Peru's Reduction in Fishmeal and Fish Oil Production, China's Import Trends, and Global Production Shifts in 2023

Fishing operations persist in Peru's North-Centre region, with approximately 70% of the 1.682 million metric ton (mt) quota already landing. Notably, 2023 witnessed a significant reduction in total fishmeal production in Peru, declining by over 51% year on year (YoY), while fish oil production experienced a substantial drop, plummeting by more than 85% YoY. Transitioning to China, recent reports indicate off-takes of imported fishmeal from port warehouses reached around 17 thousand tons in W1. The total stocks of imported fishmeal in China stand stable at 227 thousand tons, surpassing the previous five-year average of 170.8 thousand tons reported for W1. Preliminary estimates for Chile suggest that the cumulative output of fishmeal in 2023 was slightly below the tonnage produced in 2022, while fish oil production increased by 15% YoY. Meanwhile, in Northern Europe, overall production of fishmeal in 2023 witnessed a significant uptick of 22% YoY, except for trimmings in Denmark and Norway, while fish oil output experienced a 15% YoY decline.