This growth was driven largely by Peru’s buoyant fishing season, which compensated for reduced fishmeal production in other regions, according to IFFO’s market intelligence reports.
In 2023, fishmeal production in Peru was constrained after Peruvian fishery authorities cancelled the anchovy fishing season in June due to exploratory findings of abundant small and juvenile fish. However, the situation reversed in 2024, with Peru’s cumulative fishmeal supply showing significant growth.
Peru’s North-Central region has fulfilled over 85% of its 2.51 million-metric-ton quota for the second fishing season, while active fishing operations continue in the Southern region.
Modest growth in fish oil production
Global fish oil production grew modestly by around 3% year-on-year through November 2024. While Peru recorded gains, reduced fish oil production in other regions nearly offset these increases. Notably, the US and several African countries also reported improved fish oil output during the same period.
These findings are based on data from IFFO, whose membership accounts for 55% of global marine ingredient production. This analysis covers key regions, including Peru, Chile, Denmark-Norway, Iceland-North Atlantic, the USA, Côte d’Ivoire, Mauritius, South Africa, and Spain.
China’s fishmeal usage rebounds in 2024
In China, total fishmeal and fish oil production in 2024 is expected to decline compared to 2023. However, fishmeal imports through October increased year-on-year, bolstered by greater global supply. Fishmeal usage in Chinese aquafeed rebounded in 2024, reflecting higher demand.
Aquafeed production in Q4 2024 is anticipated to grow slightly compared to the same period in 2023. This increase is attributed to higher-than-average temperatures in some regions of China and reduced feed ingredient prices, driving improved demand.
Despite this late-year recovery, total aquafeed production for 2024 is projected to fall short of 2023 levels due to weaker performance earlier in the year.
Meanwhile, the Chinese pig sector is entering its seasonal demand peak, driven by colder weather that typically boosts pork consumption. Fishmeal consumption in this sector remains focused on commercial piglet feed, primarily purchased by medium- and small-scale farmers.
