Danish fishmeal and fish oil producer TripleNine laid off around 33 employees from its Thyboron and Esbjerg factories because of what it said is a challenging raw material market.

The company is experiencing a drop in raw material supply and is worried about the impact from additional quota cuts in 2020 for blue whiting and Baltic sea sprat, FodevareWatch reported.

"We are in a highly competitive market, which for Danish companies in our industry has intensified because the Norwegian kroner has weakened 40 percent compared to the Danish kroner over the past five years," TripleNine CEO Jes Bjerregaard said.

Europe's largest fish oil and fishmeal producer needs to tackle costs better in the future, he said.

The layoffs will eventually reach 37 in total, and include part-timers, full-time employees and managers.

TripleNine's latest financial results showed an 80 percent drop in profits to DKK 111 million (€ 14.9 million/$16.5 million) compared to the year prior.