The recent analysis from the IFFO shows fish oil supplies are increasing as fishmeal production is trending lower.
China’s production of marine ingredients was adjusted downwards throughout the year 2022, production ended up being smaller than in 2021. According to the IFFO, the Marin Ingredient Organisation, 2023 has so far shown the same conditions. Total offtakes of imported fishmeal from ports’ warehouses in 2022 were estimated higher than during the same period in 2021.
Aquafeed production in 2022 was reported over 23 million metric tons, a slight increase year on year. January and February are traditionally off-season for aquaculture, as temperatures are too low and national holidays kick in. Therefore, fishmeal demand from the aquafeed sector remains limited. The beginning of the year is usually the time when aquafeed producers stock feeds ingredients in view of the new aquafarming season starting in March-April.
Both the pig and pork prices declined in 2022 because of oversupply and weakened demand. 2023 has not been different so far as the massive Covid contagion has greatly affected food services, the main consumer of pork products. Sow stock remains high, potentially giving birth to a bigger number of piglets. This would play in favour of pig feed demand and in turn fishmeal consumption.
For the regions for which IFFO regularly tracks the production of marine ingredients, roughly worth 50 per cent of the global output, IFFO found that the total cumulative output of fish oil in the first 11 months of 2022 was up with respect to the cumulative production reported through November 2021. The European countries, India, the USA as well as South Africa, Ivory Coast and Mauritius were the regions that reported a year-over-year increase.
Cumulative total fishmeal production, by the countries considered in this report, for the first 11 months of 2022, was down compared to the cumulative production reported through November 2021. This is mainly due to the late start of the 2022 second fishing season in Peru. The USA, India, the Iceland/North Atlantic area and the African countries were the regions considered that have increased their cumulative production with respect to the same period in 2021.
