November 19, 2024

Peru drives growth in global fishmeal production as IFFO reports modest increase in fish oil output

Peru's strong anchovy seasons have significantly contributed to a notable increase in global fishmeal production for 2024, according to the latest report from IFFO – The Marine Ingredients Organisation.

In the first nine months of 2024, cumulative fishmeal production rose by almost 23% compared to the same period in 2023. This surge was primarily attributed to a significant increase in Peruvian fishmeal supply, as other regions reported declines.

In Peru, which typically accounts for about 20% of global fishmeal and fish oil production, nearly 20% of the annual 2.51 million metric tonne (MT) quota has already been fulfilled in the North-Centre region since the fishing season began on November 1.

In terms of fish oil production, cumulative output through September 2024 showed a modest 1% year-over-year increase. This slight growth was primarily driven by higher production in Peru, which largely offset declines in other regions.

Fishmeal and fish oil production in China has remained subdued this year due to fewer wild fish captures. Projections for 2024 indicate that China's production will fall below 2023 levels. Conversely, fishmeal imports to China through September have risen, driven by stockpiling despite the off-season period.

The aquaculture sector is currently in its low season, and overall aquafeed production for 2024 is expected to be lower than in 2023. Fishmeal consumption is anticipated to increase once the next major aquaculture season begins in April 2025.

-      AquaFeed