Commodity news

IFFO reports sustained low trend in fishmeal and fish oil production

Both fishmeal and fish oil production were down in September 2023 by 28% and 24%, respectively, compared to 2022.

Source: IFFO
October 12, 2023

IFFO’s analysis on marine ingredient market trends until September 2023 reports that the cumulative total fishmeal production by countries* considered in the IFFO reports during the first eight months of 2023 was down by approximately 28% compared to the cumulative production reported through 2022. The predominant factor contributing to this decline must be attributed to the 70% year-on-year decrease in Peru.

As for fish oil, the total cumulative output in the first eight months of 2023 was 24% down year-on-year. Chile was the only country that registered a positive change thanks to healthier catches and higher-than-average oil yields in the South of the country.

Increased aquafeed costs in China

The Chinese aquaculture supply chain is currently grappling with increasing feed costs and weakened consumption of aquatic products. This can be attributed to the unstable global supply of feed ingredients and falling farm-gate prices for many species, stemming from unforeseen shifts in domestic demand.

*Peru, Chile, Denmark, Norway, Iceland, UK, Ireland and Faroe Islands, USA, South Africa, Ivory Coast and Mauritius, Spain.