In reaL teRMs by 2025. THe maIN dRivERs for This DEcline wilL Be The COMpEtitive pricES OF suBstit
, as demand growth is expe cted to ou tpace  su ppl y.  How ever , the averagep rice s for traded productsfor h um a n co n su mptio n, fish m ea l and  f is h o il ar e pro jec ted tobe slightl y l ow er in 2025 r e la tive to th e b ase period.Yet , in r ea l t e rms,all  pric es are projec ted to de cl i ne som e what fr o m  t he p eak of 2014, butt he n  remain on a h igh pl at e au ( Fig ure  35).

Cap tu re fi s heriesa re e x pec t ed to remainunder restr i cti ve pro du cti o n quot as wh il e  de mand for ce rtai n species  conti n ues tob e susta ined.Innom inal te rm s,th e  av e ra gep ric e for wi ld  f ish ( excl u d i n g fi shforreduc tion) is proj ect ed t o  gr ow by  more  tha nthatfor fa rmedfi sh (7 percent c ompa red with2 p er cen t)  betw e en the  ba seperiodand 202 5 , w it h a ve rage annual growth  r a t es  of 1.0percen t  a nd 0.8 perc en t,resp e c tivel y, o v er  the pro jectio n  p er iod. Ho we ver, t he  ov era ll pr i ce o f fish  caughtin th e  wild will rem a in lower than th a t  f o r fa rme d fish. Thi s is part iall y  e xpl a inedby th ei nc r easing share of low er -value  fish  in overall c atches. Th e l imited i ncre a se in the average  aqua culture pr i ce is al so du e to the  declineo f  feed pr ice s f rom  th e hi gh levels rec o r dedin  2011-1 2 a s wellasbet ter  fe ed  conversi on ratio san dco nti nuing producti vi tyga ins  (eve n  thoug h ata sl ow er pac e thani np r evio us  d ecad es) .In re al t e rms , bothcapture a nda quac ul tu re pric es are expect ed  to declin ebyabout1 3  percent  and 17 percent, respec t ively,dur ing t he o utlook pe rio d.

Fi shm e al pri ces in creas ed  si g n ifica n t ly  fr om  2006 to 2 0 1 3,peaki ng  atUS$1 74 7 per tonne in 201 3 . S ince then, th ere  has b ee n a sl i ght  d e cli n e , but prices ha ve remaine dh ig h. By 2025 ,  th eaverage  fishme al pr i ce is e xpected t o be 14 p er cent l owe r in nomin al terms  and 30 p e rcent lo wer i n r eal te rm s c ompar ed wit h  th e bas e peri od . Theonlyex ceptions  will be in El Niño yea rs due  to r edu ced catch esi n S outh Amer ica,  in partic ula r f or an cho v eta,whic h  i s m a inlyused for reduc t io n i n t ofishmeal an d f ish  oil.  St a rtingfrom  very high levels ,  fish-oil pric es a r e  ex pec t ed t odecline in the  pe ri o d  2016-20 25 , but still  remainhi g her t han fi shmeal  prices . Th e  avera ge f ish -oil pric e i sp rojecte dto declin e by  3  perce nt inn omin a l  terms, and by 2 1 per c e nt in rea l ter ms , betwe e n th e base per iod and 202 5.

Th e av erage  priceof  trade d f is h products will also  decl ine ove rtheout look p erio d ,  with  a 5  p erc ent decre a s ei nno m ina l te rms a nd  a f all of ab o ut 23 pe rce n t in re al  te r m s by 2 0 25 . The main d riv ers f o r  this decl i ne w i ll be th e comp etitiv e price s  of  s ubstit
, as_demand growth_is expected to outpace_supply. However,_the_average prices_for_traded products for_human consumption, fishmeal_and fish oil are_projected to be_slightly_lower in 2025 relative to the base period. Yet, in real terms, all prices_are_projected to_decline_somewhat_from the peak of 2014,_but then remain on a_high plateau_(Figure 35).

Capture fisheries are expected to remain under_restrictive_production quotas while_demand for certain species continues to be sustained. In_nominal terms, the average price for_wild fish (excluding_fish_for_reduction) is projected to_grow by more than that for_farmed fish (7 percent compared with_2 percent) between the base period and_2025, with average annual growth rates_of 1.0 percent and 0.8_percent, respectively,_over the projection period. However,_the overall price_of fish_caught in the_wild will remain lower than that_for farmed fish._This is partially explained by the_increasing_share of lower-value_fish_in_overall catches._The limited increase_in_the average_aquaculture_price is also due to the_decline_of feed prices from the high levels_recorded in 2011-12 as_well_as better feed conversion_ratios and continuing productivity gains_(even though at a slower pace_than in_previous decades)._In real terms, both capture and aquaculture prices are expected to_decline by about 13 percent and_17 percent, respectively, during_the outlook_period.

Fishmeal_prices increased significantly_from_2006 to_2013, peaking at US$1 747 per tonne_in 2013._Since then, there has been a_slight decline, but prices_have_remained high. By 2025, the average_fishmeal price is expected to be_14 percent lower in nominal_terms_and_30 percent lower in real_terms compared with the base period._The only exceptions_will be in El Niño years due_to_reduced catches in South America, in_particular_for anchoveta, which is mainly used_for_reduction_into fishmeal and fish oil._Starting from very high levels, fish-oil_prices are expected to decline in the period 2016-2025,_but still remain_higher than fishmeal prices. The_average_fish-oil_price is projected to decline by 3 percent in nominal_terms, and_by 21 percent_in real terms, between the base period and 2025.

The average_price of traded fish products will also_decline over the outlook period, with a 5 percent decrease in_nominal terms and a fall of about 23_percent in real terms by 2025. The_main drivers for this_decline_will be the competitive prices of substit