Due to the high presence of juvenile fish in catches, the Peruvian authorities called an end to the first fishing season of 2025 in the North-Central zone of Peru on 23rd July, with a 24-hour window granted for the final landings. Despite this early close, more than 80% of the 3-million-tonne anchovy quota had been caught in the north-centre region, while the second fishing season has officially opened in the south.
In May 2025, according to IFFO’s market intelligence reports, the total cumulative fishmeal production decreased by approximately 2% compared to the same period in 2024. This decline was mainly driven by lower output in Peru and Northern European countries. All other regions reported year-on-year growth in fishmeal production over the same period.
The total cumulative fish oil output for the year through May 2025 slightly decreased year on year. Similarly to fishmeal, most countries showed a positive trend compared to January–May 2024, but this was nearly offset by declines in the performance of European countries and Peru.
In the case of Peru, the lower oil yields reported during the current season played a significant role in the decline.
‘IFFO’s 2025 estimates for fishmeal and fish oil remain at 5.6 million tonnes of fishmeal and 1.2-1.3 million tonnes of fish oil,’ said Dr Enrico Bachis, IFFO’s Market Research Director.
China’s domestic production of marine ingredients remains subdued for the time being, as fishing bans remain in place along the Chinese coastline. The main raw materials for producing fishmeal and fish oil during the summertime tend to come from frozen fish and by-products from processing facilities.
Domestic production of marine ingredients in the first half of 2025 decreased in comparison to the same period a year ago.
Demand for aquafeed has not increased a great deal in the first half of 2025. Several factors contribute to this subdued outlook, starting from a smaller carryover stock of farmed species from the year 2024, farmers’ active sales to take advantage of partial price recoveries, and delayed spring stocking due to lower temperatures. However, the increased stocking activity in the first half of this year, coupled with declining feed costs and a more optimistic outlook for profitability, suggests that aquafeed demand might rebound in the second half of 2025. Overall, total aquafeed demand for the year may surpass that of 2024, boding well for a robust demand for marine ingredients too.
