Global fishmeal production in the first nine months of 2024 has risen nearly 23% compared to the same period in 2023, according to the International Fishmeal and Fish Oil Organisation (IFFO). This substantial increase is largely attributed to Peru’s robust anchovy harvests, which have significantly bolstered the country’s cumulative supply.
While Peru’s performance drove the overall increase, other regions analyzed in the report—including Chile, Denmark/Norway, Iceland/North Atlantic, the USA, African countries, and Spain—experienced declines compared to January-September 2023.
Peru, a global leader in fishmeal and fish oil production, historically accounts for approximately 20% of global output. As of early November 2024, nearly 20% of the 2.51 million-metric-ton (mt) quota for the North-Central region has already been fulfilled since the fishing season began on November 1.
In contrast, global fish oil production through September 2024 showed a modest 1% year-over-year increase. While Peru’s increased output contributed positively, it was almost entirely offset by production declines in other regions.
Note: The report’s data is based on IFFO membership statistics, which represent 55% of global marine ingredients production across key regions, including Peru, Chile, and Nordic countries.
China: Subdued Production Amid Aquaculture Low Season
China’s fishmeal and fish oil production has been subdued in 2024 due to reduced wild fish captures. As a result, total production levels are expected to fall below 2023 figures.
-Fishmeal Imports on the Rise
Despite lower domestic production, cumulative fishmeal imports through September 2024 increased year-over-year, reflecting stockpiling activity in preparation for upcoming aquaculture demand.
-Aquaculture Sector Update
China’s aquaculture sector has entered its annual low season, leading to reduced demand for fishmeal. Total aquafeed production for 2024 is expected to trail behind 2023 levels. However, fishmeal consumption is forecasted to rebound with the next major aquaculture season starting in April 2025.
-Pig Sector Boosts Demand
In contrast, the pig farming sector has entered its peak demand period. Fishmeal consumption in this segment is driven primarily by its use in commercial piglet feed, a staple for medium- and small-scale farmers.
Outlook
Global fishmeal production is on track for a strong year, thanks to Peru’s stellar performance, which has offset declines in other regions. Meanwhile, fishmeal demand dynamics are poised to shift as China transitions from aquaculture’s off-season to a busier cycle in 2025. The continued resilience of the pig farming sector also provides a steady demand stream, further balancing global market trends.
