In a recent analysis by the International Fishmeal and Fish Oil Organization (IFFO), insights into the 2023 production of fishmeal and fish oil suggest a notable decline in both sectors compared to previous years.

Fishmeal production, cumulatively estimated at approximately 1.738 million metric tons, experienced a significant decrease of around 23% from 2022 levels. This decline was primarily driven by a staggering 52% year-over-year decrease in production from Peru, which accounts for 20% of global fishmeal and fish oil production in average years, attributed to the adverse effects of the El Niño phenomenon on fishing activities.

Similarly, fish oil production witnessed a decline of 21% in 2023, with Peru reporting an 85% drop in supply due to decreased landings and lower oil yields. However, amidst these declines, Chile emerged as an exception, showcasing a year-over-year increase in production, credited to healthier catches and improved oil yields in certain regions.