Fishmeal factory on the Pacific Ocean coast of Peru
Photo: Adobe Stock.
According to market intelligence reports by IFFO, The Marine Ingredients Organisation, in May 2025, total cumulative fishmeal production decreased by approximately 2% compared to the same period in 2024. The same occurred with total cumulative fish oil production, which declined slightly year-on-year.
These intelligence reports are based on statistics shared by IFFO members in Chile, Denmark, the Faroe Islands, Iceland, Ivory Coast, Mauritius, Norway, the UK, the USA, Peru, South Africa, and Spain. Together, they account for 40% of world fishmeal production and 50% of fish oil production.
May thus marks a halt to the upward trend in fishmeal and fish oil production that began in 2024 - fishmeal grew by 26% last year, while fish oil grew by 12% - and which, boosted by a 300% rise in Peruvian production, in January rose to 75% and 71% respectively.
More moderately, 29% up fishmeal and 34% up fish oil, year-on-year, the trend continued upward in March, although this growth moderated further in April, when total cumulative fishmeal production for the year increased by approximately 3%, while fish oil increased by 14%.
Now, in its release commenting on the results, IFFO said that, in the case of fishmeal, the decline in May was mainly driven by lower production in Peru and northern European countries, as all other regions reported year-on-year growth during the period.
Similarly, according to data managed by The Marine Ingredients Organisation, in the case of fish oil, most countries also showed a positive trend compared to January-May 2024, but this was almost offset by declines in the performance of European countries and especially Peru, whose lower oil yields reported during the current season played "a significant role" in the decline.
Precisely regarding Peru, IFFO highlighted that, due to the high presence of juveniles in the daily catches, the Peruvian authorities declared last week the end of the first anchovy fishing season of 2025 in the north-central zone of the country. Nevertheless, the season has closed with more than 80% of the 3,000,000 tons quota fulfilled, while, as reported by WeAreAquaculture, the second anchovy fishing season officially opened in the south last July 1.
Despite this, The Marine Ingredients Organisation maintains its forecasts. "IFFO's 2025 estimates for fishmeal and fish oil remain at 5.6 million tons of fishmeal and 1.2-1.3 million tons of fish oil," Dr. Enrico Bachis, IFFO's Market Research Director, commented.
As usual, IFFO, The Marine Ingredients Organisation, also provided insights about China, where, it said, domestic production of marine ingredients remains limited for the time being, as fishery closures remain in force along the Chinese coast.
Therefore, it explained, during the summer, the main raw materials for fishmeal and fish oil production in the Asian giant usually come from frozen fish and by-products from processing plants.
Likewise, IFFO said China's domestic production of marine ingredients in the first half of 2025 decreased compared to the same period last year, while demand for aquafeed has not increased much during the same period.
The Marine Ingredients Organisation explained that several factors have contributed to this subdued outlook, starting with a smaller carryover stock of farmed species from the year 2024, active sales by producers to take advantage of partial price recoveries, and delayed spring stocking due to lower temperatures.
However, according to their analysis, increased stocking activity in the first half of this year, coupled with declining feed costs and a more optimistic outlook on profitability, suggests that demand for aquafeed could pick up in the second half of 2025.
Thus, IFFO concluded that, overall, total aquafeed demand for the year in China could exceed that of 2024, which would consequently also be favorable for a strong demand for marine ingredients.