The El Niño phenomenon will persist, affecting the 2024 anchovy-catching season, leading to elevated global fishmeal and fish oil prices, posing challenges for the aquaculture industry. The United States National Oceanic and Atmospheric Administration (NOAA) indicates that 60-80% of El Niño will persist until Q2-24 and Peru's enforcement of a temporary fishing ban will further reduce the supply of fishmeal and fish oil.