Global fishmeal production was down 27 percent in the first quarter of 2024, but trending positive for the rest of year

Global fishmeal production decreased approximately 27 percent within the first three months of 2024, compared to the same period in 2023. The decline was driven by the the second fishing season in Peru's North-Central region in 2023, which had a below-average quota. That lower quota lead to reduced catches at the start of 2024, according to IFFO, The Marine Ingredients Organization. The Peruvian anchovy fishery closed its second season on 12 January, and left 25 percent of its quota in the water. That compounded earlier shortages caused by the cancelation of the first season of 2023. The sluggish start to 2024 is trending positive thanks to the latest fishing quotas for Peru's anchovy fishery. In Peru’s North-Central region, approximately 1.2375 million metric tons (MT), or 50 percent, of the 2.475 million (MT) anchovy quota has already been caught within the first 23 days of the 2024 fishing season. So far this year, Chile, the U.S., and African countries have been showing more ...