Bright wooden spoon with capsules of fish oil on the background of the fish.
Adobe Stock
IFFO - The Marine Ingredients Organisation has published its last report that shows global fishmeal and fish oil production trends from January to March 2024 in Peru, Chile, Denmark / Norway, Iceland / North Atlantic, USA, African countries, and Spain.
First, the report indicates that Chile, the USA, and the African countries have been showing a positive trend in fishmeal production compared to 2023.
On the other hand, global fishmeal production dropped in the first three months of 2024 by approximately 27% compared to the same period in 2023 due to the early onset of the second fishing season in Peru's North-Central region back in 2023.
Also, the downward difference is explained by a lower-than-average granted quota. This had caused a lower catch at the tail of the fishing season at the beginning of 2024.
IFFO recalled that almost 50% of the 2.475 million mt anchovy quota has been caught in Peru's North Centre during the first 23 days of the 2024 first fishing season. The country's quota represents 20% of global fishmeal and fish oil production in an average year.
The same happens with fish oil which has decreased 30% year over year. Only the USA and the African countries have registered a positive trend compared to January-March 2023.
The Institute informed in January how El Niño phenomenon severely impacted Peru's fishing activities during 2023, leading to the cancellation of the April-June first fishing season.
Fishmeal imports in March 2024 have decreased and the fishing ban imposed proves the complicated situation aquaculture markets are facing.
The industry is trying to reduce stocks due to the "passive" consumer demand. IFFO alerts that aquafeed production in the first quarter of 2024 will be lower compared to the same period last year.
