Fish meal and oil production up

According to IFFO, an international trade organisation representing the marine ingredients industry, the fishmeal and oil production in the first half of 2024 increased compared to the same period last year.

Main reason for the increase in production is the successful fishing season in North Centre of Peru, according to IFFO. The following countries were included in the analyses of the IFFO: Peru, Chile, Denmark / Norway, Iceland / North Atlantic, USA, African countries, Spain.

The overall fishmeal production between January and June 2024 was up by 40%. Fish oil production was up by 10%, compared to last year.

“This was thanks to the increased catches in the North-Centre of Peru, where operations are currently under a fishing ban. Only Peru’s southern fishing grounds are currently open to operations, with 15% of the quota landed so far.”

Chile, Northern Europe and the USA

In Chile, landings in the first 6 months of 2024 have decreased in the South according to IFFO, while they are up in the North of the country.

In Northern Europe, the volume of available raw materials is down, year on year, this is as expected said IFFO. The organisation states that the reduction is due to the lower quotas granted in 2024 vs 2023. As for the USA, menhaden catches continue to progress, although they remain below the levels reported in 2023.

China’s fishing ban lifted in August

Although China’s fishing ban was lifted in mid-August, official statistics from China suggest an annual decrease in the cumulative fishmeal and fish oil imports, according to the IFFO report. This is due to the weak demand of aquafeed and high production costs. Overall, the bearish market conditions are likely to persist through the year 2024, said IFFO.

In contrast, the organisation expects that the pig sector, which used to consume significant amounts of fishmeal, continues its recovery, with pig prices rising steadily over the past months.