News

Global fishmeal and fish oil production both decreased in the first quarter

Published May 21, 2024

Tridge summary

In the first 23 days of 2024, North-Central Peru's anchovy fishing season saw a significant catch, accounting for nearly half of the 2.475 million tonnes quota. This event has severe implications for the global fishmeal and fish oil markets, as Peru is a major contributor, accounting for approximately 20% of worldwide production. The early start and lower quotas of the second fishing season in 2023 led to a 27% decrease in global fishmeal production in the first quarter of 2024, compared to the same period in 2023. Furthermore, the Peruvian fishing season's timing caused a 30% drop in cumulative global fish oil production year-on-year by March 2024. However, positive trends in fishmeal production are emerging in Chile, the United States, and Africa, partially offsetting these declines.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In North-Central Peru, almost 50% of the 2.475 million tonnes of anchovy quota was taken in the first 23 days of the first fishing season in 2024. Quota setting in Peru is critical as the country accounts for 20% of global fishmeal and fish oil production on average each year. IFFO observed that global fishmeal production fell by around 27% in the first three months of 2024 compared to the same period in 2023. This reduction is due to the early start of the second fishing season in North-Central Peru in 2023, combined with lower than average quotas awarded, which resulted in lower catches at the end of the early 2024 fishing season. Positive trends were seen in fishmeal production in Chile, the United States and Africa compared to 2023. Regarding fish ...
Source: Foodmate
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