Market update - Outlook 2026

Market update - Outlook 2026

Publisert den 17.11.2025 av Per Arne Fagervoll Meek

Market Outlook 2026 - Key Signals and What to Expect

Pelagic market update

The 2025 pelagic season is approaching its final stretch, and the market is already shifting focus toward 2026. With new scientific advice, several rounds of coastal-state meetings and tightening availability across key species, the coming year is shaping up to be both unusual and strategically important.

Below is a brief early-stage overview of what we know today and what our customers should be mindful of.

Mackerel 2026: major changes expected, but no agreement yet

Following ICES' sharp recommendation for 2026, the coastal states Norway, UK, EU, Iceland, Faroe Islands and Greenland have already met several times. So far, there has been no formal public communication and no announced agreement on the 2026 mackerel TAC.

The signals point toward a possible decision on the total TAC before year-end, but the distribution between coastal states is likely to remain unsettled well into 2026. As seen last year, Norwegian authorities may choose to release a preliminary, conservative quota regulation late in December to allow winter fishing, with final allocations only clarified once negotiations have progressed further.

The existing trilateral framework between Norway, Faroe Islands and the UK for mackerel remains an important part of the overall picture and will influence how final solutions are shaped.

Other pelagic species: more predictable, but still tightening

For several pelagic stocks, the management path into 2026 appears more predictable than for mackerel, but not without impact:

  • North Sea herring: the 2026 TAC has already been confirmed with a reduction of around 30 %.
  • NVG herring: the outlook is stronger, reflecting ICES' more positive assessment of the stock.
  • Blue whiting: current expectations are that ICES reduction advice will be followed without major changes.

Together, these developments will influence raw material composition and product availability as we move into 2026.

Capelin and roe: limited supply projected

The situation for capelin remains more complex and is still evolving:

  • Iceland: has indicated an initial capelin quota of around 43K MT for the Iceland stock.
  • Barents Sea capelin: the decision is linked to negotiations between Norway and Russia in the Joint Norwegian-Russian Fisheries Commission, where expectations for an opening currently remain low.

Combined with the reduction in North Sea herring, this points toward a tight roe situation in 2026. NVG herring roe may provide some contribution, but is unlikely to fully compensate for reduced capelin and North Sea herring roe volumes.

2025 season status: approaching the end

On the catching side, the 2025 mackerel season is essentially completed for the Norwegian fleet, with total landings now slightly above the national quota once catches delivered in the UK are included.

For other species:

  • Horse mackerel: activity has remained limited, with modest volumes taken.
  • NVG herring: the quota is rapidly being utilised and the fishery is entering its final phase.

Overall, we are now moving into the last part of the 2025 pelagic season, with catching activity gradually winding down.

Availability from Global Fish

Despite a very active end to the season, Global Fish still holds selected inventories of both:

  • Mackerel in several size grades
  • Herring, primarily round but also products such as Flaps and Matjes

For customers planning ahead for Q1 production or early 2026 programs, this period represents an important opportunity to secure remaining volumes and position supply.

We follow the regulatory process and coastal-state negotiations closely. If you would like more detailed insights tailored to your needs, or wish to discuss remaining stock and forward options, please contact us