Global fishmeal production increased by almost 16% year-on-year in the first 11 months of 2024, according to the latest market intelligence from IFFO, The Marine Ingredients Organisation. It attributes much of the substantial growth to a significant increase in Peru’s cumulative supply, which offset decreasing supplies across the other regions.
As of 9 January 2025, Peru’s 2.51-million-tonne quota for the second fishing season in the North-Centre of the country had been fulfilled by over 85%, with fishing operations also underway in the southern part of the country.
As for fish oil, cumulative production through November 2024 in the countries analysed in IFFO’s reports saw a modest year-on-year growth of around 3%.
The organisation noted that reduced fish oil production in other regions of the world almost offset the gains recorded in Peru. However, the US and African countries also reported better cumulative fish oil productions during the January–November 2024 period.
Its 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, the US, Ivory Coast, Mauritius, South Africa and Spain).
IFFO also explained that the peak season of marine ingredients domestic production is over and that 2024’s overall production of fishmeal and fish oil is expected to be lower than in the previous year. Meanwhile, 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 fourth-quarter of 2024 is expected to show a slight increase compared to the same period in 2023. IFFO attributes this growth 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, in China, 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.
