For the first 2 months of 2024, the cumulative fishmeal production dropped by approximately 26% compared to the same period in 2023.
Peru has set a substantial quota for the reopening of its anchovy fishery in the North-Central zone on April 16, 2024.
The quota is fixed at 2.475 million metric tons for the first fishing season of 2024, marking a significant increase over the previous year’s total allowable catch (TAC).
The 2023 season faced disruptions due to El Niño effects, leading to an early closure in January with only 75 percent of the 1.68 million metric tons quota utilized, and a complete cancellation of the first season.
The 2024 quota is anticipated to exceed the combined catch of 2023 and is deemed crucial for global fishmeal production, where Peru contributes about 20% annually.
Dr. Enrico Bachis, IFFO’s Market Research Director, highlighted the industry’s optimistic outlook on this year’s quota, which is expected to help recover from the financial losses incurred from last year’s reduced catches.
IFFO, which represents 55% of global marine ingredients production, noted a 20% increase in raw materials from Chile and North European countries in February 2024 compared to the same month in 2023.
However, cumulative fishmeal production in the first two months of 2024 has dropped by 26% year-over-year, primarily due to a drastic decrease in Peru.
Meanwhile, fish oil production has seen a 13% decrease through February 2024, with Chile being the only country showing a positive trend in production compared to the previous year.
This increased quota could also have implications for alternative feed ingredients such as algae oil, krill and insects, which gained traction during the previous year’s supply shortages.
