According to the statement from IFFO – The Marine Ingredients Organisation, 2024’s fishmeal production is up thanks to a successful fishing season. The organisation points out that this is thanks to the increased catches in the North-Centre of Peru.
IFFO – The Marine Ingredients Organisation, an international trade organisation that represents the marine ingredients industry, has explained an increase in fishmeal and fish oil production. Based on statistics shared by the organisation’s membership, which accounts for 55% of global marine ingredients production, the overall production of fishmeal between January and June 2024 was up by 40%, while that of fish oil was up by 10%, compared with the same period of last year. This was thanks to the increased catches in the North-Centre of Peru, where operations are currently under a fishing ban, according to IFFO. Only Peru’s southern fishing grounds are currently open to operations, with 15% of the quota landed so far.
The data from IFFO’s reports show that:
• In Chile, landings in the first 6 months of 2024 have decreased, year on year, in the South, while they are up in the North of the country.
• In Northern Europe, the volume of available raw materials is down, year on year, as expected due to the lower quotas granted in 2024 vs 2023.
• As for the USA, menhaden catches continue to progress, although they remain below the levels reported in 2023.
CHINA’S FISHING BAN JUST LIFTED, LOWER TREND IN THE USE OF MARINE INGREDIENTS
According to the statement of IFFO, while China’s fishing ban was lifted mid-August, local producers of fishmeal and fish oil remain cautious about domestic potential production levels for 2024.
Official statistics from China suggest an annual decrease in the cumulative fishmeal and fish oil imports through June due to weak demand of aquafeed and high production costs. Overall, the bearish market conditions are likely to persist through the year 2024. In contrast, the organization adds that the pig sector, which used to consume significant amounts of fishmeal, continues its recovery, with pig prices rising steadily over the past months.
