Peru's first anchovy season started later this year than last, making Q1 2024 look poor by comparison.

Early 2023 anchovy harvest skews Q1 comparison

Peru numbers down but Chile, US, and Africa show upward trend


Based on its membership, which accounts for 55% of global marine ingredients production, marine ingredients organisation IFFO has reported on the main trends observed from January to March 2024 in Peru, Chile, Denmark / Norway, Iceland / North Atlantic, United States, African countries, and Spain.

In Peru’s North-Centre, almost 50% of the 2.475 million tonne anchovy quota has been caught during the first 23 days of the 2024 first fishing season. Peru’s quota setting is of critical importance considering that the country accounts for 20% of global fishmeal and fish oil production in an average year.

Global fishmeal production in the first three months of 2024 dropped by approximately 27% compared to the same period in 2023. The decrease is attributed to the early onset of the second fishing season in Peru’s North-Central region back in 2023, along with a lower-than-average granted quota, resulting in a diminished catch at the tail of the fishing season at the beginning of 2024. Chile, the United States, and the African countries have been showing a positive trend in fishmeal production compared to 2023.

As for fish oil, globally, cumulative output through March 2024 was 30% down year on year, again mostly due to the timing of the Peruvian fishing season last year. In 2024 so far, the US and the African countries are the only ones that have registered a positive trend compared to January-March 2023.