A new report conducted by IFFO – the Marine Ingredients Organization indicates global fishmeal and fish oil production slowed in January and February 2026.
The analysis – which IFFO performs monthly using data from its member companies – found most countries it analyzed produced less fishmeal and fish oil compared to the prior year, with only a few exceptions – mainly the “Norway/Denmark” region and the United States.
“Despite the positive fishing effort in the south, Peruvian output has remained below previous year's levels also in February,” the report states.
The decrease comes compared to a strong start in 2025, where January’s total fishmeal production had increased 75 percent year over year. That was largely thanks to a 300 percent increase in the output in the Peruvian fishery.
This year’s anchovy production has slowed somewhat, and Peru is still awaiting the start of its large North-Central anchovy season.
“The anchovy biomass evaluation in the North-Center remains underway, with official announcements on quotas and starting dates of the new fishing season in 2026 expected during the first half of April,” IFFO Market Research Director Enrico Bachis said in a release.
The reduction in early 2026 comes as scientific predictions of a coastal El Niño weather pattern have the Peruvian anchovy fishery wary of a potentially challenging fishing year. Similar weather patterns have, in the past, led to anchovy seasons ending early or, in some cases, even being canceled entirely.
The decrease in production comes as IFFO’s report also found China’s aquafeed production is on the rise. With China’s domestic marine ingredients production remaining “subdued” so far in 2026 but expected to rise soon, there will likely be more demand for fishmeal as the year progresses, according to IFFO.
“Demand for aquafeed is driven by the currently high level of farmed fish inventories held for overwintering. Under the current conditions, first-quarter 2026 demand for fishmeal, particularly in the South China market, is expected to show solid year-over-year growth,” IFFO said.
