Peruvian fishmeal imports hit a record high in 2024, and the industry expects the new production season to be optimistic

China's fishmeal demand is at a 10-year high, with total consumption projected to reach 2.22 million tons in 2024, marking an 11.5% increase from 2023. This surge is primarily driven by Peru's recovery in anchovy production, which rebounded strongly in 2024 due to the El Niño phenomenon, reaching 4.61 million tons. Despite challenges such as economic downturns and fluctuations in supply from other countries like Vietnam and Russia, Peru's dominance in the Chinese market has diminished, with its fishmeal's share falling below 50% compared to 65-85% a decade ago. Concurrently, India and Mexico have seen a decrease in their fishmeal supply, leading to a shift in import dependencies. Although there are concerns about potential declines in Peruvian imports in 2025, optimism is growing due to anticipated improvements in anchovy catches, particularly in 2025, following a successful season in southern Peru early that year.

James Frank, general manager of Peruvian trader MSICeres, said: "China's demand has hit a 10-year high, and the total consumption is estimated to be 2.22 million tons in 2024, an increase of 11.5% from 2023. The new normal in the market is that the supply of super fishmeal is getting smaller and smaller, and the production of standard fishmeal is increasing." Fishmeal industry analyst Francois Mittaine said in an interview with UCN: "Even in the depressed economic situation, China still needs a lot of marine protein. Although super fishmeal is the preferred product, most feed mills will mix different quality products to control costs. If only super fishmeal is used, farmers cannot afford it." In 2023, Peru's production fell due to the El Niño phenomenon, and the production recovered strongly in 2024, with the total anchovy catch reaching 4.61 million tons, an increase of 134%. Peru's production increase is the main driving force for China's import increase; Vietnam and Russia ...