August 30, 2024
Global fishmeal and fish oil production rises in 2024, driven by strong Peruvian anchovy harvest
Global production of fishmeal and fish oil has increased significantly in 2024, largely due to a successful anchovy-fishing season in Peru, according to the latest analysis by IFFO – The Marine Ingredients Organisation, SeafoodSource reported.
Between January and June 2024, global fishmeal production rose by 40% compared to the same period last year. Fish oil production also saw an increase of 10% during this time. IFFO attributed these increases to the productive fishing season in Peru, home to the world's largest anchovy fishery.
In April 2024, Peru's Production Ministry (PRODUCE) announced the opening of the North-Central zone of its anchovy fishery, with a quota of 2.475 million metric tonnes (MT). Within just 40 days, the total catch had already exceeded 2 million MT, nearing the set quota. This marked a stark contrast to the 2023 fishing season when PRODUCE cancelled the main fishing season in the North-Central zone to preserve the sustainability of the anchovy biomass.
While Peru's anchovy fishery thrived, fish supplies for fishmeal and fish oil production outside Peru have declined. In Chile, landings in the southern region decreased during the first six months of 2024, although they increased in the northern part of the country.
In Northern Europe, the availability of raw materials has dropped due to lower quotas in 2024 compared to the previous year. Fishing quotas in this region remain contentious, with coastal states frequently disputing quotas on species like mackerel. The International Council for the Exploration of the Seas (ICES) recommended a lower quota for mackerel in 2024. Although some coastal states reached an agreement on this quota, every agreement over the past decade has faced challenges.
In the US, menhaden catches have decreased compared to 2023. Production in China has also slowed, with the country lifting its annual fishing ban in mid-August. However, local producers remain cautious about domestic production levels for 2024.
On the demand side, China's imports of fishmeal and fish oil through June were down, primarily due to weak demand and high production costs. Despite this, China's swine sector is gradually recovering after being severely affected by the African swine flu pandemic in 2021, which had caused a sharp decline in production. Historically, the swine sector has been a significant consumer of fishmeal.
IFFO's data is based on statistics from its members, who account for 55% of global marine ingredients production across several regions, including Peru, Chile, Denmark/Norway, Iceland/North Atlantic, the US, Africa, and Spain.
- SeafoodSource
