Fishmeal production up 23% year-on-year
The outlook for aquafeed prices looks more optimistic for farmers, with the latest estimate for fishmeal production showing a 23% year on year increase for global fishmeal production for the first nine months of this year.
IFFO, the marine ingredients organisation, said 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 its report reported a decline compared to January-September 2023.
In Peru, which historically has represented on average 20% of the global fishmeal and fish oil production, almost 20% of the 2.51 million tonne quota has, to date, already been fulfilled in the North-Centre region since the fishing season started on 1 November.
When it comes to fish oil, 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.
The IFFO data is 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).
China’s aquaculture sector now in low season
China’s production of fishmeal and fish oil has remained subdued so far this year, IFFO said, due to a reduction in wild captures. 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 farmed in 2023. Fishmeal consumption is likely to rebound in conjunction with the start of the next main aquaculture season in April 2025.
Meanwhile, China’s pig sector is entering its peak demand season, counterbalancing the dip in aquaculture demand. Fishmeal consumption in this sector remains primarily driven by commercial piglet feed, which is mostly purchased by medium- and small-scale farmers.
