Global fishmeal production fell heavily in the first quarter of 2026, while fish oil production showed stronger resilience in key European countries, according to new figures from IFFO.
Fishmeal production in March 2026 dropped 38% year on year. Cumulative output for the first quarter was down 28% compared with the same period in 2025.
Fish oil production also declined, but less sharply. First-quarter output fell 12% year on year, with Denmark, Norway and Spain showing greater resilience than other producing regions.
Peru quota set below last year’s biomass level
IFFO said Peru’s first anchovy quota for the 2026 season was set at 1,914,049 tonnes, equal to 27% of the estimated biomass.
According to IFFO Market Research Director Enrico Bachis, the latest biomass estimate was 31% higher than in September 2025, but still 35% lower than the March 2025 estimate and around 17% below the long-term average for January-March surveys between 1996 and 2025.
Fishing bans have also been introduced in several areas of North Central Peru due to large numbers of juvenile fish. Peru normally accounts for about 20% of global fishmeal and fish oil production.
China’s demand outlook weakens
IFFO warned that China’s fishmeal demand could come under pressure later in 2026, despite stable conditions so far this year.
The organisation said China had not yet seen the usual seasonal rebound in fishing activity during February and March. High inventories of farmed fish species have continued to support aquafeed output and fishmeal use. Still, these stock levels could reduce future restocking demand.
Feed markets under pressure
IFFO also pointed to weaker farm-gate prices for several freshwater fish species in China, including largemouth black bass, snakehead and yellow catfish. This may lead farmers to reduce production in the next cycle.
The organisation added that piglet prices had weakened due to oversupply and soft demand. At the same time, soybean imports into China fell 3.1% year on year in the first quarter of 2026.