Opinions regarding the state-of the-art, issues and future perspectives for the processing and production of high value lipids using supercritical fluids are discussed including examples from New Zealand. The categories of high value lipids discussed are seed oils, marine neutral lipid extracts and polyunsaturated omega-3 fatty acid concentrates, carotenoid-rich extracts, and phospholipid-rich extracts. Commercial production of carotenoid-rich extracts has been a growth area, particularly astaxanthin-rich oleoresin produced from the micro-algae Haematococcus pluvialis. The main research and development trends observed in the processing of feed streams to produce these high value lipid products are the use of ultra-high pressures for CO2 extraction, the use of propane and dimethyl ether as alternative extraction solvent, and semi-preparative supercritical chromatography to produce omega-3 concentrates. New product opportunities include phospholipid concentrates from marine and dairy materials, EPA and/or DHA-rich oils and concentrates from GM-modified seeds, and a broader range of carotenoid-rich extracts obtained from microalgae.