Fish Meal

Fish meal is a high-protein powder made from processed whole fish or fish trimmings, used as a premium ingredient in aquaculture and animal feed. Peru is the world's largest producer from anchovy catches. Protein content (typically 65-72%) and freshness (TVN levels) determine quality and pricing.

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Super Prime (68%+ protein)Prime (65%+ protein)StandardFair Average QualityFOBCIFCFR
Quick Facts

Fish Meal at a Glance

Common Origins
PeruChileDenmarkIcelandThailand
Common Destinations
ChinaJapanVietnamNorwayTaiwan
Grades & Specifications
Super Prime (68%+ protein)Prime (65%+ protein)StandardFair Average Quality
INCOTERMS
FOBCIFCFR
Unit of Measure
Metric Tons
Price Drivers

What Moves Fish Meal Pricing

Fish meal trades against Peruvian benchmarks (Standard, Prime, Super Prime) — Peru is the dominant exporter, with anchovy harvest quotas (TAC) set by IMARPE twice yearly being the single largest supply variable. El Niño-Southern Oscillation (ENSO) cycles reshape fishmeal supply dramatically — the 2014 and 2023 El Niño episodes spiked prices 50%+. Aquaculture demand (salmon, shrimp feed) drives long-run trend.

Contract Structure

How Fish Meal Cargoes Are Priced and Settled

Cargoes 1,000-25,000 tonnes bulk or container trade. Pricing FOB Callao or CIF China against published benchmarks. Letter of credit standard.

Quality & Disputes

Fish Meal Specifications and Dispute Practice

Specs cover protein (Standard 67%, Prime 68%, Super Prime 69%+), fat content, ash, moisture, TVN (total volatile nitrogen — freshness), histamine, and antioxidant. Aquaculture-grade fishmeal commands $200-400/tonne premium for low-TVN, low-histamine material.

Trade Flows

Where Fish Meal Comes From and Where It Goes

Top exporters: Peru, Chile, US (menhaden), Iceland, Norway, Morocco, Vietnam. Top importers: China (~40-50% of seaborne fishmeal goes to Chinese aquaculture), Norway (salmon farming), Japan, Thailand, Vietnam, Chile (re-imports for salmon farming). The substitution to plant proteins (soy protein concentrate) at the margin caps long-run upside.

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More in Food & Proteins

Chicken (Frozen Whole)

Frozen whole chicken is one of the most traded protein commodities globally, sourced primarily from Brazil and the US. Halal certification is essential for Middle Eastern and Southeast Asian markets. Birds are graded by weight class and processed under strict sanitary standards (SIF, USDA).

Beef (Frozen)

Frozen beef is traded globally as primal cuts, trimmings, and offals. Brazil, Australia, and India (buffalo meat) are the largest exporters. Beef grading varies by origin — USDA (US), AUS-MEAT (Australia), and ABIEC standards (Brazil). Traceability and BSE-free certification are critical for market access.

Shrimp (Frozen)

Frozen shrimp is the world's most traded seafood commodity, sourced from both aquaculture (vannamei, monodon) and wild catch. Ecuador, India, Vietnam, and Indonesia are the top exporters. Shrimp is traded by count per pound (e.g., 16/20, 21/25) and form (HOSO, HLSO, PD, PUD).

Milk Powder (SMP)

Skimmed Milk Powder (SMP) is produced by removing water and fat from pasteurized milk, yielding a shelf-stable protein ingredient with less than 1.5% fat. It is used in reconstituted milk, bakery products, confectionery, and infant formula. New Zealand's GDT auction is the key price discovery mechanism.

Milk Powder (WMP)

Whole Milk Powder (WMP) retains the full cream content of milk (26-42% fat), offering a rich flavor profile for reconstitution into liquid milk, chocolate manufacturing, and bakery applications. New Zealand is the dominant global exporter, with Fonterra's production decisions significantly influencing global pricing.

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