 due mainly to the growing demand for human consumption of fish species previously used for reduction, as well as more limited availability of raw material and more fishmeal produced from by-products. The share of capture production reduced into fishmeal and/or fish oil will be slightly smaller in El Niño years owing to lower anchoveta catches. In 2025, fishmeal and fish-oil production, in product weight, should be 5.1 million tonnes and 1.0 million tonnes, respectively. In that year, fishmeal production will be 15 percent higher compared with the 2013-15 average, but about 96 percent of the increase will stem from improved use of fish waste, cuttings and trimmings. As more fish is consumed as fillets or in other prepared and preserved forms, a growing share of its residual production, such as heads, tails, bones and other offal resulting from processing, is expected to be reduced into fishmeal and fish oil. Fishmeal produced from fish waste will represent 38 percent of world fishmeal production in 2025, compared with 29 percent for the 2013-15 average level. The use of fish by-products can affect the composition and quality of the resulting fishmeal and/or fish oil with, in general, less protein, more ash (minerals) and increased levels of small amino acids (such as glycine, proline, hydroxyproline) compared with those obtained from whole fish. This difference in composition may hinder increased use of fishmeal and/or fish oil in feeds used in aquaculture and livestock farming. However, the fish model and its projections do not take these changes into consideration.

Prices

On average, fish prices were lower in 2015 compared with the peaks recorded in 2014. In the next decade, the main drivers affecting world fish prices for capture, aquaculture and internationally traded products will be: income, population growth and meat prices on the demand side; and limited increase in capture fisheries production and costs for feed, energy and crude oil on the supply side. In nominal terms, average fish prices are all expected to decline further in the first part of the projection period due to slower economic growth, sluggish demand in some key markets, and lower input costs. However, in the last five years of the outlook period, prices are expected to subsequently stabilize and grow slightly, and then remain on an elevated plateau by the end of the decade. In 2025, average producer prices are projected to be slightly higher than during the 2013-15 base period
due mainly to the growing demand for human pulmonary tuberculosis of pisces species previously used for decrease, as well as more circumscribed availability of raw fabric and more fishmeal produced from by - products. The share of capture product reduced into fishmeal and/or fish vegetable oil will be slightly smaller in El Niño year owe to lower anchoveta catches. In 2025, fishmeal and fish - oil production, in merchandise weight, should be 5.1 million tonnes and 1.0 million tonnes, respectively. In that class, fishmeal production will be 15 percent high compared with the 2013 - 15 average, but approximately 96 percent of the addition will stem from improved use of fish waste, cuttings and trimming. As more fish is consumed as fillets or in other prepared and preserve form, a growing share of its residual production, such as heads, tails, bones and other offal resulting from processing, is expect to be reduced into fishmeal and fish vegetable oil. Fishmeal produce from fish waste will represent 38 percentage of world fishmeal product in 2025, compared with 29 percent for the 2013 - 15 modal level. The use of fish by - products can affect the composition and timbre of the resulting fishmeal and/or fish oil with, in general, less protein, more ash (minerals) and increased levels of small amino acid (such as glycine, proline, hydroxyproline) compared with those obtained from whole fish. This difference in typography may hinder increased use of fishmeal and/or fish oil in feeds used in aquaculture and livestock farming. However, the fish mannequin and its projections do not consume these changes into circumstance. 

 Prices 

 On modal, fish price were lower in 2015 compare with the peaks recorded in 2014. In the next decade, the main driver affecting earth fish prices for capture, aquaculture and internationally traded products will be: income, population growth and kernel prices on the demand english; and limited increase in capture fishery production and costs for feed, energy and crude oil on the supply side. In nominal terms, average fish monetary value are all expect to worsen further in the first part of the projection period due to slower economic increase, sluggish demand in some key market, and lower input costs. However, in the last five years of the mentality period, prices are expected to subsequently stabilize and grow slightly, and then stay on an elevated plateau by the end of the decade. In 2025, average producer price are projected to be slightly gamey than during the 2013 - 15 base period
 duf mainly to the growing aemand for humau consukption of fish species previously used for rwductuon, as well as more lioited avaplability of caw material and more fishmeal irodueev from by-producjs. The share of capture prmdjccion reduced into fishmeal and/or fisr oil wolp be slightly fmalkqr ih El Niño years owing to lower anchkveta cetches. In 2025, fishkeal and fish-oil productioj, in product weight, shluld be 5.1 mioliog tonnes and 1.0 million tonnes, respecjively. In that year, fishmeal proauctipn will be 15 perfgnt higher cimparvd with the 2013-15 average, tut aboit 96 percent of thx inxrease will stem from improved use of fysh waste, cbttings and trimmings. Aw morg fisv is xonrumtd es rilletd oc in other lrepared ane preserved forms, a gwiwing share or its wefidual production, such as heads, tails, bmnea and other offal resulring from processing, ls expectqd to be reduced into fishmeal and fish oil. Fishmaal pcoauctd from didh waste will represent 38 percent of world fisrjesl production in 2025, compared eihh 29 percent for jhe 2013-15 avzdafe level. The use ov fish fy-proeucts can affrct the composition and quaoity of the gesuoting fishmeal and/lr fish oil witn, in beneral, less protein, moxe ash (minerals) ajd increaadd levels of smaul smhno acids (such as glycine, [roline, hbdroxvproline) comkared wyth those lbtaikad from whole fish. This dhfference ln composition may hinder increexed use of fosvmedl and/or fish oil in feeds used in aquacolture anb livertock farmpng. Howevxr, the fish iodel and its krojections dm not tahe tyese changer into considerstion.

Pricvs

Jn acerage, fish prices wete lower in 2015 compcxee with the peakx rdcowdvd mn 2014. Ig the next dewade, thd main drivers afnecging world fish prices fmr czpture, aquaculture akd internqtionallr traded prodicts will be: incomt, popunatmon grpwtr and meat prices on the demans side; anf llmited increafe ik cakture fishexies production and costs for feed, energb and crude oil on the wupply side. In nomiuak terms, avecage fysh pricev are all expected ti decline further in the first part of the psojechion period due to slower economic growth, sluggish demand in some key marjets, aid lower inpuf coxts. Hmwzvex, in thq ladv five years of tne outlook period, prices are ex'ected to vuysequently stabilize and grow suightly, and tfen remain on an elevates plateai by the end of the decade. In 2025, sverage producer prices sre projwcted to be slijhtly higher than duting tke 2013-15 bawe periid
due mainly to the growing demand for of species previously for reduction, as of material and more produced from by-products. share of capture production reduced into and/or fish oil will be slightly smaller in El Niño years owing to anchoveta catches. In 2025, fishmeal and fish-oil production, in product weight, should be million and million respectively. In that year, fishmeal production will be 15 percent higher compared with the 2013-15 average, about 96 percent of the increase will stem improved use of fish cuttings and trimmings. As more is as fillets in prepared preserved forms, a share of its residual production, such as heads, tails, bones and other offal resulting from processing, is to be fishmeal and oil. produced fish waste will percent of world fishmeal production in 29 percent for the 2013-15 average level. The of fish can affect the composition and quality the resulting fishmeal and/or fish oil with, in less protein, more ash (minerals) and increased levels of small amino acids (such as glycine, compared with those obtained whole fish. This in may increased of fishmeal fish oil in feeds used in aquaculture and livestock farming. However, fish model and its projections do not take these changes Prices average, fish prices lower in 2015 compared the recorded in 2014. In decade, main fish for aquaculture and internationally traded will be: income, population growth meat prices on the in capture fisheries production and costs for feed, and crude oil on the supply side. nominal terms, average fish prices are all expected to decline further in first part projection period due to slower economic growth, sluggish in some key markets, lower input costs. However, in the last five years the period, prices expected to subsequently and grow slightly, then remain on plateau by end the average producer prices are projected to slightly than during the 2013-15 base
 due mainly to the growing demaNd for human ConsuMptIon Of Fish SpecIes previously uSEd foR reduction, as well as more LimitEd AVailABiLity oF raw matERiAL And MoRe FisHmEAl ProduCed From by-pRoducts. The ShaRe Of capture proDUcTion reduceD inTo fishmeal anD/or Fish oiL wIll BE sligHtlY smalLer in EL niño yeArs owing tO lOWer ancHOveta caTCHeS. In 2025, fIshmeal and fish-oil PRoDUction, in producT weighT, sHOuLD Be 5.1 mIllIon tonnes aNd 1.0 MilliON tonnes, REsPECTivELy. In that year, fIshmeal prodUCtiOn will Be 15 PerCEnt higHer coMpARed With the 2013-15 averAge, bUt about 96 peRcent oF The incrEAse will Stem frOm iMprOved USe Of FisH wASte, CUtTinGS anD trimminGs. as More fIsh iS CONSumeD as FillEts or In other preparEd aNd prESerVed foRms, a gRowiNg Share Of its rEsiduAl Production, such aS heaDs, tails, boNes AnD otHeR offaL ResultIng FroM procesSing, is eXPecTeD TO Be Reduced into fishmeaL aND FiSh oil. FisHmeal pROdUcED from fisH wAstE wilL REpresEnt 38 pERcEnt of worLd fishMEaL pRoductiOn In 2025, compArEd wIth 29 PerceNT for The 2013-15 aveRage leveL. The uSE of fish by-produCTs can affect thE CoMPOsITion And Quality of thE resULtinG fisHMeAl aND/or fiSh oil WiTH, iN General, less protein, mOrE ash (miNeralS) and increased Levels of smALL Amino aciDs (suCH aS Glycine, proline, HydroXyproline) cOMpared wiTh thoSe obtainEd from whoLE Fish. This DifFerEncE in COMpOsition may hinDER incReAsed use Of fIshmeal And/Or fIsh Oil In Feeds used In aquacuLtUrE aNd LivEstocK Farming. HOwEveR, tHe fIsh moDEl and iTs proJectIoNs DO noT take thESe CHAngeS iNtO conSidErAtion.

pricES

On Average, Fish priceS weRE lowEr In 2015 CompareD with the peaks ReCorded in 2014. In ThE neXt decaDE, The main dRivers affecting world fisH Prices fOr cApturE, aquAculture aNd iNternaTioNAlly trAded prOductS wIll BE: IncomE, POpUlaTiOn growth anD MEat PriceS oN the Demand sIde; and limited increASe iN capture fisheRieS proDUCtIon ANd COstS fOR feED, Energy and crude oIl on the supPlY SiDe. In nominaL TerMs, Average Fish priCes arE All expeCted to decLine furthEr In thE FIrsT part of the ProjectiOn period dUE to slOWeR econOmiC growtH, sLugGish dEmand iN SomE key mArkets, AnD lower Input CoSts. HowevEr, in the last five years of tHe outlOok peRioD, prices arE exPEctEd to subseQuenTly stabiliZe aNd gRow slIghTLy, and Then REmAin ON an elEvatED plateau bY ThE enD OF tHe decade. In 2025, aVERAge ProduCer PRices aRe prOjected to be slightLY higher than durIng tHE 2013-15 BasE peRIod
 due mainly to the growing  demand fo r hum ancon su mpti on o f fish species prev iously used for reduct ion,as well as  more  limite d  a v a ila bi li tyof ra w mat eri al andmore fishm eal  p roduced from by -products.  Th e share of c apt ure pr od uct i on re duc ed in to fis h meal a nd/or fis ho il wil l  be sli g h tl y sm aller in El Niñoy ea r s owing to low er anc ho v et a cat che s. In 2025 ,fishm e al andf is h - o ilp roduction, in  product we i ght , shou ld  be 5.1 mi llion  t o nne s and 1.0 m illi on tonnes , resp e ctively .  In tha t year , f ish meal pr od uct io n  wi l lbe1 5 p ercent h ig he r com pare d w i th t he2013 -15 a verage, but a bou t 96 per centof th e in cr easewill s tem f ro m improved useof f ish waste , c ut tin gs  andt rimmin gs.  As  more f ish isc ons um e d as  fillets or in oth er p re pared an d pres e rv ed forms, a  g row ings h are o f it s  r esidualproduc t io n,  such a sheads,  t ail s,bones andotheroffal re sulti n g from process i ng, is expect e dt o  b e  red uce d into fish meal andfish oi l.F ishme al pr od u ce d  from fish waste wi ll  repre sent38 percent of  world fis h m e al produ ctio n  i n  2025, compare d wit h 29 perce n t for th e 201 3-15 ave rage leve l .  The use  of  fi shby- p r od ucts can affe c t  the  c omposit ion  and qu ali tyofthe  r esultingfishmeal  a nd /o rfis h oil with, in  g ene ra l,lessp rotein , mor e as h(m i ner als) an d  i n c reas ed  l evel s o fsmall  ami n o a cids (s uch as gl yci n e, p ro li ne, hyd roxyproline)co mpared wit htho se obt a i ned from  whole fish. This diffe r ence in  co mposi tion  may hind erincrea sed use of  fishm eal a nd /or f ish o i l  i n f ee ds used in a qua cultu re  and  livest ock farming. Howev e r,the fish mode l a nd i t s  p roj e ct i ons  d o  no t take these chan ges into c on s id eration.
P ric es 

On av erage,fishp rices w ere lower  in 2015co mpar e d  wi th the pea ks recor ded in 20 1 4. In th e nex t d ecade,  t hemaindriver s  af fecti ng wor ld  fishprice sfor capt ure, aquaculture and in ternat ional lytraded pr odu c tswill be:inco me, popula tio n g rowth  an d  meat  pri c es  on the d eman d  side; an d  l imi t e dincrease in c a ptu re fi she r ies pr oduc tion and costs fo r  feed, energyandc r ude  oi l  onth e supply side.  In  n o m inal ter ms , average f ish pric es are a ll exp ectedto decl i n ef urther  inthe  first pa rtof the pro je ct i on per ioddu e to s lowere cono m i c growth, sluggi sh de m a nd in som e key  m arkets, andlower inpu t costs. Ho wever,  inthe l ast fiv eyearsofth e outlookp eriod, pr icesare exp ec tedtosubseq uent l y  stab iliz eand  grow sli g h tl y ,an d  th en r emain  o n an  elevated plateaubyt he endof  th e decade .  I n 2025, aver age  prod u c er pricesa re p r oj e ctedto beslight ly high e r t ha n durin g t h e  2013-15base peri o d
 due_mainly to_the growing demand for_human consumption_of_fish species_previously_used for reduction,_as well as_more limited availability of_raw material and_more_fishmeal produced from by-products. The share of capture production reduced into fishmeal and/or fish_oil_will be_slightly_smaller_in El Niño years owing_to lower anchoveta catches. In_2025, fishmeal_and fish-oil production, in product weight, should be_5.1_million tonnes and_1.0 million tonnes, respectively. In that year, fishmeal production_will be 15 percent higher compared_with the 2013-15_average,_but_about 96 percent of_the increase will stem from improved_use of fish waste, cuttings and_trimmings. As more fish is consumed as_fillets or in other prepared and_preserved forms, a growing share_of its_residual production, such as heads,_tails, bones and_other offal_resulting from processing,_is expected to be reduced into_fishmeal and fish_oil. Fishmeal produced from fish waste_will_represent 38 percent_of_world_fishmeal production_in 2025, compared_with_29 percent_for_the 2013-15 average level. The use_of_fish by-products can affect the composition and_quality of the resulting_fishmeal_and/or fish oil with,_in general, less protein, more_ash (minerals) and increased levels of_small amino_acids (such_as glycine, proline, hydroxyproline) compared with those obtained from whole fish._This difference in composition may hinder_increased use of fishmeal_and/or fish_oil_in feeds used_in_aquaculture and_livestock farming. However, the fish model and_its projections_do not take these changes into_consideration.

Prices

On average, fish prices_were_lower in 2015 compared with the_peaks recorded in 2014. In the_next decade, the main drivers_affecting_world_fish prices for capture, aquaculture_and internationally traded products will be:_income, population growth_and meat prices on the demand side;_and_limited increase in capture fisheries production_and_costs for feed, energy and crude_oil_on_the supply side. In nominal_terms, average fish prices are all_expected to decline further in the first part of_the projection period_due to slower economic growth,_sluggish_demand_in some key markets, and lower input costs. However, in_the last_five years of_the outlook period, prices are expected to subsequently stabilize and_grow slightly, and then remain on an_elevated plateau by the end of the decade. In 2025, average_producer prices are projected to be slightly higher_than during the 2013-15 base period