Lower fishmeal and fish oil production coincided with slowing Chinese demand in October 2023.
While the use of marine raw materials remains in line with that of previous years, cumulative global fishmeal production during the first nine months of 2023 was down 26 percent year over year, according to IFFO, The Marine Ingredients Organization.
The predominant factor behind the decline has been a 70 percent year-on-year production decrease in Peru, where the main anchoveta season was canceled in June 2023.
Global fish oil production is down 21 percent year over year through the first nine months of 2023, with Chile the only country to report an annual increase, attributed to more robust harvests and higher-than-average oil yields.
Improved catches in Northern Europe resulted in a 6 percent year-on-year increase in raw material usage globally in September 2023.
IFFO’s data covers its members’ production in Peru, Chile, Denmark, Norway, Iceland, the United Kingdom, Ireland, the Faroe Islands, the U.S., South Africa, Ivory Coast, Mauritius, and Spain.
The organization remarked upon an economic slowdown in China resulting in weaker domestic demand for fishmeal and fish oil.
“Cumulative imports of fishmeal by China through September dropped 8. percent on a yearly basis, reflecting both a weaker domestic demand from aquaculture and piglet feed producers and a lower supply worldwide,” it said. “The domestic aquaculture sector is encountering various challenges, including environmental pressure, technological challenges, as well as intense competition among feed mills and farmers. These result in overcapacity and oversupply.”
Photo courtesy of IFFO
