What’s on the horizon for marine ingredients in 2023?

The latest analysis from the IFFO explores both the supply and demand of marine ingredients for 2022 and early 2023 – finding that fish oil supplies are increasing as fishmeal production is trending lower.

The Fish Site
by The Fish Site
23 January 2023, at 12:40pm
anchovies schooling
Anchovies schooling

Fish stocks in Peru remained stable from 2021, suggesting that the existing anchovy deficit remains

For the regions for which IFFO regularly tracks production of marine ingredients, roughly worth 50 percent of the global output, we found that 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 a 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.

In December 2022, Peruvian catches were in line with those reported in December 2021. This means that the deficit of around 1.150 million metric tonnes of raw material reported until November 2022 vs January-November 2021 has not been reduced in Peru, negatively affecting the overall performance for the year 2022.

person holding fishmeal in their hands
Fishmeal is a key component of aquafeed

The IFFO found that China's production of marine ingredients is trending downwards © Karen Murray, IFFO

China’s marine ingredients production remains subdued

Domestic production of marine ingredients was adjusted downwards throughout the year 2022: production ended up being smaller than in 2021. 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 tonnes, a slight increase year on year. January and February are traditionally off-season for the 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 feed ingredients in view of the new aquafarming season starting in March-April.

Read more analysis from the IFFO here.