A productive first 2024 fishing season in the north-centre region of Peruvian waters and a significant year-on-year increase of the country’s supply from January to July 2024 has driven a cumulative fishmeal production increase of almost 36% compared with the same period in 2023.
Fish oil’s global cumulative output through July 2024 was approximately 10% higher year-over-year.
A scientific survey is underway in Peru to evaluate the anchovy biomass in the north-centre sea area and may be completed by mid-October. In the south of Chile and Northern Europe, the catches of small pelagic fish for marine ingredients production remain below last year levels. In the USA, the menhaden fishery, 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.
As all fishing bans along the Chinese coastline have been lifted, domestic 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. 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 pork sector, which is entering its peak season, although IFFO reports that a significant rebound in fishmeal demand for pig feed purposes seems unlikely for the time being.
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.
