For the regions for which the London-based IFFO (The Marine Ingredients Organisation) regularly tracks production of marine ingredients, (namely; Peru, Chile, Denmark / Norway, Iceland / North Atlantic, USA, African countries, Spain) roughly worth 50% of the global output, it is found that cumulative total fishmeal production during the first 3 months of 2023 was up by more than 36% compared to the cumulative production reported through March 2022. Most regions have started the year with an improved availability of raw material. The larger production of fishmeal in Peru due to the late start of the second fishing season in the North-centre area of the country is the main driver of such an increase.

As for fish oil, total cumulative output in the first 3 months of 2023 was 9% down year over year, mainly driven by the drop in the fish oil production reported in the Icelandic and North Atlantic area.

In 2022, China’s domestic fishmeal output remained lower than in previous years. For 2023, China’s domestic fishmeal supply based on whole fish supply is not expected to see substantial growth due to the policy steering. However, the role played by fishery by-products is expected to increase in the future. Fishmeal imports are expected to continue to be important to fill the gap in domestic supply. In Q1 2023, Peru continued to lead supplies to China, while India and Vietnam both made obvious year-on-year growth.