International Aquafeed Directory 2023-24

8
FAO GLOBAL FISH ECONOMY FAO
Figure 4. Ecuador shrimp exports
Figure 5.Peruvian fishmeal and fish oil prices
Source: EuroStat
Pervian FOB Source: Oil World
prices have levelled off at around USD
1 700 per tonne.
Trade in semi-processed tuna that
has been pre-cooked, cleaned, vacuum
packed and then frozen for use in the
canning industry makes up an
increasingly significant proportion of
trade. European countries were the first
important markets for these products,
but processors in Asia are beginning to
import more. China, Indonesia and
Viet Nam are the major suppliers,
having established significant processing
industries to supply this demand.
Despite rising prices, premium formats,
such as tuna for sashimi, remain in
high demand. While continued
COVID-19 restrictions in Japan, the
main market, limited consumption
through mid-2022, growing European
and US demand have made up for the
deficit.
SMALL PELAGICS
Quotas for capelin, Atlantic mackerel
and Atlantic herring have been cut for
2023, pushing prices up. Despite these
reductions, quotas set on the catches of
northeast Atlantic mackerel still exceed
the levels recommended by the
International Council for the
Exploration of the Sea by 350 000
tonnes, or 30 percent.
The outlook for the 2023 anchovy
fishery indicates continued low catches.
An ongoing stock assessment will largely
determine quotas and supply potential
for the remainder of the year. Horse
mackerel is expected to see a slight
growth in catches due to the broader
presence of cold water in the coastal
zone of south-central Chile. Meanwhile,
total capelin landings are projected to
reach around 350 000 tonnes, with the
majority being utilised for reduction into
fishmeal and fish oil. Iceland has raised
its quota considerably, which may affect
capelin roe prices. However, higher blue
whiting landings may compete with
capelin and herring as raw materials for
fishmeal and fish oil.
FISHMEAL AND FISH OIL
2022 was one of the poorest seasons in
recent years for anchoveta landings.
Peru, the primary global source of
fishmeal and fish oil, saw catches decline
by 20 percent. A larger than usual
proportion of juvenile fish in those
catches also limited oil yields, leading to
an acutely tight supply situation for fish
oil. An expected El Ninõ weather event
later in 2023 is likely to further limit
supplies from Latin American producers,
particularly Peru and Chile. The shortfalls
in Peruvian supply have been
somewhat offset by increased catches in
secondary producers, particularly
Greenland, however the importance of
the anchoveta for global supplies
means that there is still a dearth in the
market. In addition, rising demand in
the summer months will lead to firm
prices. Fish oil prices have climbed
rapidly since late 2021 and are expected
to continue in 2023. High prices and
limited supplies have led to significant
changes in feed formulation and have
encouraged the further development
and integration of novel ingredients,
such as algal oil and biodiesel
co-products.
SHRIMP
Low prices are expected to limit growth
in farmed shrimp production in 2023.
Ecuador and Viet Nam saw doubledigit
growth in harvest volumes in
2022, with Ecuador exceeding 1 million
tonnes of vannamei production. While
there is healthy demand in the
major markets of the United States,
China and the European Union, the
rapid increase in production seen in
2022 has led to oversupply in the
world market. These ample supplies
have caused prices to decline, which,
in tandem with increased feed costs,
poses a significant challenge for farmers
and the long-term profitability of the
sector. In the first quarter of 2023,
shrimp imports in traditional large
markets such as the United States,
the European Union and Japan were
lower than the previous year but
increased in China. This trend in
decreased imports is largely expected to
continue, which, given the low level of
Chinese export prices, makes a price
recovery in the international market
unlikely.
INTERNATIONAL AQUAFEED DIRECTORY 2023/24