Fishmeal, fish oil production increased in 2024 thanks to Peruvian anchoveta fishery

Fishermen on a fishing vessel in Peru celebrate a successful anchoveta season
A successful anchovy season in Peru boosted global fish meal and fish oil production in 2024 | Photo courtesy of the Peruvian Production Ministry (PRODUCE)
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IFFO, the Marine Ingredients Organization, reported the overall production of fishmeal and fish oil throughout 2024 increased thanks to a successful anchoveta season in Peru.

According to statistics gathered by IFFO from its members, global fishmeal and fish oil supplies grew 26 percent in 2024. That growth is almost entirely thanks to the Peruvian anchoveta fishery, which ended up catching over 95 percent of its total allowable catch of 2.51 million metric tons (MT).

“This fulfillment is a very strong signal about the resilience of the industry after a 2023 season marked in Peru by the El Niño phenomenon,” IFFO Market Research Director Enrico Bachis said.

The Peruvian Production Ministry (PRODUCE) cancelled the country’s main anchovy season in 2023 due to the high presence of juveniles in the stock, largely due to the El Niño phenomenon. That cancellation caused global supplies of fish meal and fish oil to drop by 23 percent in 2023.

The 26 percent increase over 2023, IFFO said, was thanks to Peru’s cumulative supply – which helped offset reduced production in other regions.

“Europe has been the region with the poorer year-on-year performance, with a loss of more than 100,000 MT in comparison to the year 2023,” IFFO said.

Fish oil production, meanwhile, had a smaller increase in 2024 of just 12 percent compared to 2023.

“This smaller growth rate was due to the fact that the outstanding recovery in the fish oil supply from Peru, was partially offset by significant drops in both Chile and Europe,” IFFO said.

The U.S. and African countries, meanwhile, posted a year-on-year increase in fish oil production. However, IFFO said that the the totals produced by the U.S. and African countries are too small to influence performance overall. 


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