Norway Approves Aquaterra® Omega-3 Oil for use in Aquafeed – bolsters confidence in Nufarm’s seed technology revenue growth aspirations

29 Jun 2023

Nufarm Limited (Nufarm, ASX:NUF) today welcomed the Norwegian Food Safety Authority’s (NFSA) decision to approve Aquaterra® Omega-3 oil for use in fish feed. Aquaterra is derived from Nuseed® Omega-3 Canola – the world’s first plant-based source of DHA and EPA essential nutrients.

The overall assessment from the NFSA, translated from Norwegian, states, “the requirement that the feed must be safe and not be harmful to human or animal health, or make food from animals unsuitable for human consumption, is met. Furthermore, we consider that the requirement that feed shall not have adverse effects on the environment has also been met.”

The full NFSA approval can be accessed and translated from Norwegian to English here.

Nufarm CEO Greg Hunt said, “This is a significant milestone for Nufarm’s Omega-3 growth platform. It opens an important opportunity for us in Norway to deliver a sustainable, plant-based source of Omega-3 for the Norwegian aquaculture market. The approval bolsters our confidence in the previously announced revenue aspirations for our seed technologies segment with expected revenue contribution from Norway in FY25.”

“This is a huge step forward in nutritional-driven innovation from agriculture,” said Brent Zacharias, Group Executive Nuseed. “Nuseed Omega-3 Canola is a novel and much-needed source of long-chain omega-3 fatty acids. Wild fish are the main source of these nutrients today but increasing demand, increasing sustainability metrics and climate change threaten supply chain stability. An example of the instability of wild fish supply is the recent decision by the Peruvian Production Ministry (PRODUCE) to cancel the main anchovy fishing season”.

Norway leads the world in farmed salmon production, producing around 1.6 million tonnes each year3. Omega-3 oils are essential to the health and welfare of farmed salmon, and the limited supply of fish oil constrains industry growth. One to two hectares of Nuseed Omega-3 Canola can produce as much DHA as 10,000kg of wild fish.

“Aquaterra is the first biotechnology product authorised for use by the NFSA in Norway,” added Mr. Zacharias. “This approval is groundbreaking and further validation of Aquaterra’s safety and importance to Norway’s salmon industry.”

Studies conducted by the Norwegian Institute of Food, Fisheries and Aquaculture Research (NOFIMA) have demonstrated that salmon that are fed Aquaterra diets produce higher quality fillets with increased omega-3 content.

“Norway has always been a target market for Aquaterra Omega-3 oil, and we are excited about the positive contribution we can make to the industry,” said Benita Boettner, Global General Manager of Nuseed Nutritional.

“Aquaculture produces more than half of the fish people eat today. Advancing the seafood industry is essential because farmed fish are less resource intensive, with a lower-carbon impact than many other proteins. Aquaterra provides a sustainable omega-3 oil that reduces pressure on our marine resources and facilitates aquaculture’s growth by closing supply gaps.”

Read the full announcement here.