Global salmon and shrimp farmers continue to face several challenges, but a normalization in worldwide fishmeal and fish oil supply is likely to ease some of their costs, according to the latest industry report from Utrecht, Netherlands-based financial services company Rabobank.
Compiled by Rabobank Senior Global Seafood Specialist Gorjan Nikolik, the “Global Aquaculture Update 2H 2024” report, subtitled “A silver lining emerges as demand improves and costs normalize,” said that while biological issues continue to persist for many farmers, feed costs should start to come down in line with recovering fishmeal supply.
“This will mostly be evident in shrimp and probably first in Ecuador, where cost prices are passed on fast, and later in Asia, where commodity costs take a bit longer to pass through by the feed industry,” Nikolik said.
Rabobank expects there to be a much more consistent supply of fishmeal in the closing six months of 2024. La Niña weather patterns are bringing cooler waters to the Pacific Ocean, signaling the right conditions to ensure a solid second Peruvian anchoveta fishing season – set to get underway in November.
Peru’s anchoveta fishery – the world’s largest by output – made a strong recovery in the first season of 2024 after a year-long El Niño season brought severe challenges in 2023, greatly reducing biomass and, therefore, Peruvian fishmeal and fish oil production.
The report suggests 2024’s second season will be as strong as the first and that this should allow fishmeal prices to continue course correcting. However, it added that it still remains relatively expensive compared to soybean meal.
China, which is the world’s largest buyer of fishmeal, is rebuilding its …
