LYSI

What LYSI does

LYSI (Lýsi hf.) is an Icelandic producer and global supplier of refined fish oils founded in 1938 and headquartered in Reykjavík. It operates a single 13,000-ton-capacity processing plant in Reykjavík (inaugurated 2005, expanded 2012) with a complementary drying and rendering facility in Thorlakshofn, running a full chain of neutralisation, bleaching, winterisation, distillation and deodorisation designed to minimise oxidation while preserving EPA and DHA integrity. The portfolio spans bulk food-grade and pharmaceutical API-grade cod oil, cod liver oil, omega-3 fish oil, omega-3 ethyl esters, salmon oil and tuna oil, plus feed-grade marine oils for pet food, a range of branded consumer supplements (cod liver oil capsules and liquids, omega-3 capsules, combination products with joint-health ingredients), and contract manufacturing for private-label brands.

LYSI sells through two principal channels: a bulk B2B channel exporting to food and pharmaceutical manufacturers in over 70 countries via drums, IBCs, flexitanks and tank containers shipped EXW from Reykjavík, and a consumer channel distributing LYSI-branded and private-label packaged SKUs to over 30 countries with a particularly strong ~85% share of the Icelandic domestic omega-3 supplement market. Revenue is generated primarily through unit-pricing per Order Confirmation for bulk and contract-manufacturing customers, and through retailer-set pricing for branded consumer SKUs. The business is vertically extended through wholly owned subsidiaries Akraborg (cod liver canning, acquired 2015) and IceFish (raw material supply, acquired 2022), and is supported by a certification stack that includes pharmaceutical GMP, FSSC 22000, MSC, FOS, Halal, ISO 9001 and AOCS Approved Chemist, enabling it to qualify as an API supplier to pharmaceutical manufacturers.

Name

LYSI

Legal name

Lýsi hf.

Website

https://lysi.com

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

11–50 employees

Short description

LYSI (Lýsi hf.) is an Icelandic fish oil producer founded in 1938 that refines and exports bulk food-grade and pharmaceutical API-grade marine oils to manufacturers in over 70 countries and sells branded consumer omega-3 supplements in over 30 markets from a 13,000-ton-capacity Reykjavík refinery.

Ownership category

akta.pro rank

Product category

Fish Oil Production and Omega-3 Supplements

NAICS

Fats and Oils Refining and Blending (311225), Starch and Vegetable Fats and Oils Manufacturing (31122)

SIC

Fats & Oils (2070)

akta.pro primary industry

Omega-3 & Marine/Algal Lipids (EPA/DHA Oils, Concentrates) (AFAJALAK)

Keywords

• Fish oil refining
• Omega-3 supplements
• Cod liver oil
• Pharmaceutical grade oils
• Marine oil ingredients

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Bulk fish oil sales (B2B): Sale of refined fish oils (cod oil, cod liver oil, omega-3 fish oil, omega-3 ethyl esters, salmon oil, tuna oil) in bulk containers (drums, IBCs, flexitanks, tank containers) to food and pharmaceutical manufacturers in over 70 countries. Standard products can be customised. Pricing per Order Confirmation.
2. Branded consumer products (B2C): Sale of packaged consumer SKUs (Cod Liver Oil liquid/capsules, Omega-3, Health Duet, Children's Cod Liver Oil, Shark Liver Oil, Vitamin D, Omega3 Forte, Omega3 Mobility) under the LYSI brand to retail consumers in over 20 markets, plus strong domestic Icelandic market (~85% omega-3 supplement share).
3. Private label / OEM contract manufacturing: Contract manufacturing of fish oil, vitamin formulas and other supplements fully packed under customers' own brands for leading natural-products and pharmaceutical companies.
4. Pharmaceutical-grade API supply: Sale of Active Pharmaceutical Ingredient (API) grade fish oils manufactured under pharmaceutical GMP, in compliance with major pharmacopoeias and EU food legislation.
5. Feed-grade marine oils (B2B pet food): Sale of high-quality feed-grade marine oils (cod, omega-3, salmon, herring) for pet food manufacturing, supplied in drums, IBCs, flexitanks or tank containers, compliant with EU feed regulations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

LYSI refines and processes marine oils at its 13,000-ton-capacity Reykjavik plant (inaugurated 2005, expanded 2012), supplying both bulk food-grade oils and pharmaceutical-grade (API) oils — including cod oil, cod liver oil, omega-3 fish oil, omega-3 ethyl esters, salmon oil, tuna oil and feed-grade oils — to food, pharmaceutical and pet-food manufacturers in over 70 countries. The company also produces and sells a portfolio of branded consumer supplements (liquid and capsule omega-3 and cod liver oil products, children's cod liver oil, vitamin D capsules, shark liver oil capsules and the Omega3 Mobility joint-health formulation) under the LYSI brand and via private label in over 20 markets.

Product overview

LYSI (Lýsi hf.) is an Icelandic fish oil producer founded in 1938 that operates a single integrated business organised into two commercial channels rather than a software-style platform-plus-modules architecture: a Bulk B2B channel supplying refined and pharmaceutical-grade (API) marine oils to food and pharmaceutical manufacturers in over 70 countries, and a Consumer B2C channel selling branded omega-3 and cod liver oil supplements to consumers in over 30 countries under the LYSI brand and private labels. The Bulk portfolio comprises food-grade and API-grade Cod Oil, Cod Liver Oil, Cod Liver Oil (API grade), Omega-3 Fish Oil, Omega-3 Fish Oil (API grade), Omega-3 Ethyl Esters 33/22, Salmon Oil and Tuna Fish Oil, plus Feed Grade Oils (Cod Oil, Omega-3 Fish Oil, Salmon Oil, Herring Oil) for pet food manufacturing. The Consumer portfolio comprises liquid Omega3 Fish Oil, Omega3 + D, Health Duet, Cod Liver Oil Capsules, Children's Cod Liver Oil (Krakkalysi), Cod Liver Oil liquid, Children's Omega chewable capsules, Omega3 Fish Oil Capsules, Omega3 Forte, Vitamin D Capsules, Shark Liver Oil Capsules and Omega3 Mobility (with Mobilee™). Both channels are supplied from a single 13,000-ton processing plant in Reykjavik (inaugurated 2005, expanded 2012) and a fish drying and rendering facility in Thorlakshofn, and the business is vertically extended through acquired subsidiaries Akraborg (cod liver canning, 2015) and IceFish (raw material supply, 2022).

Differentiator

Problem solved

Functional benefit

Products and services

• Cod Oil Pale yellow oil obtained from the fresh livers of cod (Gadus morhua) and other Gadidae species, neutralised, bleached, winterised and deodorised; rich in omega-3 (EPA, DHA) and vitamins A and D; complies with EU food legislation and FSSC 22000. Sold in bulk containers (drums, IBCs, flexitanks, tank containers) to food and supplement manufacturers.
• Cod Liver Oil (bulk) Pale yellow oil obtained from fresh livers of cod (Gadus morhua morhua), refined and clarified by filtration at about 0°C; rich in EPA and DHA fatty acids and vitamins A and D; MSC certified; available in accordance with major pharmacopoeias. Bulk B2B supply to food and pharmaceutical manufacturers.
• Cod Liver Oil - API grade Pharmaceutical-grade Cod Liver Oil manufactured in full compliance with GMP requirements and released as an active pharmaceutical ingredient (API); rich in EPA, DHA, vitamin A (retinyl palmitate) and vitamin D (cholecalciferol); Ph. Eur. compliant. Sold to pharmaceutical manufacturers as an API.
• Omega-3 Fish Oil Pale yellow oil from fish species rich in omega-3 (min. 18% EPA, 12% DHA), neutralised, refined, bleached, winterised and deodorised; FOS certified; complies with EU food legislation, FSSC 22000, GOED monograph and major pharmacopoeias; can be fortified with vitamins A, D, E and flavours. Bulk supply to food and supplement manufacturers.
• Omega-3 Fish Oil - API grade Pharmaceutical-grade omega-3 fish oil manufactured in compliance with GMP and released as an active pharmaceutical ingredient (API); min. 18% EPA and 12% DHA from families such as Engraulidae, Carangidae, Clupeidae, Osmeridae, Scombridae, Ammodytidae. Sold to pharmaceutical manufacturers as an API.
• Omega-3 Ethyl Esters 33/22 High-concentration omega-3 ethyl esters (min. 33% EPA, 22% DHA) processed from Engraulidae, Carangidae, Clupeidae, Osmeridae, Scombridae and Ammodytidae; FOS certified; primarily intended for encapsulation; complies with EU food legislation and major pharmacopoeias. Bulk B2B supply.
• Salmon Oil Purified fatty oil obtained from fresh farmed Atlantic salmon (Salmo salar); refined, winterised and deodorised; natural source of omega-3 fatty acids; complies with EU food legislation and FSSC 22000. Bulk B2B supply to food manufacturers.
• Tuna Fish Oil Pale yellow oil from fresh tuna, one of the richest known sources of DHA (min. 25% DHA, 5% EPA, min. 35% total omega-3); refined, deodorised, with natural tocopherols added; complies with EU food legislation and FSSC 22000. Bulk B2B supply.
• Feed Grade Oils High-quality marine fish oils for pet food manufacturing, including Cod Oil, Omega-3 Fish Oil (FOS certified), Salmon Oil (from farmed Atlantic salmon) and Herring Oil (MSC certified); neutralised and bleached, can be further refined; GMO-free, compliant with EU feed regulations, GMP and FSSC 22000 certified. Bulk B2B supply to pet food manufacturers.
• Private-label / OEM contract manufacturing Contract manufacturing of fish oil, vitamin formulas and other supplements fully packed under customers' own brands for leading brands in the natural products industry and pharmaceutical companies. Sourced from LYSI's own bulk fish oil range and processed in the Reykjavik refinery under pharmaceutical GMP and FSSC 22000.
• Omega3 Fish Oil (consumer liquid) Liquid omega-3 fish oil produced from fish rich in omega-3 fatty acids, available in natural and lemon flavours; each 5 ml teaspoon provides 1560 mg omega-3 (745 mg EPA, 490 mg DHA). Sold under the LYSI brand in consumer markets.
• Omega3 + D Capsules combining omega-3 fish oil with added vitamin D (cholecalciferol) to support normal growth of teeth and bones; per capsule: 335 mg omega-3 (160 mg EPA, 105 mg DHA) and 20 µg vitamin D; vanilla flavour.
• Health Duet Combination product pairing one omega-3 fish oil capsule (1000 mg fish oil as ethyl esters) with one multivitamin capsule to support daily vitamin, mineral and omega-3 intake for heart, brain and vision health.
• Cod Liver Oil Capsules 500 mg pure cod liver oil capsules extracted from wild cod livers, rich in vitamins A and D and omega-3 (EPA, DHA); available in jars of 120 or 250 capsules under the LYSI brand.
• Children's Cod Liver Oil (Krakkalysi) Children's cod liver oil containing vitamins A, D and E and omega-3 fatty acids, including DHA for brain and central nervous system development; formulated with child-appropriate vitamin A and D levels; available in natural and mango/citric flavours.
• Cod Liver Oil liquid (consumer) Liquid cod liver oil extracted from fresh livers of wild cod, rich in vitamins A, D and E, and a good source of omega-3 (EPA, DHA); available in natural, lemon and lemon/mint flavours; per 10 ml: 2160 mg omega-3.
• Children's Omega (chewable capsules) Chewable omega-3 fish oil capsules with fruit flavour and added vitamin D for children (4 years and older); per 2 capsules: 402 mg omega-3 (192 mg EPA, 126 mg DHA) and 10 µg vitamin D.
• Omega3 Fish Oil Capsules Capsules containing 500 mg omega-3 fish oil per capsule from fish rich in omega-3; supports heart, cardiovascular system, brain function and vision; per 3 capsules: 505 mg omega-3 (240 mg EPA, 160 mg DHA) and vitamin E.
• Omega3 Forte High-concentration omega-3 capsules containing 1000 mg fish oil (as ethyl esters); indicated for cardiovascular and immune system benefits; does not contain vitamins A or D, making it compatible with cod liver oil supplements.
• Vitamin D Capsules Capsules combining omega-3 fish oil (150 mg) with vitamin D (25 µg per capsule, 500% NRV); supports absorption of calcium and phosphorus, normal growth of bones, teeth, muscles, and immune function; recommended dosage 1-2 capsules for ages 12 and older.
• Shark Liver Oil Capsules Capsules rich in alkylglycerols (100 mg per capsule from 500 mg shark liver oil); intended as a supplement to traditional cod liver oil rather than a replacement; 1-2 capsules per day.
• Omega3 Mobility (with Mobilee™) Dietary supplement combining 1000 mg omega-3 fish oil capsule (620 mg omega-3: 310 mg EPA, 205 mg DHA) with Mobilee™ tablets containing hyaluronic acid, chondroitin sulfate and vitamin C for joint health and mobility; does not contain vitamins A or D.

Quantifiable outcome

• 13,000 tons annual fish-oil processing capacity (post-2012 expansion)
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core (subsidiary) and product-level integration.

• IceFish (Ice Fish)core (subsidiary)Strategic or Co-development Partner · 1 January 2022Ice Fish is a raw material supplier welcomed to the LYSI family in 2022 as a subsidiary. Together with Akraborg, it forms part of LYSI's vertical integration strategy to secure raw material supply for fish-oil production.
• Akraborgcore (subsidiary)Strategic or Co-development Partner · 1 January 2015Akraborg is a cod liver canning factory acquired by LYSI in 2015. The acquisition deepened LYSI's vertical integration and product portfolio.
• Mobilee™ (Bioiberica ingredient)product-level integrationTechnology or IntegrationLYSI's Omega3 Mobility product combines a 1000 mg omega-3 fish oil capsule with Mobilee™ tablets formulated with hyaluronic acid, chondroitin sulfate and vitamin C, recognised for positive effects on joint health. Mobilee™ is the trademarked ingredient source.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Epax Norway AS: Norwegian producer of high-concentration omega-3 EPA/DHA ingredients for the supplement and pharmaceutical markets. Closest direct peer to LYSI's B2B omega-3 concentrate business, operating a similar B2B ingredient/refinery model and serving overlapping nutraceutical and pharma customers.
• KD Pharma Group: German-headquartered omega-3 API manufacturer producing pharmaceutical-grade EPA/DHA under GMP for global pharma customers. Highly comparable to LYSI's API-grade (since 2014) fish oil franchise, with similar value proposition of regulated, pharmacopoeia-compliant omega-3 APIs.
• GC Rieber Oils: Norwegian fish oil refiner producing food-grade and pharma-grade marine oils, including cod liver oil and omega-3 concentrates. Directly comparable B2B ingredient producer in the same Nordic fish-oil value chain and export channels.
• Pelagia AS: Norwegian vertically integrated marine ingredients company producing fish oils, fish meal and proteins for food, feed and pet food. Comparable to LYSI's combined bulk + feed-grade marine oils portfolio and similar Nordic raw-material sourcing.
• Polaris SA: French specialty lipid and omega-3 ingredient producer serving nutraceutical and pharmaceutical customers. Comparable to LYSI's pharma/food-grade omega-3 and cod liver oil ingredient business in target customer segments.
• Aker BioMarine ASA: Norwegian krill oil producer selling both B2B krill oil ingredients (Superba, Romega) and B2C branded supplements. Comparable dual B2B/B2C marine-oil platform with sustainability-led branding, serving overlapping supplement customers.
• Nordic Naturals: US-headquartered branded omega-3 supplement company selling consumer fish oil and cod liver oil SKUs globally. Comparable to LYSI's B2C consumer products channel (LYSI brand + private label) with similar product formats and health positioning.

Broad incumbents

• dsm-firmenich: Global nutrition, health and ingredients major with a large omega-3 and lipid nutritional ingredients portfolio (including former Martek DHA). Broad incumbent that competes in the same pharma and nutraceutical ingredient markets as LYSI but across many other categories.
• Croda International Plc: Global specialty chemicals and ingredients company with an established omega-3 and lipid ingredient business serving health, nutrition and pharma customers. Broad incumbent offering comparable ingredient solutions as part of a much larger portfolio.

Emerging players

• Wiley Companies / Organic Technologies: US-based specialty fish oil and omega-3 ingredient producer serving supplement and pet food markets. Smaller, niche player with comparable B2B fish-oil and feed-grade marine oil offerings, primarily serving North American customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/lysi_us

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LYSI