Peru’s anchovy recovery drives global fishmeal and fish oil production rebound.
Fishmeal and fish oil production are set for a significant rebound in 2024, with global fishmeal output rising by 26% year-on-year, according to estimates from the marine ingredients organisation IFFO. The increase is primarily driven by Peru’s anchovy harvest, which recovered sharply after being severely impacted by El Niño in 2023.
Peru’s second anchovy fishing season in the north-central region concluded with a catch of 2.42 million metric tonnes, achieving 96% of the set quota. The strong performance signals the resilience of the industry following last year’s disruption, according to Dr Enrico Bachis, IFFO’s market research director. Peru alone accounts for approximately 20% of global fishmeal and fish oil production in an average year.
The recovery in Peruvian landings has more than compensated for lower fishmeal output in other key producing regions. European production fell by over 100,000 metric tonnes compared to 2023, making it the weakest-performing region year-on-year.
Fish Oil Supply Grows, but Regional Declines Weigh on Gains
Fish oil production is expected to increase by 12% in 2024, though the growth rate lags behind that of fishmeal. The rebound in Peru’s fish oil supply was offset by declines in Chile and Europe. While the USA and African producers reported higher fish oil output, their contributions remain too small to significantly influence overall global figures.
IFFO’s estimates are based on data from producers across key markets, including Chile, Denmark, the Faroe Islands, Iceland, Norway, Peru, South Africa, Spain, the UK, and the USA. Collectively, these regions account for 40% of global fishmeal production and 50% of global fish oil output.
