Peru’s most recent anchovy-fishing seasons have been successful enough to compensate for reduced fishmeal and fish oil production in the rest of the world, according to the latest market intelligence reports compiled by IFFO, the Marine Ingredients Organisation.
According to IFFO, in the first 11 months of 2024, cumulative fishmeal production rose nearly 16 percent compared to the same period of 2023.
“This substantial growth can largely be attributed to a significant increase in Peru’s cumulative supply, which offset decreasing supplies across the other regions,” IFFO said.
Fishmeal production was poor in 2023 largely due to Peru’s June 2023 decision to cancel its main anchovy fishing season, which drastically limited supplies. Peru typically accounts for up to 20 percent of global fishmeal production, and its cancellation contributed to a 23 percent drop in fishmeal production in 2023.
Peru’s first anchovy season of 2024 wrapped up successfully, with 98 percent of the 2.48 million metric ton (MT) total allowable catch (TAC) caught. That single-season total was higher than the country caught all year in 2023, and the country reached over 2 million MT in just 40 days.
The country’s second fishing season in the North-Central area has also been going well, as predicted by the Peruvian Sea Institute (Imarpe).
According to IFFO, the successful seasons have helped offset lower catches elsewhere.
The same is true for the global fish oil supply. IFFO said its reports from IFFO members – which constitute 55 percent of global marine ingredients production – indicate year-over-year growth of 3 percent.
“Reduced fish oil production in other regions of the world almost offset gains recorded in Peru,” IFFO said. “However, the U.S. and African countries also reported better cumulative fish oil productions during the January–November 2024 period.
IFFO said that China’s domestic fishmeal and fish oil production will be down in 2024 compared to 2023, and the country has been importing more in part thanks to the higher global supply.
“Annual usage of fishmeal in aquafeed in 2024 rebounded with respect to the year 2023,” IFFO said.
