Feed Futures: Building Markets for Algae and Insects

Presenting companies: Veramaris | Rabobank | Earth Worm | Innovafeed | Skretting Norway | Chr. Holtermann AS | Cermaq

By Veramaris

The innovation landscape for alternative feed ingredients is very fertile, and great progress has been made towards adopting alternative ingredients like algal oil and insect protein into feed formulations. Regulators are starting to adapt their policies, as we have seen with the Norwegian Government Mission planning for all ingredients to be sustainable by 2034, increasing security of supply from 8% to 25%. Industry certifications already recognize alternative ingredients in their standards, enabling their inclusion. And retailers are reviewing their seafood sourcing policies, often through precompetitive initiatives. Some salmon farmers have shown great leadership by adapting their own feed specifications to include algal oil. And feed millers have all made public commitments to increasing their use of alternative ingredients. But there is still a gap to close. Achieving the necessary supply growth will require concrete actions to back up the commitments to adopting alternative ingredients at scale, even if it might mean paying a bit more at times compared to commodity prices for the same nutrients. Without such commitment, ingredient innovators may focus less on the aquafeed market and more on alternative markets for commercializing their innovations, leaving the aquafeed industry short of nutrition to sustain its valuable growth.

This session will explore what else the farmed salmon value chain can do to build reliable markets for alternative ingredients to expand into, focusing on two market-ready examples: algal oil and insect meal. Such markets are needed by innovators to continue to invest in building capacity to deliver commercially viable solutions at scale, supporting the healthy and sustainable development of salmon farming. Primary emphasis will be put on alternative sources of EPA&DHA nutrients from algae since this is the most urgent bottleneck for salmon feed. The discussion will also include insects as a new source of protein since protein sources are also limited. During this session, we will:
– Define and quantify the economic risk that industry bears on the future supply of essential nutrients: Omega-3 LC-PUFA; Protein
– Quantify the extent of industry commitments and actions already taken towards adopting algal oil and insect protein
– Showcase examples of best practice from actors throughout the value chain (NGOs, Certifications, Retail, Processing, Farmers, Feed Mills)
– Explore the factors that help or hinder industry adoption of these ingredients

Chair:

Ian Carr
Senior Director - Veramaris

Ian Carr leads Business Development at Veramaris, a pioneering company specialized in the production of omega-3 oil from fermented algae for the benefit of animals and people. With a strong passion for sustainable aquaculture, Ian brings extensive experience in aquafeed innovation, marketing, and sustainable development from his previous roles in the industry. He holds an MBA from the University of Strathclyde in Glasgow, Scotland, and has also studied fish farming. Ian has given his career to advancing the future of aquaculture and believes in its potential to contribute significantly to global food security.

Speakers

Volume and Value Risk Assessment for Essential Nutrients

Novel Sharma
Analyst - Rabobank

Based in Utrecht, Novel focuses on the seafood and aquaculture industry.
Novel brings a strong analytical background and private equity experience. In prior roles, he worked at Climate Fund Managers in The Hague and at Thomson Reuters in Hong Kong as a consultant focused on hedge funds and their investment strategies.
He holds a Master’s degree in International Finance from the Amsterdam Business School at the University of Amsterdam.

Earthworm Aquafeed Initiative

Marco Custodio
Project Manager - Earth Worm

Marco Custodio is a marine biologist with a PhD in Marine Sciences and a Master’s in Aquaculture, specializing in sustainable aquaculture. As a Project Manager at Earthworm Foundation, he leads initiatives to enhance environmental and social practices in shrimp and salmon supply chains, collaborating with French companies and their sourcing regions. An active contributor to the scientific community, he has published research on aquaculture nutrition, integrated multi-trophic aquaculture, and ecosystem services. His efforts bridge science and industry, providing actionable insights that promote sustainability and innovation in aquaculture.

Algal oil as a source of EPA & DHA

Gertjan de Koning
CEO - Veramaris

Gertjan de Koning is the CEO of Veramaris, where he leads the company in producing and marketing sustainable EPA and DHA algal oil for aquafeed, pet food, and human nutrition. In 2010, Gertjan was instrumental in identifying Omega-3 as a strategic opportunity for DSM, leading to the acquisitions of Martek (algal oil) and Ocean Nutrition (fish oil). As DSM’s first Vice President of Nutritional Lipids, he played a pivotal role in the conception of Veramaris. After having had the global responsibility for DSM’s feed vitamins and pigments, late 2022 Gertjan returned to the Omega-3 space by stepping into the role of CEO of Veramaris. Over the past two years, he has guided the company from a startup to a well-established frontrunner in novel ingredients. His strategic leadership and his commitment to sustainability have significantly expanded Veramaris’ market presence, reinforcing its role in advancing global nutrition solutions.

Insects as a source of Protein

Elizaveta Le Floch
Innovafeed

Elizaveta is the Chief Business Officer and a member of the Board at Innovafeed, leading the company’s growth and business strategy. With over 25 years of experience in agriculture and agri-food—including with Vivescia, one of France’s leading cooperatives, and a highly prestigious Champagne House—she has driven international expansion, strategic partnerships and business transformation. Passionate about leadership and entrepreneurship, she also mentors emerging talents and serves on multiple advisory boards.
Driven by a strong belief that innovation and collaboration are key to building sustainable industries, she joined Innovafeed to apply her expertise to developing high-impact, future-focused businesses that benefit both people and the planet.

Actions taken to adopt alternative feed ingredients

Håvard Walde
General Manager - Skretting Norway

General Manager of Skretting Norway. More than 20 years experience from the aquaculture industry of which the last 17 years in the feed industry.”

Title TBA

Christian Meinich
Chr. Holtermann AS

Christian Meinich joined Chr. Holtermann AS, Oslo, Norway in 1987 and is today Senior Partner in the company. Holtermann is an independent commodity brokerage house est. 1916, mainly brokering raw materials for the food- feed- and technical industries. Christian is also past president of FOSFA International, London, a contract issuing and arbitral body covering 85% of the global trade in oils and fats. Christian holds a BSBA degree in Finance from University of Denver, USA and an MBA from UCLA Anderson School of Management, Los Angeles, USA.

Cermaq Norway’s efforts to expand the variety of ingredients in the salmon feed

Kristin Hurum
Cermaq

Kristin Hurum is currently HR, Sustainability and Quality Director in Cermaq Norway, but will from 1st of May 2025 take over the position as Managing Director for Cermaq Norway. Mrs Hurum has worked in various roles in Cermaq group AS and Cermaq Norway AS during the last 14 years. As part of her latest position, she has been responsible for the feed sustainable and technical strategy for Cermaq Norway and has also contributed to the government initiative “Samfunnsoppdraget for bærekraftig fôr”. Previously Mrs Hurum has experience from 8 years as a management consultant with CapGemini and Ernst&Young and she has worked 5 years with Nordea.