Global fishmeal production for Q1 shows 27% year-on-year decline

Editorial Staff

China’s feed ingredients consumption is experiencing a weakening trend.

In Peru’s North-Centre, nearly half of the 2.5 million metric tons anchovy quota has been harvested during the first 23 days of the 2024 fishing season, according to the International Fishmeal and Fish Oil Organization (IFFO).

Peru plays a significant role in global fishmeal and fish oil production, accounting for about 20% annually.

From January to March 2024, global fishmeal production decreased by approximately 27% compared to the same period in 2023.

This decline is attributed to the early start of the second fishing season in Peru in 2023, along with a lower-than-average quota granted, leading to reduced catches at the beginning of 2024.

However, Chile, the USA, and African countries have shown positive trends in fishmeal production compared to 2023.

Similarly, global fish oil output through March 2024 was down by 30% year-over-year, largely due to the timing of Peru’s fishing season in the previous year.

In 2024, the USA and African countries are the only ones reporting positive trends compared to the same period in 2023.

In contrast, China’s demand for feed ingredients is weakening. A fishing ban imposed from May 1st until September, coupled with challenging conditions in the pig and aquaculture markets, has led to a decrease in cumulative fishmeal imports through March 2024.

The aquaculture industry is grappling with reducing stocks due to tepid consumer demand, resulting in lower-than-expected aquafeed production in the first quarter of 2024 compared to the previous year. However, there are indications of a potential recovery in the pig sector in the second quarter of 2024.

Import statistics for soybean and rapeseed also show a year-on-year decline through the first quarter of 2024.


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