17th July 2024

IFFO's in-person China workshop, to be held on 3rd September 2024 in Xiamen, Fujian Province, will include a dynamic mix of presentations and panel discussions, covering insights into fishmeal applications in China, the global marine ingredients and omega-3 markets, with some deep dives into India and China’s markets, and fishmeal and fish oil production in Peru, and much more.

Dr Enrico Bachis, IFFO's Market Research Director and one of the speakers at this workshop, gives here a taste of the insights he will share with the delegates.

How have the key market drivers been developing in terms of demand over the last years?

The year 2023 saw a slowdown in the supply of fishmeal and oil worldwide, with a significant drop of the production of marine ingredients in Peru.

Peru has been historically the biggest producer of both fishmeal and fish oil, and more importantly one of the most important suppliers of Super Prime fishmeal and rich-in-EPA-DHA-fatty acids fish oil. This is the reason why prices significantly increased in 2023, even though consumption of marine ingredients had also slowed down.

China, the biggest consumer of marine ingredients in the world, reported an unusual weakness in both the aqua- and pig-feed segments.

Price changes would have been even larger if part of the drop in the supply of marine ingredients had not been offset by the increased production in Europe and Asia.

What are the main global trends in fishmeal and fish oil supply this year?

With an expected recovery of the production in Peru, the supply of marine ingredients in the year 2024 is likely to increase.

However, the extent of the recovery remains to be seen in view of the unforeseen difficulties currently reported in other important producing regions such as Europe, Africa and North America.

As per the consumption side, Chinese consumers´ demand for pig and aqua products has remained subdued in the first part of 2024. Among the biggest consumers of marine ingredients are salmon and shrimp feed producers. 

Salmon farming is expected to remain flat in 2024, while shrimp supply should increase but face a weak demand. The lack of profitability might thus hinder the demand of shrimp feed producers for marine ingredients.

To learn more about this event and register, click here.