Fishmeal production in March 2026 fell 38% year on year, and cumulative first-quarter production was down 28% versus 2025, accordng to figures released by IFFO.
Fish oil output was also lower, although this has been a less severe decline, with the cumulative first-quarter output down 12%.
‘Peru’s anchovy quota for the first 2026 season has been set at 1,914,049 tonnes, equivalent to 27% of the estimated biomass. The current biomass estimate is about 31% higher than the one from September 2025, although it is 35% lower than the March 2025 estimate and around 17% below the average for January–March surveys between 1996 and 2025, stated Enrico Bachis, IFFO’s Market research director, providing insights into the current season in North Central Peru, where fishing bans have been imposed in several areas due to the high presence of juveniles. Peru’s fishmeal and fish oil production generally represents 20% of global output in an average year.
China, a key driver of global aquaculture and marine ingredients demand, has not yet seen the usual fishing rebound season that typically occurs in February and March.
Market data indicates that, up to March 2026, domestic aquaculture output and aquafeed production for major speciality farmed species increased year on year. Elevated stock levels of certain species have continued to support aquafeed output and fishmeal usage. However, these high inventories may discourage restocking in the next production cycle.
At the same time, farm-gate prices for species such as largemouth black bass, snakehead and yellow catfish remain weak. This could prompt farmers to scale back production in the coming season. If these conditions persist, feed ingredient demand is likely to decline in the third quarter, which is typically the peak period for aquaculture activity.
