Marine ingredient market faces a downturn as global fishmeal production drops 22% in 2023, with Peru's decline linked to El Nino's impact. Fish oil follows suit, down 20%, except for Chile, where improved catches defy the trend.

As of December 21, 2023, IFFO's (The Marine Ingredients Organisation) comprehensive market intelligence reports reveal noteworthy statistics on marine ingredient market trends. In Peru, where 66% of the second fishing season's quota in the North-center has been landed, an earlier start in October contributed to larger catches of small pelagics compared to the same period in 2022. Meanwhile, the USA's menhaden fishing season concluded in November, set to resume in May 2024.

For the first ten months of 2023, cumulative fishmeal production globally dropped by approximately 22%, with a significant 60% year-on-year decrease in Peru due to El Nino's impact. Fish oil output followed suit, registering a 20% decline, primarily driven by a supply shortage in Peru. However, Chile bucked the trend, experiencing a positive change thanks to improved catches and higher oil yields in the Southern region. The report focuses on key contributing factors, including the El Nino phenomenon and the cancellation of Peru's April-June first fishing season.