For the Quarter Ending March 2026
Fish Meal Prices in North America
- In United States, the Fish Meal Price Index rose quarter-over-quarter in Q1 2026, driven by surging production costs.
- The Fish Meal Production Cost Trend increased in March 2026 as CPI rose 3.3% alongside surging diesel prices.
- Elevated input costs pushed the Fish Meal Price Index upward in March 2026, reflecting a 4.0% PPI increase.
- The Manufacturing Index expanded and industrial production grew 0.7% in March 2026, supporting steady feed milling operations.
- Retail sales grew 4.0% and consumer confidence reached 91.8 in March 2026, sustaining premium pet food consumption.
- The Fish Meal Demand Outlook strengthened in March 2026, supported by a stable 4.3% unemployment rate maintaining consumption.
- Aquaculture feed production expanded and demand for fish meal remained stable across the United States in Q1 2026.
- The Fish Meal Price Forecast remained elevated in Q1 2026 as Atlantic menhaden catch quotas faced tightening pressure.
Why did the price of Fish Meal change in March 2026 in North America?
- U.S. on-highway diesel fuel prices and marine gasoil costs surged significantly upward during March 2026.
- Protein demand from the domestic livestock and compound feed industries strengthened considerably throughout Q1 2026.
- Atlantic menhaden catch quotas faced tightening pressure following lower biomass stock assessments in Q1 2026.
Fish Meal Prices in APAC
- In China, the Fish Meal Price Index rose quarter-over-quarter in Q1 2026, driven by tightened global inventories.
- The Fish Meal Production Cost Trend increased in March 2026 as the Producer Price Index rose 0.5%.
- The Fish Meal Demand Outlook strengthened during March 2026, supported by a 5.7% rise in industrial production.
- The Manufacturing Index expanded in March 2026, reflecting broader industrial recovery across commercial feed milling sectors.
- Consumer food prices remained stable in March 2026, with the Consumer Price Index showing a 1.0% increase.
- Retail sales grew only 1.7% in March 2026, while the unemployment rate reached 5.4%, pressuring household incomes.
- Raw anchoveta feedstock availability from major producing regions contracted through February 2026, elevating the Fish Meal Price Forecast.
- Aquaculture and aquafeed production expanded through February 2026, supported by elevated inventories of farmed fish.
- Chinese fish meal import volumes contracted year-on-year through February 2026, further tightening domestic supply availability.
Why did the price of Fish Meal change in March 2026 in APAC?
- Global fish meal inventories tightened in January 2026, reducing available supply for domestic Chinese markets.
- Peruvian anchoveta catch volumes weakened through February 2026, directly increasing raw material processing costs domestically.
- Aquafeed production expanded through February 2026, driving sustained consumption of essential protein feed ingredients domestically.
Fish Meal Prices in Europe
- In Germany, the Fish Meal Price Index rose quarter-over-quarter in Q1 2026, driven by tightened global inventories.
- The Fish Meal Demand Outlook strengthened in March 2026 despite a 2.7% CPI increase impacting consumer budgets.
- The Fish Meal Production Cost Trend fluctuated in March 2026, even as producer prices declined by -0.2%.
- The Fish Meal Price Forecast incorporated historical upward pressure in March 2026 as the Manufacturing Index expanded.
- Industrial production remained stagnant at 0.0% in February 2026, while European domestic feed stockpiles diminished simultaneously.
- Retail sales grew 0.7% in February 2026, supporting expanded demand for specialty livestock diets in Q1 2026.
- Unemployment held at 4.2% in February 2026, while Danish pelagic fish landings remained robust in Q1 2026.
- Consumer confidence hit -24.7 in March 2026, whereas European pelagic fish catch volumes surged during the month.
Why did the price of Fish Meal change in March 2026 in Europe?
- European natural gas processing costs surged in March 2026, increasing energy-intensive drying and cooking expenses.
- Global fish meal production declined in January and February 2026, tightening overall market supply availability.
- European aquaculture feed demand for carnivorous species strengthened in Q1 2026, driving upward price momentum.
For the Quarter Ending December 2025
Fish Meal Prices in North America
- In United States, the Fish Meal Price Index rose quarter-over-quarter in Q4 2025, driven by robust demand and constrained supply.
- Aquaculture feed demand strengthened in 2025, supported by continued growth focus and expanded research.
- Retail sales increased by 3.9% year-over-year in December 2025, boosting demand for end-products.
- The Producer Price Index increased by 3.3% year-over-year in December 2025, indicating higher input costs.
- Atlantic herring supply was severely constrained in 2025, and commercial fishing closed in Q4 2025, limiting raw material.
- Industrial production grew by 2.0% year-over-year in December 2025, reflecting healthy economic activity.
- Electricity costs for industrial users in the U.S. increased in November 2025, raising production expenses.
- The unemployment rate was 4.4% in December 2025, indicating strong consumer purchasing power.
Why did the price of Fish Meal change in December 2025 in North America?
- Strong consumer spending, with retail sales up 3.9% in December 2025, bolstered demand for aquaculture and livestock products.
- Production costs increased, as the Producer Price Index rose 3.3% in December 2025 and electricity costs climbed in November 2025.
- Supply was constrained by significant Atlantic herring quota reductions in 2025 and fishing closures in Q4 2025.
Fish Meal Prices in APAC
- In China, the Fish Meal Price Index rose in Q4 2025, supported by expanding manufacturing activity in December 2025.
- Fish Meal production costs in China increased during 2025, influenced by rising domestic marine ingredient expenses.
- Aquaculture demand for Fish Meal strengthened throughout 2025, with white-leg shrimp farming expanding through October 2025.
- Global Fish Meal production rose through October 2025, but Peru's November 2025 anchovy quota was below Q4 2024 levels.
- China's Fish Meal import demand remained robust in 2025, as cumulative consumption surpassed 2024 levels.
- Weak consumer demand (0.8% CPI YoY) and producer deflation (-1.9% PPI YoY) in December 2025 pressured market sentiment.
- Industrial production grew by 5.2% YoY in December 2025, supporting demand for raw materials like Fish Meal.
- Fish Meal demand for piglet and pig-feed weakened in Q4 2025 due to a pessimistic pork sector outlook.
Why did the price of Fish Meal change in December 2025 in APAC?
- Industrial production increased 5.2% YoY in December 2025, bolstering demand for feed ingredients.
- Weak consumer demand, retail sales up 0.9% YoY in December 2025, limited price increases.
- Domestic marine ingredient production costs rose in 2025, contributing to higher Fish Meal expenses.
Fish Meal Prices in Europe
- In Germany, the Fish Meal Price Index rose quarter-over-quarter in Q4 2025, driven by regional supply constraints.
- Producer prices fell 2.5% year-over-year in December 2025, though local processing costs remained uncompetitively high.
- Retail sales climbed 1.5% year-over-year in December 2025, stimulating downstream demand for farmed fish products.
- European aquaculture production strengthened in Q4 2025, driving robust demand for fish meal feed inputs.
- Northern European raw material availability tightened in October-November 2025 due to year-on-year catch declines.
- Global supply expanded after Peru set a 1.63 million tonne quota in November 2025, increasing availability.
- The Manufacturing Index trended as Contracting in December 2025, prompting cautious inventory management among feed producers.
- Industrial production rose 0.8% year-over-year in November 2025, maintaining stable activity in feed processing sectors.
- Unemployment of 6.2% in December 2025 indicated labor slack, limiting demand growth for premium seafood.
- Inflation at 1.8% in December 2025 preserved purchasing power, supporting baseline consumption of protein-rich diets.
Why did the price of Fish Meal change in December 2025 in Europe?
- Regional catch declines in Northern Europe tightened raw material supplies during October and November 2025.
- Domestic industrial energy costs remained elevated in Q4 2025, sustaining high production expenses despite lower PPI.
- Aquaculture activity expanded in Q4 2025, bolstering demand for fish meal despite softer pig farming interest.
For the Quarter Ending September 2025
Fish Meal Prices in 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.
Fish Meal Prices in 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.
Fish Meal Prices in 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.
