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IFFO’s analysis on marine ingredient market trends
T
he IFFO reports that total fishmeal and fish oil productions in January 2021 surpassed that of January 2020. This is according to their January 2021 market intelligence report that the IFFO sent to its members which focuses on their analysis of marine ingredient market trends. IFFO reports typically include an analysis of both the supply and demand sides of the market, with research focusing also on the global trends of animal farming and fish catches, agri-commodities, commodities’ prices and general macro-economic conditions. In this edition, a specific and additional focus is made on China for the period covering January-March 2021, which is especially timely given that China is by far the main market for marine ingredients. Peru, Chile, the Northern European region and the African countries have reported an improvement in terms of available raw material in January 2021 with respect to January 2020. On the contrary the USA reported a big drop, following poorer landings in Alaska. The US menhaden fishing season will in fact start in April. Thanks to better-than-average landings in Peru and Chile,
both total fishmeal and fish oil productions (including salmon-based meal and oil) were far bigger in January 2021 than in January 2020.
Demand for seafood remains robust in China
Domestic fishmeal production was subdued before and after the Spring Festival. Operations resumed in Shandong and Zhejiang following the holidays, while the Liaoning fishmeal plants won’t resume operations until September due to the lack of raw material. Supply of domestic fishmeal in the first quarter of 2021 might not improve with respect to the first quarter of 2020. Pig farming continues to recover. Pig feed production was on the rise at the beginning of the year, but the recent African Swine Fever outbreaks appear to have affected its consumption both in February and March. Aquafeed output remains subdued for the time being, as aquaculture is still in its low season. From the second half of March, we expect aquafeed production to pick up. The rise of the aquatic products' price signals the strength of the demand for seafood, helped by the recovery of the food service in China.
12 | April 2021 - International Aquafeed