The cumulative total fishmeal production during the first nine months of 2023 was down by approximately 26% compared to the cumulative production reported through September 2022, According to the IFFO report based on a list of countries* considered in its reports. The predominant factor behind this is the 70% year-on-year production decrease in Peru.
Fish oil’s total cumulative output in the first nine months of 2023 was down by 21% year on year. Chile remained the only country to report an increase year-on-year, thanks to healthier catches and higher-than-average oil yields in the South of the country.
In September 2023, the overall raw material used by countries considered in the IFFO reports was in line with the 2014-2022 average for the same month. Overall, their use of raw materials increased by 6% in September 2023 compared with the same month in 2022. This increase was due to better catches in Northern Europe.
China’s weaker demand
The country reported lower demand for fishmeal and fish oil, amidst a notable slowdown in the country’s economic growth.
Cumulative imports of fishmeal by China through September dropped by 8.7% on a yearly basis, reflecting both a weaker domestic demand from aquafeed and piglet feed producers and a lower supply worldwide.
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.
* Peru, Chile, Denmark, Norway, Iceland, UK, Ireland and Faroe Islands, USA, South Africa, Ivory Coast and Mauritius, Spain.