Anchovy for fishmeal and fish oil production was the species whose landings contributed most to the growth in value of Peru's fishing sector in April.
Photo: Produce.
Global fishmeal production has seen a significant increase in the first half of 2024, thanks to a successful fishing season in the North-Centre region of Peru.
According to data from the International Fishmeal and Fish Oil Organisation (IFFO), fishmeal production between January and June 2024 rose by 40% compared to the same period last year, while fish oil production increased by 10%.
The spike in production is largely attributed to the robust catches in Peru's North-Centre region. However, these operations are currently halted due to a fishing ban, leaving only the southern fishing grounds of Peru open for operations, with 15% of the quota landed so far.
In Chile, the situation is mixed: while fish landings in the southern region have decreased year-on-year, the northern region has seen an uptick in catches during the same period.
Northern Europe, on the other hand, has experienced a decline in the volume of available raw materials due to lower fishing quotas granted in 2024 compared to 2023. Meanwhile, in the United States, catches of the small oily fish species menhaden have continued to progress, although they remain below the levels reported in 2023.
The data provided by IFFO represents a substantial portion of the global marine ingredients market, with its membership accounting for 55% of worldwide production.
In China, the lifting of a mid-August fishing ban has not brought the expected surge in fishmeal and fish oil production, the IFFO notes. Local producers remain cautious about the potential output for 2024, amid weak demand for aquafeed and high production costs. Official statistics indicate a decline in cumulative fishmeal and fish oil imports in June. The IFFO says this reflects "bearish market conditions" which are "likely to persist through the year 2024".
