Increase in global fishmeal and fish oil production

That increase was largely driven by a significant year-on-year surge in Peruvian supply following a highly productive first fishing season in the North-Central region of Peru, according to the IFFO.

Global cumulative fish oil output through July 2024 also showed growth, increasing by approximately 10% year-over-year, reads the report.   

In Peru, a scientific cruise is currently assessing the anchovy biomass in the North-Central region, with results expected by mid-October. In contrast, catches of small pelagic fish used for marine ingredient production in Southern Chile and Northern Europe remain below 2023 levels.

In the US, menhaden fishing in the Gulf of Mexico—a key resource for marine ingredients—continues to underperform, while landings in the Atlantic are higher than those recorded in 2023.

These figures are based on data provided by IFFO members, who represent 55% of the world’s marine ingredient production. Producer countries include Peru, Chile, Denmark/Norway, Iceland/North Atlantic, USA, African nations, and Spain.

Weaker demand in China ​

As all fishing bans along China’s coastline have been lifted, domestic production is gradually increasing and is expected to peak in the final quarter of the year, finds the IFFO.

Cumulative fishmeal imports, however, have grown year-on-year through August, suggesting higher stocking in preparation for the peak aquaculture season. By September 2024, fishmeal stocks in Chinese ports had reached record levels, notes the marine ingredients organization.

While fishmeal demand in China typically peaks in the third quarter during the height of the aquaculture season, rising stock levels since July suggest weakened demand in both the aquaculture and pig farming sectors, say the market analysts.

Although pig farming is entering its peak season, a substantial rebound in fishmeal demand for pig feed seems unlikely in the near term, they add.

Meanwhile, in China, prices for plant-based feed ingredients like soybean meal and rapeseed meal remain lower than last year due to sluggish market demand. Cumulative soybean imports into the country for use in feed production have increased year-on-year through August, as per the IFFO data.