Global production of fishmeal and fish oil is a mixed picture so far in 2024, according to IFFO, the marine ingredients organisation.
In its analysis of the year’s first quarter, the IFFO, which represents 55% of global production, has found the outlook to be mostly positive against a backdrop of weakening consumption in China.
“When we look at the first three months of 2024, global fishmeal production dropped by approximately 27% compared to the same period in 2023,” said the IFFO.
“Such a decrease is driven by the early onset of the second fishing season in Peru’s North-Central region back in 2023, along with a lower-than-average granted quota, resulting in a diminished catch at the tail of the fishing season at the beginning of 2024.”
Elsewhere the position is more favourable with Chile, the USA and countries in Africa all showing a positive trend in fishmeal production compared to 2023.
Fish oil
Global production of fish oil during the first quarter is 30% lower than 2023, again mostly owing to the timing of the Peruvian fishing season last year. In 2024 so far, the US and countries in Africa are the only ones that have registered a positive trend compared to the same period last year.
China
Weak demand in China means the aquaculture industry is struggling to reduce stocks.
However, the outlook of the pig sector, another user of marine ingredients, looks to be improving with market analysts suggesting a recovery in the second quarter of 2024.
Import statistics for soybean and rapeseed are showing a year-on-year decline through the first quarter of 2024.
