The market for fish oil and fishmeal in a detailed report by IFFO – The Marine Ingredients Organisation, recently released an in-depth report on global fish oil and fish meal production trends in the first three months of 2024. The focus was on key areas such as Peru, Chile, Denmark/Norway, Iceland/North Atlantic, the United States, some African countries and Spain.
Growths and declines: a detailed picture of regional performance
From January to March 2024, Chile, the United States and some African countries showed an increase in fishmeal production compared to 2023, marking a positive trend. In contrast, global fishmeal production declined significantly, with a 27% decrease in the first three months of 2024 compared to the same period in the previous year. This reduction was influenced by the early start of the second fishing season in the north-central region of Peru in 2023, as well as a lower-than-average quota that limited catches at the end of the fishing season in early 2024.
Focus on Peru: a key role in the global context
IFFO’s report highlighted the crucial role of Peru, where almost 50 per cent of the 2.475 million tonne anchovy quota was caught in the country’s Centre North during the first 23 days of the first 2024 fishing season. Peruvian production accounts for 20% of global annual fishmeal and fish oil production.
Decline in fish oil production
Similar to fishmeal, fish oil production also declined by 30% year-on-year. Again, only the US and African countries showed a positive trend from January to March 2023.
Impact of El Niño on fisheries in Peru
The report highlights how the El Niño phenomenon severely impacted fishing activities in Peru in 2023, leading to the cancellation of the first fishing season from April to June.
Consumer trends and international markets
Demand for feed ingredients in China is showing signs of weakening, with fishmeal imports declining in March 2024. An imposed fishing ban is further complicating the situation in aquaculture markets. As a result, IFFO predicts that aquafeed production in the first quarter of 2024 will be lower than in the same period last year, due to ‘passive demand’ from consumers.
This IFFO report provides a crucial overview of the current dynamics in the marine ingredients sector, highlighting the challenges and opportunities that characterise this strategic segment of the global food industry.
The market for fish oil and fishmeal in a detailed report by IFFO
