Peru’s strong first anchovy season drives higher fishmeal production

At the same time, the global cumulative output of fish oil through July 2024 was approximately 10% higher year-over-year.

IFFO also advises that a scientific cruise is underway in Peru to evaluate the anchovy biomass in the North-Centre and may be completed by mid-October.

Elsewhere, catches of small pelagic fish for marine ingredients production in the south of Chile and northern Europe remain below last year levels. As for the US, menhaden fishing, a key resource for marine ingredients production, continues to underperform in the key Gulf of Mexico, while landings in the Atlantic fishing grounds are above 2023 levels.

IFFO’s data is based on statistics shared by its membership, which accounts for 55% of global marine ingredients production.

The organisation also notes that as all fishing bans along the Chinese coastline have been lifted, the country’s production is gradually increasing.

“Domestic output is expected to peak in the final quarter of the year. Meanwhile, cumulative fishmeal imports have increased year-on-year through August, indicating a growing stocking in view of the peak aquaculture season,” it said, adding that fishmeal stocks in the ports´ warehouses reached record levels in September 2024.

Fishmeal demand in China typically reaches its highest point during the third-quarter, which coincides with the aquaculture peak season. However, the stock of fishmeal at main ports has been rising since this July, indicating weaker demand both in aquaculture and the pig farming sector.

In China, the prices of plant-based feed ingredients, such as soybean meal and rapeseed meal, remain below last year’s levels due to weak market demand.

Cumulative imports of soybeans for feed production show a year-on-year increase through August.