Agricultural chemicals supplier and seeds developer Nufarm expects to start commercialising its genetically-modified canola alternative for fish oil by 2019.
Nufarm subsidiary Nuseed has been developing canola containing omega-3 oil as an alternative to omega-3 oil sourced from fish, to help relieve pressure on wild fish stocks.
Omega-3 oil is essential for human health, and the global fish oil market, currently estimated to be worth $US2.3 billion, is projected to reach $US3.2 billion by 2023.
Nuseed group executive Brent Zacharias says the company has filed for regulatory approval for its omega-3 canola in Australia, and expects to file submissions in the US and Canada in the coming weeks.
"The submissions reflect our confidence in and commitment to the science, safety and global potential of our omega-3 program which will target a number of valuable end-markets including aquaculture feed uses and human nutrition products," Mr Zacharias said.
"Pending regulatory approvals, commercialisation of omega-3 canola is expected to commence in 2018 or 2019."
Later this year, Nuseed intends to grow up to 4,000 acres of omega-3 canola in the US for pre-commercial production.
Mr Zacharias said the supply from the fish oil market is limited to about 900,000 tonnes.
The industry estimates supply will need to double over the next 10 years to meet the needs of increased aquaculture production and to address the deficit of omega-3 oil in human diets.
Nufarm has developed its omega-3 crop using genes sourced from ocean microalgae - a source of the healthy oils that is consumed by fish as part of their food chain.
The seed technology adds microalgae genes to canola using genetic breeding techniques that boost levels of omega-3 oils.
The company anticipates that one hectare of omega-3 canola could yield as much omega-3 oil as 10,000 kilograms of fish.
Nufarm also reported a return to profit in its half-year results on Wednesday, and shares in the group closed 30 cents, or 3.2 per cent, higher at $9.67.
