Anchovy processing plant for non-human consumption in Peru. The strong anchovy fishing seasons in this country have driven fishmeal growth globally in 2024.
Photo: Produce.
IFFO, The Marine Ingredients Organisation, has released its estimates for 2024 fishmeal and fish oil production. According to its market intelligence reports - based on statistics shared by IFFO members representing 40% of global fishmeal production and 50% of fish oil production - the organization estimates that, compared to 2023, last year fishmeal production increased by 26% and fish oil production rose by 12%.
The recovery of anchovy landings in Peru is the main reason behind this significant rise in fishmeal production. They also influenced the increase in cumulative fish oil production, although, in this case, declines in other producing countries offset the final result.
As reported by WeAreAquaculture, the second anchovy fishing season in north-central Peru closed on January 23. At the time of closure, the Peruvian Ministry of Production (Produce) said catches had exceeded 95% of the allocated quota, with more than 2.38 million tons of anchovy landed.
Produce also warned this figure could increase in the following hours, when the vessels that had been fishing up to the deadline finished landing, and it did. According to the data now provided by IFFO, the season ended with a catch of 2.42 million metric tons and 96% of the quota met.
The good result was in addition to that achieved during the first anchovy fishing season of 2024 in the central-northern zone which, at the time of closure, reached 2,430,589 metric tons, exceeding 98% of the allocated quota. In addition, fishing operations continue in the South.
As The Marine Ingredients Organisation notes, in an average year, Peru represents approximately 20% of the world production of fishmeal and fish oil, so what happens there is not only of vital importance for the country, but it is also key for the aquaculture feed sector at a global level.
In 2023, after the El Niño phenomenon severely impacted Peru's fishing activities, the first anchovy fishing season in the central-north zone was canceled, and the second one concluded with an unfulfilled quota – it reached 75% of a maximum authorized catch quota of 1,682,000 tons -. All this led to a challenging 2024 for global fishmeal and fish oil production, and to the Peruvian government taking measures to address its impact on both fisheries and aquaculture.
The estimates of results that we now learn seem to show that the steps taken were in the right direction. "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," said Dr Enrico Bachis, IFFO's Market Research Director.
IFFO's estimates are based on data drawn from statistics shared by the organization's members in Chile, Denmark, the Faroe Islands, Iceland, the Ivory Coast, Mauritius, Norway, the United Kingdom, the United States, Peru, South Africa, and Spain. Together they account for 40% of world fishmeal production and 50% of fish oil production.
Thus, based on those data and according to its market intelligence reports, The Marine Ingredients Organisation's estimates of total cumulative fishmeal production in the countries analyzed show the aforementioned 26% increase compared to 2023.
As mentioned, this significant growth over last year is mainly due to a recovery in Peruvian landings, which had been severely affected by El Niño in 2023. The improvement has been such that, as IFFO anticipated, the increase in cumulative supply from Peru has more than offset the reduction in production observed in all other regions.
According to data collected by IFFO members, for 2024 fishmeal production, Europe has been the region with the worst year-on-year performance, with a loss of more than 100,000 metric tons compared to 2023.
As for fish oil, as said above, the organization estimates that cumulative production in 2024 will represent a year-on-year increase of 12%. This lower growth rate than in the case of fishmeal is due to the fact that, in this case, the remarkable recovery of fish oil supply in Peru was partially offset by significant declines in both Chile and Europe.
Data from IFFO, The Marine Ingredients Organisation, showed that although the United States and African countries reported a year-on-year increase, their volumes were comparatively too small to influence the overall performance of the regions analyzed by the organization.
