On-the-Ground Update

Peruvian Fish Oil Prices Maintain Strong Upward Trajectory

Fresh Mackerel
Market & Price Trends
Fish Oil
Ferhat Erdem
Published Nov 10, 2023
The robust climb in Peruvian fish oil prices, reaching USD 9,200/mt in early Nov-23, marks a 108% YoY increase. Anchovies, the primary source of omega-grade oils, play a pivotal role as Peru leads the world in anchovy catches, with a 30% share in global catches. Challenges in Peru's anchovy fishing seasons unfolded in 2022, with the government cautioning against the first season to sustain biomass. Warm El Niño conditions led to a delay in the first season until Jun-23, resulting in a significant 60% YoY reduction in the authorized 1.09 million metric ton (mmt) anchovy quota, sparking price surges.

Scandinavian efforts to address the shortage involve a significant increase in mackerel harvests, with Norway notably selling almost 34 thousand mt year-to-date, a substantial rise from less than 3K MT in 2022. However, the mackerel primarily provides feed-grade oils, perpetuating the scarcity of omega-3-grade oils. The future of the Peruvian fish oil market relies heavily on the Peruvian quota for the second fishing season and the condition of the live biomass, affected by warmer waters, underlining the complex dynamics influencing the market.
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