The latest report from the Marine Ingredients Organization (IFFO) provides a mixed picture for the global supply of fishmeal and fish oil – an issue worth watching closely for trout producers because feed is one of the most significant operating costs in intensive aquaculture.

IFFO reports that fishmeal production improved in August, with Chile, Spain and the United States contributing to higher raw-material intake compared with August 2025. However, production for the year to date remains substantially lower. Through August, fishmeal production among countries covered by IFFO data was 45% below the same period last year, while fish oil production was down 26%.

IFFO now expects total global fishmeal production for 2026 to fall below 4.6 million metric tons – potentially the lowest annual supply since 2016. Fish oil production could fall to approximately 1.15 million metric tons, also near a decade low.

The situation is being compounded by continued uncertainty in Peru, one of the world’s most important sources of marine ingredients. Peru’s anchovy fishery represents roughly 20% of global fishmeal and fish oil production, and IFFO says El Niño-related warming along the Peruvian coast remains a concern for future catches.

A prolonged reduction in global marine-ingredient supplies could contribute to increased feed costs or greater pressure to utilize alternative protein and lipid sources. While the August production increase is a positive development, the year-to-date numbers suggest that supply conditions deserve continued attention.