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Photo: Stockfile/FIS
Peru’s successful fishing season offsets reduced fishmeal production in the rest of the world
UNITED KINGDOM
Friday, January 10, 2025, 04:00 (GMT + 9)
According to IFFO’s market intelligence reports*, during the first eleven months of 2024, cumulative fishmeal production rose by nearly 16% year on year compared to the same period in 2023, reports IFFO, the Marine Ingredients Organisation.
This substantial growth can largely be attributed to a significant increase in Peru’s cumulative supply, which offset decreasing supplies across the other regions. Peru’s 2.51 million-mt quota for the second fishing season in the North-Centre are of the country has, to date, been fulfilled by over 85%, while fishing operations are also underway in the Southern part of the country.
As for fish oil, cumulative production through November 2024 in the countries analysed in the IFFO reports saw a modest year-on-year growth of around 3%. Reduced fish oil production in other regions of the world almost offset gains recorded in Peru. However, the USA and the African countries also reported better cumulative fish oil productions during the January–November 2024 period.
* 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, the USA, Ivory Coast, Mauritius, South Africa, Spain).
China’s rebounding use of fishmeal in 2024
The peak season of marine ingredients domestic production is over. The overall production of fishmeal and fish oil in 2024 is expected to be lower than in 2023. Meanwhile, the cumulative fishmeal imports through October have risen year on year, benefitting from the increased global supply. Annual usage of fishmeal in aquafeed in 2024 rebounded with respect to the year 2023.
Aquafeed production in the last quarter of 2024 is expected to show a slight increase compared to the same period in 2023. This growth is attributed to higher-than-average temperatures in some Chinese regions and improved demand for aquafeed driven by declining feed ingredient prices. However, due to a weaker performance in the first three quarters, total domestic aquafeed production in 2024 is projected to fall short of the volumes recorded in 2023.
Meanwhile, the pig sector is entering its historically peak demand season, as colder temperatures tend to stimulate pork demand. Fishmeal consumption in this sector remains concentrated on commercial piglet feed, which is predominantly purchased by medium- and small-scale farmers.
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