World Fishmeal Exports, 3Q 2024

According to the results of 9 months of 2024, Russia took 5th place in terms of fishmeal sales on the foreign market, increasing its share to 5.5% (133 thousand tons), according to an analysis of global export statistics conducted by the Fishery Shipowners Association (FSA). According to the results of last year, Russia took the seventh position in this indicator with a share of 4.3%. According to the FSA, fishmeal exports from Russia in 2024 will amount to at least 160 thousand tons, which is 8.8% more than last year's volumes.

Global fishmeal exporters, 2023/3Q 2024

From 2017 to 2023, the average annual growth rate of world fishmeal exports was 0.9%. At the same time, Russia has one of the highest average annual growth rates over six years (+13.2%). High rates were also observed in India (+21%) and Vietnam (+10.3%). Russia is also actively increasing sales of fish oil with an average annual growth of more than 60% since 2017. But such growth is explained by a low base. If in 2017 the volume of fish oil exports was 157 tons, then for 9 months of the current year it reached almost 10 thousand tons, which is still significantly inferior to the competitors' indicators.

In terms of share in the volume of fishmeal exports in 2023, Russia was ahead of (in descending order of share): Peru, India, Vietnam, Chile, Denmark, Thailand. According to the results of 9 months of 2024, Russia overtook Denmark, as well as India, whose share of supplies sharply decreased during this period.

The largest exporter of fishmeal is Peru. According to the results of 9 months, Peru provided 33.2% of its total global export, which is significantly higher than the figure for the results of 2023 (15.8%). In three quarters of the current year, Peru has already exported more fishmeal than in the entire last year (796 thousand tons compared to 537 thousand tons in 2023). This is due to the restoration of production after the impact of El Niño.