IFFO Celebrates Peru's Outstanding Fishmeal and Fish Oil Performance in 2024

The Marine Ingredient Organisation (IFFO) intelligence reports estimate a 26% increase in the total cumulative fish meal production and 12% fish oil for 2024 compared to 2023. This significant growth is primarily attributed to a recovery in the Peruvian landings of anchoveta, which were severely impacted by El Niño in 2023.

The data from IFFO were based on statistics shared by members of the organisation, including Chile, Denmark, the Faroe Islands, Iceland, Ivory Coast, Mauritius, Norway, the UK, the USA, Peru, South Africa, and Spain, accounting for 40% of global fishmeal production and 50% of fish oil output.

The rise in Peru’s cumulative supply has more than compensated for the production reduction observed in all other regions. Conversely, Europe has been the region with the poorest year-on-year performance, with a loss of over 100,000 metric tonnes compared to the previous year.

Regarding fish oil, this modest growth rate is due to the remarkable recovery in the fish oil supply from Peru, which was partially offset by significant decreases in both Chile and Europe. The USA and African countries reported a year-on-year increase, but their tonnages are comparatively too small to significantly influence the overall performance of the regions analysed by IFFO.

Peruvian Recovery Was Key for Global Fishmeal and Fish Oil Production Surge

The 2024 fishing seasons for Peruvian anchoveta have significantly influenced global fishmeal and fish oil production, according to IFFO data. The first season, which concluded in June, saw over 98% of the quota fulfilled in Peru’s north-central fishing zone, capturing more than 2.5 million metric tonnes. This robust performance was instrumental in the overall 40% surge in cumulative fishmeal production during the first five months of 2024, compared to the same period in 2023. The considerable increase primarily originated from the abundant supply from Peru, markedly impacting the global market due to the country’s significant role in the industry.

The second season reported a similarly favourable outcome, with substantial catches further augmenting the year's total yields. This sustained success in the anchoveta fisheries highlights the critical role these seasons play in maintaining the stability and growth of global marine ingredient supplies.

According to Enrico Bachis, IFFO’s Market Research Director, "this fulfilment is a very strong signal about the resilience of the industry after a 2023 season marked in Peru by the El Niño phenomenon."

The total output for fish oil in 2024 showed a modest year-on-year increase of about 10.8% through May, again primarily attributed to the strong performance in Peru. These figures underscore Peru’s significant influence on global production, reinforcing its status as one of the top producers of these marine ingredients.

Overall, the data portrays a resilient and expanding sector, vital for the economic stability of Peru and crucial in meeting the global demand for these essential ingredients, which support the healthy development of aquaculture.