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The increase in global supply coincides with strong demand in China's aquaculture sector, the world's largest consumer of marine ingredients
IFFO's Global Fishmeal and Fish Oil Output Boosted by Key Peruvian Anchovy Quota
UNITED KINGDOM
Monday, November 17, 2025, 01:10 (GMT + 9)
Peru's Science-Based Quota Spurs Optimism as China's Aquaculture Demand Rises
LONDON – Global fishmeal and fish oil markets are reacting positively to a major quota announcement from Peruvian authorities, which has provided a significant uplift to the world's largest single-species fishery. The announcement, made on November 12, 2025, set the quota for the second fishing season in the North-Centre of Peru at 1,630,000 metric tonnes.
Peruvian Anchovy Fishing Season
.png) The final quota, which began on November 7, 2025, is well above the provisional quota initially set on November 1, reflecting a confidence in scientific findings.
“This quota is well above the provisional quota set on 1st November and signals a science-based approach for the world’s largest single species fishery, which produces 20% of global fishmeal in an average year," commented Dr. Enrico Bachis,IFFO's Market Research Director. "Our projections for the 2025 global production remain at 5.6 million tons of fishmeal and 1.2-1.3 million tons of fish oil.”
The newly set quota is in line with the level granted for the last quarter of 2023 but remains below the quota authorized in quarter IV of 2024. For context, the anchovy stock (anchoveta) is a vital raw material, and Peru accounts for approximately 20% of the global fishmeal supply in an average year, making the decision highly influential on the world aquafeed market.
Global Production Trends (January-September 2025)
Despite previous fluctuations in Peruvian production, cumulative global output for the year remains strong:
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Fishmeal Production: The total cumulative annual production by September 2025 rose by approximately 8% compared to the same period in 2024. This growth was driven by higher output in most regions, with the exceptions of Iceland and the North Atlantic area, which reported year-on-year declines.
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Fish Oil Production: Cumulative fish oil output through September 2025 showed a year-on-year increase of around 6%. Most countries recorded positive trends compared to January–September 2024, but Spain and Peru recorded declines, primarily due to lower oil yields in Peru during the recent fishing season.
This global data is based on statistics shared by IFFO members in countries including Chile, Denmark, Faroe Islands, Iceland, Ivory Coast, Mauritius, Norway, the UK, the USA, Peru, South Africa and Spain, collectively accounting for 40% of global fishmeal and 50% of fish oil output.
Market Dynamics in China
The increase in global supply arrives as China, the world's largest consumer of marine ingredients, sees robust demand from its aquaculture sector.
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Aquaculture Demand: China's domestic aquaculture output continued to grow through September, with fishmeal use in aquaculture exceeding last year’s due to better performance-to-price ratios. The peak season for aquafeed demand, however, concluded in early November as temperatures dropped.
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Domestic Production: Domestic marine ingredient production in China has slowed due to rising production costs and is expected to decline in 2025 compared with 2024. No meaningful increase in wild fish raw material supply is anticipated for the remainder of 2025.
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Pig Feed Market: In contrast to aquaculture, piglet and piglet-feed demand is weakening due to a pessimistic market outlook. The national sow herd is undergoing a planned reduction by one million heads by January 2026. Fishmeal use in pig feed is expected to rise in 2025 due to an existing high piglet supply, but a subsequent drop is anticipated for 2026 as fewer piglets are born.
- Competing Ingredients: Prices for soybean meal have remained stable, while corn prices have declined year on year. China's soybean imports through September increased by 5.3% year-on-year, reflecting resilient demand for crushing and feed purposes.
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