Peruvian fishmeal industry faces long road to recovery

The article highlights the conclusion of the first anchovy fishing season in Peru, which achieved 98% of its 2.43 million tonne quota. The industry's future remains uncertain, with great dependence on the upcoming fishing activities in the North Central Fishing Grounds, with the second season quota expected to reach at least 1.7 million tonnes. The industry is recovering from a significant disruption in 2023, which saw the company's net profit drop to $30 million and sales fall 65%. Austral Group, which holds a significant share of the anchovy quota, is hopeful for a better start to 2024.

Although the first anchovy fishing season of the year ended two weeks ago with the 2.43 million tonnes of quota achieved (98% of the quota), Guidice remains cautiously optimistic about the future. She pointed out that the future prospects of the Peruvian fishmeal industry mainly depend on the upcoming fishing activities in the North Central Fishing Grounds. Last week, the Minister of Production, Sergio Gonzalez, who is responsible for setting the fishing quota, told the Peruvian business daily Gestion that the second season quota is expected to reach at least 1.7 million tonnes. According to Diario de Chimbote reports that fishing could start in early October, compared to November in previous years. However, with the 2023 fishing season being the worst in the past 25 years - the first season was cancelled and the second season was significantly reduced - Guidice said she was taking nothing lightly given that climate factors could interfere at any time. "We see this season as the ...