Peru Announces 26% Reduction in 2023 Anchovy Quota for Sustainability
Regulation & Compliances
Market & Price Trends
Published Oct 26, 2023
Peru's Ministry of Production has officially approved a reduced anchovy quota for the second fishing season of 2023. The allocated quota stands at 1.68 million metric tons (mmt), marking a 26% reduction from the 2022 quota of 2.283 mmt. While this reduction is significant, it's noteworthy that it reaches the initial speculations, which ranged from 500 thousand to 1 mmt. This decision is in line with the ministry's commitment to ensuring the long-term sustainability of the anchovy fishery, a vital industry for Peru. The anchovy biomass has shown positive signs, with an estimated 7.18 mmt, indicating a 7.8% increase compared to the average observations during winter-spring seasons between 1996 and 2022. To safeguard the conservation of juvenile anchovy, the fishing season will incorporate measures such as the potential use of temporary and spatial closures in fishing areas. While this reduction in the anchovy quota is a proactive step toward sustainability, it may have implications for anchovy prices in the market. With a lower supply of anchovy, there is the potential for increased prices due to limited availability, affecting various industries that rely on anchovy, including fishmeal and fish oil production. The sustainability of this crucial resource remains a top priority for Peru, even if it comes with market price fluctuations.