London, 12th october 2023

A taste of the many statistics and analyses that can be found in the market intelligence reports that IFFO dedicates to its members is reported below, covering IFFO’s analysis on marine ingredient market trends until September 2023.

Global cumulative production of fishmeal and fish oil remains down

Cumulative total fishmeal production by countries* considered in the IFFO reports during the first 8 months of 2023 was down by approximately 28% compared to the cumulative production reported through August 2022. The predominant factor contributing to this decline must be attributed to the 70% YoY decrease in Peru. As for fish oil, total cumulative output in the first 8 months of 2023 was 24% down YoY. Chile was 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.

China: increased aquafeed costs

All fishing grounds are now open in China.

The Chinese aquaculture supply chain is currently grappling with increasing feeding 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.

Likewise, the pig sector continues to confront difficulties due to decreased demand during the summer months. Although pig prices experienced a slight recovery recently in August, the pig market is expected to remain oversupplied throughout the remainder of 2023, largely due to the substantial sow stock.

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