Global fishmeal and fish oil supplies are rising again as strong catches in Peru and higher imports to Norway lifted trade in the first quarter of 2025.
Peru exported 421,000 tonnes of fishmeal, up 67 per cent from the same period last year. Fish oil exports also climbed to 66,700 tonnes, compared to just 7,800 tonnes in early 2024.
China remained the top buyer, accounting for 67 per cent of Peru’s fishmeal shipments.
At the same time, Norway increased its fish oil imports to 38,400 tonnes, a 26 per cent rise from last year, returning to levels seen in 2021. Peru has now re-emerged as Norway’s largest supplier.
Strong Peruvian supply returns
The sharp recovery in Peru comes after environmental swings, closures and reduced quotas hit previous seasons. Better catches of anchoveta supported production.
Fishmeal exports rose sharply, and fish oil output followed the same trend, though oil volumes remain below 2021 levels.
China’s imports remained steady amid slower domestic growth in aquaculture and feed, and high port stocks of around 290,000 tonnes — equal to about 4 months of use.
Norway boosts imports to feed salmon farms
Norway relies on fish oil as a key feed ingredient in salmon farming. Research now suggests that a slightly higher inclusion of fish oil can improve fish health and stress tolerance.
Imports of fishmeal also increased to 39,400 tonnes. Iceland, Denmark and Chile supplied most of these volumes.
Market outlook steady but watchful
With supply improving, analysts expect more stable prices in the coming months. But any change in anchoveta stock conditions or export demand in China could shift the balance again.