Global fishmeal production in March 2026 fell 38 percent year on year, while cumulative production for the first quarter declined by 28 percent compared with 2025, according to IFFO.
Fish oil production also recorded a decline, although less sharply. Cumulative first-quarter fish oil output was down 12 percent, supported by more resilient performance in Denmark, Norway and Spain.
Enrico Bachis, Market Research Director at IFFO, said Peru’s anchovy quota for the first 2026 fishing season had been set at 1,914,049 metric tonnes, equivalent to 27 percent of estimated biomass levels. He noted that the current biomass estimate is around 31 percent higher than the September 2025 estimate, but 35 percent lower than the March 2025 figure and approximately 17 percent below the average recorded during January–March surveys between 1996 and 2025.
Bachis also highlighted that fishing bans had been introduced in several areas of north-central Peru due to high levels of juvenile fish. Peru typically accounts for around 20 percent of global fishmeal and fish oil production in an average year.
In China, fishmeal demand is facing increasing pressure despite current market stability. The country, a major driver of aquaculture and marine ingredient demand, has yet to experience the seasonal rebound in fishing activity usually seen in February and March.
Market data showed that domestic aquaculture production and aquafeed output for major speciality species increased year on year up to March 2026. High inventory levels for some species have continued to support aquafeed production and fishmeal use, although these stocks may discourage restocking during the next production cycle.
Farm-gate prices for species including largemouth black bass, snakehead and yellow catfish remain weak, which could lead farmers to reduce production in the coming season. If market conditions continue, demand for feed ingredients may weaken in the third quarter, typically the peak period for aquaculture activity.
China’s pig sector has also seen softer piglet prices due to oversupply and lower-than-expected demand. This could reduce short-term demand for piglet feed and fishmeal, although a recovery in pig prices in the coming weeks may improve conditions.
Soybean meal prices have declined amid oversupply and weaker demand, while corn prices have remained relatively stable. According to China Customs, soybean imports during the first three months of 2026 were down 3.1 percent year on year.
