According to IFFO analytics, fishmeal production increased by 40 percent between January and June 2024 compared with the same period in 2023
Fishmeal production has seen a significant boost in 2024, with a 40 percent increase in output compared to the same period last year, according to the latest data from the International Fishmeal and Fish Oil Organization (IFFO).
This rise is largely attributed to a successful fishing season in the North-Centre region of Peru, despite ongoing regional fishing bans.
The overall production of fish oil also saw a 10 percent increase between January and June 2024. This growth is notable considering the varied fishing conditions across key producing regions. In Peru, while operations in the North-Centre are currently halted due to a fishing ban, the southern fishing grounds remain active, with 15 percent of the annual quota already landed.
Regional Variations Impact Global Output
In Chile, the situation is more mixed. Landings in the southern part of the country have decreased year-on-year, while the northern regions have reported an increase. This contrast highlights the diverse environmental and regulatory conditions influencing marine resource management in the country.
Northern Europe has experienced a decline in the volume of raw materials available for fishmeal and fish oil production, a consequence of reduced fishing quotas for 2024 compared to 2023. This was anticipated and reflects the region’s ongoing efforts to manage fishery resources sustainably, despite the challenges in meeting growing demand.
In the United States, menhaden catches continue to make progress, although they remain below the levels reported in 2023. This stability suggests that while production is ongoing, there is a need for careful resource management to prevent overexploitation.
China’s Market Uncertainty
China, traditionally a major player in the fishmeal and fish oil market, has faced a downturn in domestic demand. Although the country’s fishing ban was lifted in mid-August, local producers are cautious about the potential production levels for 2024. High production costs and weak demand for aquaculture feed have negatively impacted the market, with official statistics indicating a decline in cumulative fishmeal and fish oil imports through June.
Despite these challenges, China’s pig sector, which had reduced its use of fishmeal in recent years, is showing signs of recovery. Pork prices have been rising steadily over the past months, which could lead to an increase in demand for fishmeal as a feed component.
Global Industry in Transition
The fishmeal and fish oil industry is currently navigating a complex landscape shaped by geopolitical, regulatory, and market factors. While the increase in production is a positive development, it must be viewed in the context of regional constraints and fluctuating global demand. Ensuring the long-term sustainability of these resources remains a critical priority, with close monitoring required to maintain a balance between production and conservation.
As the industry moves forward, the impacts of these regional developments on global supply chains will be closely watched, with implications for pricing and availability across key markets.
https://www.iffo.com/2024s-fishmeal-production-thanks-successful-fishing-season-north-centre-peru
Source: Press Release