Marine Ingredients Market Trends (January 2024)

12 January 2024

A taste of the many statistics and analyses found in the market intelligence reports that IFFO dedicates to its members is reported below, covering IFFO’s analysis on marine ingredient market trends.

Closure of the Peruvian second anchovy fishing season in North centre scheduled on the 13th January 2024

PeruWith the publication of the Ministerial Decree 8/2024-PRODUCE, the Peruvian authorities have announced that the second fishing season of anchovy and white anchovy in the North-Centre of the country for the year 2023 will be officially closed on 13th January 2024.

As of today, in Peru, close to 75% % of the second fishing season’s 1.682 million tons quota has been landed in the North-centre of the country. The early commencement – in October 2023- of the second fishing season in the North-Centre area, resulted in higher catches in November 2023 and contributed substantially to the overall surge in raw material usage. Larger catches were also reported in Chile and the North Atlantic region.

Considering the countries analysed in the IFFO reports* (which make up 55% of global fishmeal and fish oil production), cumulative total fishmeal production during the first 11 months of 2023 was down by approximately 16% compared to the cumulative production reported through November 2022. The predominant factor contributing to this decline must be attributed to the 41% YoY decrease in Peru, whose activities were heavily affected by the El Niño phenomenon and the subsequent cancellation of the April-June first fishing season of the year.

As for fish oil, total cumulative output in the first 11 months of 2023 was almost 20% down YoY. The supply shortage in Peru (due to both fewer landings and lower oil yields) was again the main cause for such negative performance. Chile remained the only country that registered a positive change YoY thanks to healthier catches and higher-than-average oil yields in the South of the country.

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

Total fishmeal arrivals into China have slowed down, not compensating for off-takes from the main ports’ warehouses

Off-takes of imported fishmeal from China’s main ports warehouses are being estimated at nearly 15,000 mt in week 2 2024, below the amount reported in week 1 2024, and the average estimated for the same week over the period of 2014-2023. Total fishmeal arrivals into China slowed down recently and are estimated to be smaller than the off-takes from ports’ warehouses. As a result, total stock of imported fishmeal has slightly decreased, although it remains above the average value reported for week 2 between 2019 and 2023.