Feed: fishmeal and fish oil production fell in Q1 2026

Fishmeal production by members of marine ingredients organisation IFFO fell 38% year on year in March, and cumulative first-quarter production was down 28% versus 2025.

Fish oil output was also lower, but the decline was less severe: cumulative first-quarter output was down 12%.

Both fishmeal and fish oil remain important ingredients in aquafeed.

The production data is based on statistics shared by IFFO members in Chile, Denmark, Faroe Islands, Iceland, Ivory Coast, Mauritius, Norway, the UK, the US, Peru, South Africa and Spain, accounting for 40% of global fishmeal production and 50% of fish oil output.

Peruvian anchovies

“Peru’s anchovy quota for the first 2026 season has been set at 1,914,049 tonnes, equivalent to 27% of the estimated biomass. The current biomass estimate is about 31% higher than the one from September 2025, although it is 35% lower than the March 2025 estimate and around 17% below the average for January-March surveys between 1996 and 2025,” IFFO market research director Enrico Bachis stated.

Peru has two anchovy fishing seasons a year, which generally run from April until July, then from November until January in the main zone, North Central. In the southern zone, the first season generally starts in January, and the second season runs from July until December.

Start dates vary depending on environmental conditions and fish maturity, with seasons closing early if quotas are filled or if there is an excessive presence of juvenile fish.

Fishing bans have been imposed in several areas during the current season in North Central Peru due to the high presence of juveniles. Peru’s fishmeal and fish oil production generally represents 20% of global output in an average year.

China

China, a key driver of global aquaculture and marine ingredients demand, has not yet seen the usual fishing rebound season that typically occurs in February and March, IFFO reported in a press release.

Market data indicates that, up to March 2026, China’s domestic aquaculture output and aquafeed production for major speciality farmed species increased year on year. Elevated stock levels of certain species have continued to support aquafeed output and fishmeal usage. However, high inventories may discourage restocking in the next production cycle.

At the same time, farm-gate prices for species such as largemouth black bass, snakehead, and yellow catfish remain weak. This could prompt farmers to scale back production in the coming season, said IFFO. If these conditions persist, feed ingredient demand is likely to decline in the third quarter, which is typically the peak period for aquaculture activity.