In the countries analysed in IFFO’s reports, the overall production of fishmeal between January and June 2024 was up by 40%, while that of fish oil was up by 10%, compared with the same period of last year.
The key reason for this has been higher catches in Peru’s north-central region, which is currently closed to fishing while the southern region remains open to fishing.
Landings in Chile declined during the first six months of this year, but increased in the north of the country.
The volume of available raw materials in northern Europe is down, year on year, as expected due to the lower quotas granted in 2024 compared to the previous year.
In the USA, menhaden catches continue to progress, although they remain below the levels reported in 2023.
While China’s fishing ban was lifted mid-August, local producers of fishmeal and fish oil remain cautious about domestic potential production levels for 2024.
Official statistics from China suggest an annual decrease in the cumulative fishmeal and fish oil imports through June due to weak demand of aquafeed and high production costs. Overall, challenging market conditions are likely to persist through the year 2024.
In contrast, the pork sector, which used to consume significant amounts of fishmeal, continues its recovery, with pig prices rising steadily over the past months.
