Henry Qu, IFFO China Market Analyst, attended and spoke at the 7th Chinese High-Value Aquafeed Development Forum on 27 October 2024, organized by FishFirst – one of the leading media platforms in China. There were more than 500 Chinese delegates attending the event. Eleven Chinese speakers including professors, experts, technical directors and the like from the supply chain shared their views about the latest market dynamics in aquaculture.
Henry analyzed the supply and demand dynamics of the Asian marine ingredients market in the context of global trends, focusing on three key areas: production, consumption, and trade. According to estimates, global production of fishmeal and fish oil in 2023 exceeded the average level of the past decade. Historically, Asia contributed approximately 37% of global fishmeal production and 34% of fish oil output.
Now pelagic fishery plays a relatively smaller role as raw materials for fishmeal and fish oil in Asia compared to other regions. Instead, by-products from such fish species as tuna, tilapia, and pangasius are the primary sources for fishmeal and oil production. The quality of local fishmeal and fish oil is influenced by these raw materials, also affecting how these products are utilized. Aquaculture is the primary consumer of fishmeal and fish oil in Asia, such as farming of crustaceans, freshwater fish, and marine fish. Asia faced an annual fishmeal shortage exceeding 1.1 million tons and a fish oil deficit of 70,000 to 100,000 tons. To meet this demand, Asian countries will continue to rely heavily on imports of marine ingredients.