1. Chile Field Visit – Operational Excellence & Supply Reality Check
In March 2026, the Kanematsu Vietnam team conducted an on-site visit to key fishmeal and fish oil production hubs in Chile, aiming to evaluate operational efficiency, quality control systems, sustainability practices, and raw material sourcing stability.
Chile remains one of the world’s most important suppliers of marine ingredients, particularly due to its strong salmon farming industry and well-established pelagic fisheries.
Over the past years, Chile has produced approximately 1.0–1.2 million metric tons of farmed salmon annually, positioning it as the second-largest salmon producer globally. From salmon processing by-products alone, the country is estimated to generate: 250,000 – 300,000 MT of salmon fishmeal/year; 120,000 – 150,000 MT of salmon fish oil/year
These volumes play a critical role in supplying high-quality, traceable marine ingredients to global aquafeed markets.
2. Current Catch Situation & Market Implications
Recent data (Week 12) indicates that sardine catches have reached acceptable levels, although still below what is required under current strong market demand. Notably:
- Fishing activities are concentrated ~200 km south of the BCC zone, where major fishmeal and fish oil plants are located
- This geographic concentration helps maintain processing continuity but also highlights regional dependency risks
More critically, jack mackerel catches remain significantly low, raising concerns across the industry:
- Many existing supply commitments remain unfulfilled
- Some producers are considering substitution with sardine-based production, though this comes with quality and formulation implications
- It is important to note that jack mackerel is primarily destined for human consumption, limiting its flexibility as a raw material for reduction
In addition, low sardines and anchovy catches in the northern zone have added further pressure to the supply outlook.
A key underlying factor is the early development of the El Niño phenomenon, which is expected to intensify in the second half of 2026. Historically, El Niño events have led to: Reduced biomass availability; Changes in fish migration patterns; Increased volatility in marine ingredient supply and pricing
From a trader’s perspective, this suggests a tightening supply scenario ahead, particularly for standard FAQ fishmeal and fish oil, with potential widening price gaps between origins and product grades.
3. Strategic Outlook for Vietnam Market
Vietnam continues to be a high-growth aquaculture market, with increasing demand for: High-protein fishmeal and Functional fish oil for aquafeed and pet food
Given the evolving supply dynamics in Chile and Peru, buyers are expected to: Diversify sourcing origins; Increase reliance on by-product based marine ingredients; Pay closer attention to sustainability and traceability requirements from end-users
Kanematsu Vietnam is actively strengthening its sourcing network to ensure stable, competitive, and sustainable supply to our customers.
4. Upcoming Industry Event – IFFO Summit Shanghai 2026
Looking ahead, the global marine ingredients industry will gather at the IFFO Summit Shanghai, scheduled for 10–11 June 2026.
This event serves as:
- A key platform to strengthen industry interaction and communication
- A forum to share global market dynamics
- An opportunity to showcase processing technologies and innovations
- A hub to enhance the utilization value of fishmeal and fish oil
- A bridge to create new cooperation opportunities across the value chain
Kanematsu Japan, China and Vietnam will participate as an active industry contributor.
A representative from Kanematsu Vietnam will deliver a presentation on: “Supply and Demand Outlook of Marine Ingredients in Vietnam”
The session will provide insights into:
- Vietnam’s import trends and demand structure
- Feed industry developments
- Strategic positioning within the Asia market
The registration is open and the full agenda is below.
https://www.iffo.com/china-summit-2026/agenda
This Chile visits reaffirmed that while the industry continues to advance in efficiency and sustainability, it remains highly sensitive to natural conditions and resource availability.
In the current context, market agility, diversified sourcing strategies, and strong supplier relationships will be key to navigating the challenges ahead.
Kanematsu remains committed to delivering reliable market insights and high-quality marine ingredients solutions, supporting our partners across the region.
