IFFO reports indicate a strengthening trend in global marine ingredients production, supported by improved fishmeal and fish oil output across most regions. Despite regional declines, overall supply remains resilient, with rising demand and increased trade flows shaping the market outlook.
IFFO – The Marine Ingredients Organisation has released its latest market assessment based on data collected from its member companies, providing an overview of recent developments in global marine ingredients production. The update highlights regional supply trends, fishmeal and fish oil output, and evolving market dynamics, including changes in China.
According to the reports, in Peru, the second fishing season in the North–Centre region has ended with the anchoveta fleet having landed almost all of the 1.63 million metric tonne quota. “This is positive news; while data still needs to be confirmed for the full year, we expect 2025 to have delivered slightly lower production of both fishmeal and fish oil compared with 2024,” said Dr. Enrico Bachis, Market Research Director at IFFO.
By November 2025, the total cumulative annual fishmeal production* rose by approximately 2% compared to the same period in 2024. This increase was driven by higher output in most regions, except for the African countries and Iceland and North Atlantic area, which reported a year-on-year decline.
Similarly, cumulative fish oil output* through November 2025 showed a year-on-year increase of around 7%. Most countries recorded positive trends compared to January–November 2024, with the exception of Peru, where lower oil yields in 2025 played a significant role in the decline.
REDUCED OUTPUT IN CHINA BOOSTS MARINE INGREDIENTS IMPORTS
China’s domestic production of marine ingredients remains constrained by higher costs and lower profitability for local producers. With the peak fishing period already over, there are limited expectations for improvement through the rest of the season up to April 2026. Fishmeal and fish oil production in 2025 is projected to fall by 20%–30% from 2024 levels. Through 2025, China’s global fishmeal imports increased by about 5% compared to the previous year, with Peru, Vietnam and Chile as the top three suppliers.
Domestic aquaculture production continues to expand, with 2025 output expected to exceed 2024 levels. Fishmeal demand from aquaculture —driven mainly by white-leg shrimp farming in South China (Guangdong, Guangxi, Hainan)— is set to rise gradually ahead of the March–April 2026 season.
Prices of soybean meal and corn have risen in recent weeks, driven by stronger demand from the feed sector.
*This data is based on statistics shared by IFFO members in Chile, Denmark, Faroe Islands, Iceland, Ivory Coast, Mauritius, Norway, the UK, the USA, Peru, South Africa and Spain, accounting for 40% of global fishmeal production and 50% of fish oil output.
