In July 2023, the global supply of raw materials from marine ingredients, such as fishmeal and fish oil, experienced a significant decline of 52% compared to the same month last year, as reported by The Marine Ingredients Organisation (IFFO). The latest analysis by IFFO covering the period from January to July 2023 indicates a substantial reduction in catches worldwide, leading to a drop in both fishmeal and fish oil production levels compared to the previous year.
Throughout the first seven months of 2023, total fishmeal production saw a decline of approximately 31% compared to July 2022, while global fish oil production witnessed a 30% decrease. The notable decrease in fishmeal production is primarily attributed to the situation in Peru, a key global supplier of fish oil and fishmeal, particularly through its anchovy supply. Peru had to cancel its anchovy season in June, resulting in a staggering 76% year-on-year drop in fishmeal production, identified by IFFO as the primary factor contributing to the global decline in marine products.
Additionally, China implemented a fishing ban in certain areas of the Yellow Sea and East China Sea until September 16, affecting landings in Chinese open fishing grounds. Although the landings were below average, they remained comparable to the previous year, according to IFFO.
Simultaneously, the shortage of fishmeal has been accompanied by a global decline in its consumption during the first half of 2023. The IFFO attributes this decline to the anticipated conclusion of the main aquafarming season and an expected decrease in demand from the pig-farming sector.
In response to the scarcity of fishmeal from Peru, Chinese companies, which traditionally rely on Peruvian supplies, have adapted to the situation by increasing imports from other sources, as reported by IFFO
