At the IFFO’s annual conference in Cape Town, the latest statistics on marine ingredient production and consumption were revealed. According to IFFO’s market research director, Dr. Enrico Bachis, India has experienced a significant surge in fishmeal exports, becoming the fourth-largest exporting country. Meanwhile, Vietnam has also seen notable growth, while Peru faced a decrease due to La Niña.
In terms of consumption, aquaculture remains the predominant consumer of fishmeal. Crustaceans, particularly shrimp, accounted for the highest proportion of fishmeal consumption, followed by freshwater species in Asia and China, replacing marine fish.
For the pig meat market, China is grappling with high feeding costs, impacting feed formulations. In the poultry sector, consumption trends remained consistent with previous years. In the global pet food sector, fishmeal consumption was estimated at 200,000 tonnes in 2022.
Regarding fish oil, Peru led in exports but with a smaller share compared to 2021 due to reduced production. Norway maintained its position as the largest importer in 2022. Aquaculture accounted for over 70 percent of fish oil usage, followed by nutraceuticals and pet food, with salmonids being the largest consumers by species.
Maggie Xu, IFFO’s China director, presented a comprehensive overview of the Chinese marine ingredient market. The Chinese economy faces challenges, with capital flows impacting the RMB against the USD. The marine ingredient market in China grapples with oversupply and financial losses in the pig and aquaculture sectors.
Fishmeal inclusion rates in aqua and piglet diets were lowered due to sluggish farm gate prices and tight fishmeal supplies. Future growth points include land-based RAS, offshore farming, and notably, the P. vannamei shrimp market.
Regarding China’s marine ingredient output, Xu noted a less promising current season with a reduction in tilapia by-products. Fishmeal production might be slightly lower than 2022, but fish oil outputs are expected to grow in 2023.
In terms of consumption, China’s aquaculture industry dominates fishmeal consumption at 89.6 percent, with the pig sector consuming the majority of the remainder. In fish oil consumption, aquaculture leads again, accounting for 68.4 percent.
Despite overall losses and oversupply in the aquafeed sector, low prices are driving a focus on innovation and business viability in the industry.
Source: The Fish Site
