El Nifio-driven ocean warming off Peru has altered anchovy distribution and
sharply cut catches, pressuring local fisheries and reducing Peru’s supply of
fishmeal and fish oil. As a major global supplier, Peru’s lower anchovy output
is driving international price rises: in May Peruvian super-grade fishmeal FOB
hit $2,500/ton versus about $1,400/ton in May 2025 (+~79% YoY); feed-grade fish
oil reached $4,100/ton (+64% YoY).
