According to data shared by IFFO – The Marine Ingredients Organisation, fishmeal production in 2024 is higher than in 2023 so far, due to Peru’s strong anchovy seasons. The organisation points out that in Peru, almost 20% of the quota has, to date, already been fulfilled in the North-Centre region since the fishing season started on 1st November.
IFFO – The Marine Ingredients Organisation, an international trade organisation that represents the marine ingredients industry, has explained that in the first nine months of 2024, cumulative fishmeal production increased by almost 23% compared to the same period in 2023*. The significant year-on-year increase of the Peruvian cumulative supply was the main factor behind such positive trend, since the rest of the regions analysed in this report reported a decline compared to January-September 2023.
The organisation points out that in Peru, which historically has represented on average 20% of the global fishmeal and fish oil production, almost 20% of the 2.51 million-mt quota has, to date, already been fulfilled in the North-Centre region since the fishing season started on 1st November.
When it comes to fish oil, IFFO’s data shows that the total cumulative output through September 2024 was nearly unchanged, showing just a 1% increase year-over-year. This modest growth was primarily driven by the increased output from Peru almost totally offset by declines in cumulative production from all other regions.
CHINA’S AQUACULTURE SECTOR NOW IN LOW SEASON
China’s production of fishmeal and fish oil has remained subdued so far this year due to less wild captures, IFFO states. Production levels in 2024 are projected to fall below those of 2023. Meanwhile, cumulative fishmeal imports through September rose year-over-year, reflecting increased stockpiling despite off-season demand.
The aquaculture sector has now entered its low season, and total aquafeed production for 2024 is expected to fall below what was produced in 2023. Fishmeal consumption is expected to rebound in conjunction with the start of the next main aquaculture season in April 2025.
Meanwhile, the pig sector is entering its peak demand season. The organisation explains that fishmeal consumption in this sector remains primarily driven by commercial piglet feed, which is mostly purchased by medium- and small-scale farmers.
* These data are based on statistics shared by IFFO’s membership, which accounts for 55% of global marine ingredients production (Peru, Chile, Denmark / Norway, Iceland / North Atlantic, USA, African countries, Spain).
