During the first eleven months of 2024, cumulative fishmeal production rose by nearly 16% year on year compared to the same period in 2023, according to IFFO’s market intelligence figures.
This substantial growth can largely be attributed to a significant increase in Peru’s cumulative supply, which offset decreasing supplies across the other regions. Peru’s 2.51 million-tonne quota for the second fishing season in the North-Centre region has, to date, been more than 85% achieved, while fishing operations are also underway in the Southern part of the country.
Cumulative fish oil production through November 2024 in the countries analysed in IFFO’s reports saw a modest year-on-year growth of around 3%. Reduced fish oil production in other regions of the world almost offset gains recorded in Peru. However, the USA and the African countries also reported better cumulative fish oil productions during the January–November 2024 period.
With the peak season of marine ingredients domestic production over, the overall production of fishmeal and fish oil in 2024 is expected to be lower than in 2023. Meanwhile, the cumulative fishmeal imports through October have risen year on year, benefitting from the increased global supply. Annual usage of fishmeal in aquafeed in 2024 rebounded with respect to the year 2023.
Aquafeed production in the last quarter of 2024 is expected to show a slight increase compared to the same period in 2023. This growth is attributed to higher-than-average temperatures in some Chinese regions and improved demand for aquafeed driven by declining feed ingredient prices. However, due to a weaker performance in the first three quarters, total domestic aquafeed production in 2024 is projected to fall short of the volumes recorded in 2023.
