Global fishmeal production rose by 3.6 percent in 2021, while fish oil product dropped by 6 percent, according to IFFO, the international trade body that represents the marine ingredients industry.
Global fishmeal production reached 2.443 million metric tons (MT) for the full-year 2021,up from 2.359 million MT in 2020. Peru, Chile, and India each grew their fishmeal output in 2021, while Northern Europe, the United States, and Africa had a collective drop of 160,000 MT in their production year-on-year.
Global fish oil production in 2021 dropped nearly 6 percent, falling to 546,000 MT from 581,000 MT in 2020, primarily due to less production from Peru. However, Chile, Iceland, and India each increased their production of fish oil in 2021.
China was the biggest market for fishmeal in 2021 and set a record for imports. That record could potentially be eclipsed in 2022 due to strong demand, according to IFFO.
This year, large-scale production of marine ingredients is not expected to take off until after April 2022.
Demand for aquatic products rose between December 2021 and January 2022, “supported by healthy trading volumes,” according to IFFO.
The aquaculture sector, which is the primary driver of fishmeal and fish oil demand, is in its offseason in China, but prices for farmed seafood has risen in China in the past month in advance of the Spring Festival holidays.
IFFO reported China's pork sector, another major consumer of fishmeal for use in feed, continues to struggle as it recovers from a swine flu outbreak, and a subsequent overcorrection that has led to an overabundance of pigs.
“The pig sector continues to suffer from overcapacity, leaving the price of live pigs still under pressure,” it said. “The Spring Festival holidays, which traditionally implies a higher consumption of pig meat, may only provide a short-lived respite.”
Photo courtesy of IFFO
