The International Fishmeal and Fish Oil Organization (IFFO) recently reported on the trends and developments in the global fishmeal and fish oil markets. According to IFFO, the increase in Peru’s cumulative supply has played a significant role in offsetting decreasing supplies in other regions. Peru’s fulfillment of its 2.51 million tonne quota for the second fishing season in the North-Centre area of the country, reaching over 85 percent, and the commencement of fishing operations in the southern part of Peru have contributed to this offset.
In terms of fish oil production, the countries analyzed by IFFO saw a modest year-on-year growth of around 3 percent through November 2024. While reduced fish oil production in other regions almost offset gains recorded in Peru, the USA and African countries also reported better cumulative fish oil productions during the January–November 2024 period, according to IFFO.
The fishmeal market in China has witnessed a rebound, with the peak season of domestic marine ingredient production coming to a close. IFFO predicts that China’s overall production of fishmeal and fish oil in 2024 will be lower than in 2023. However, the country’s cumulative fishmeal imports through October have increased year on year, benefiting from the global supply. Additionally, the annual usage of fishmeal in Chinese aquafeed in 2024 surpassed that of 2023.
Looking ahead, IFFO anticipates a slight increase in Chinese aquafeed production in the last quarter of 2024 compared to the same period in 2023. This growth is attributed to higher-than-average temperatures in certain Chinese regions and increased demand for aquafeed due to declining feed ingredient prices. Despite this, the total domestic aquafeed production in 2024 is projected to fall short of the volumes recorded in 2023, primarily due to a weaker performance in the first three quarters of the year.
In China, fishmeal consumption in the pig sector remains concentrated on commercial piglet feed, which is predominantly purchased by medium- and small-scale farmers. These insights are based on data shared by IFFO’s membership, representing 55% of global marine ingredients production from countries such as Peru, Chile, Denmark-Norway, Iceland-North Atlantic, the USA, Ivory Coast, Mauritius, South Africa, and Spain.
Overall, the global fishmeal and fish oil markets have seen fluctuations in production and consumption patterns, with Peru’s increased supply playing a significant role in offsetting declines in other regions. China’s market rebound and increased demand for aquafeed indicate a changing landscape in the industry. As we continue to monitor these trends, it will be crucial for stakeholders to adapt and respond effectively to the evolving dynamics of the market.