For the Quarter Ending September 2025
North America
• In the United States, the Fish Meal Price Index rose quarter-over-quarter in Q3 2025, driven by increased production costs.
• Fish Meal production costs experienced upward pressure in 2025, influenced by a 3.0% CPI increase in September 2025.
• Aquaculture demand for fish meal strengthened through September 2025, supported by continuously rising sector signals.
• Robust retail sales, up 5.42% year-over-year in September 2025, bolstered demand for fish meal end-products.
• A low unemployment rate of 4.3% in September 2025 supported consumer spending on aquaculture and pet food.
• Wild fish raw material supply remained stable through Q3 2025, contributing positively to global fishmeal output.
Why did the price of Fish Meal change in September 2025 in North America?
• Production costs rose due to 3.0% CPI (September 2025) and 2.6% PPI (August 2025) increases.
• Strengthened aquaculture demand, supported by 5.42% retail sales growth (September 2025), boosted prices.
APAC
• In China, the Fish Meal Price Index fell quarter-over-quarter in Q3 2025, driven by declining producer prices and high inventories.
• Production costs faced upward pressure from rising plant-based feed ingredient prices in 2025 and declining domestic marine output.
• Conversely, demand for piglet feed in the Chinese pig sector weakened in Q3 2025, affecting overall Fish Meal consumption.
• Fishmeal stocks in China remained at high levels in August 2025, indicating an ample supply situation by end of September.
• China's Consumer Price Index declined 0.3% in September 2025, reflecting weaker consumer demand for end products.
• The Producer Price Index declined 2.3% in September 2025, pressuring manufacturer profitability across various sectors.
• The Manufacturing Index was contracting in September 2025, signaling an economic slowdown and reduced business confidence.
Why did the price of Fish Meal change in September 2025 in APAC?
• Producer Price Index declined 2.3% in September 2025, reducing feed manufacturer pricing power.
• High fishmeal inventory levels in China during August 2025 contributed to market oversupply.
• Weakened piglet feed demand in Q3 2025 offset strengthened aquaculture demand.
Europe
• In Germany, the Fish Meal Price Index experienced mixed trends quarter-over-quarter, influenced by varied demand and production cost factors.
• Fish Meal production costs decreased in September 2025, with Producer Price Index falling 1.7% year-over-year due to lower energy.
• Aquaculture demand for fishmeal strengthened in Q3 2025, providing support for the Fish Meal Price Index.
• However, demand for piglet feed, a key Fish Meal application, weakened during Q3 2025.
• Germany's Manufacturing Index was contracting in Q3 2025, and industrial production declined 1.0% in September 2025.
• Consumer Price Index rose 2.4% in September 2025, potentially reducing consumer purchasing power for end products.
• Retail sales increased by 0.2% in September 2025, suggesting stable, albeit modest, consumer spending on goods.
• Marine fuel costs strengthened in 2025 due to EU Emissions Trading System regulations, impacting Fish Meal transportation.
Why did the price of Fish Meal change in September 2025 in Europe?
• Producer prices decreased 1.7% in September 2025, driven by lower energy costs, reducing Fish Meal production.
• Aquaculture demand strengthened in Q3 2025, while piglet feed demand weakened, creating mixed market signals.
• Rising Consumer Price Index (2.4% in September 2025) constrained consumer spending on premium protein products.