Fishmeal and oil are critical ingredients in aquaculture feed.
Fishmeal and fish oil production saw a significant decline during the first eight months of 2023, according to data from the International Fishmeal and Fish Oil Organization (IFFO).
Cumulative fishmeal production dropped by approximately 28 percent compared to the same period in 2022, primarily due to a 70 percent year-on-year decrease in production in Peru.
In June, the South American country cancelled the first fishing season for anchovy in the north-central zone. With Peru accounting for as much as 20 percent of global fishmeal supply, the move has created substantial challenges for the global fishmeal market.
Fish oil production also faced a substantial decline of 24 percent in the same period, with Chile being the only country to register a positive change. This was attributed to healthier catches and higher oil yields in the southern regions of the country.