Continued from Part 1: After analyzing Peru’s anchovy quota, El Niño and the impact on Ecuadorian shrimp feed and Chilean salmon feed, Part 2 focuses on solutions that can help the aquafeed industry reduce its dependence on marine ingredients.
6. The industry’s response: alternative ingredients considered at commercial scale
Peru’s 2026 anchovy crisis is speeding up the use of ingredients that until now had advanced only step by step through research and trials. In the current situation, they are shifting from an optional diversification measure to a real operational need.
6.1 Processed terrestrial animal by-products
This group of ingredients includes poultry by-product meal (PBM), meat and bone meal (MBM), blood meal, hydrolyzed feather meal, pork lard, beef tallow and porcine hemoglobin meal. These are alternative proteins and lipids produced in large volumes and widely available on the commercial market.
The nutritional evidence has grown stronger over the past decade. Some trials show that high-quality fishmeal can be replaced with PBM or MBM without a significant loss of growth when the formula is properly balanced. In rainbow trout and silver perch, a blend of MBM, PBM, blood meal and hydrolyzed feather meal can replace all of the fishmeal on a digestible-nutrient basis.
PBM has a more consistent composition, and an essential amino acid digestibility profile closer to that of fishmeal, than many other non-marine animal proteins. For whiteleg shrimp, many trial designs have confirmed that part of the fishmeal can be replaced with 20–50% PBM, provided that amino acid shortfalls are made up by blending or with crystalline amino acids.
The key principle is not to use a single ingredient, but to blend several sources. PBM, MBM, blood meal and feather meal in suitable proportions can together meet amino acid requirements while remaining cost-effective. Making use of by-products also supports a circular economy, turning food-processing residues into valuable feed ingredients.
6.2 Antarctic krill: high impact at low inclusion levels
Antarctic krill (Euphausia superba) does not compete with fishmeal on volume or price, but it delivers a high nutritional and functional impact per unit added. The fishery in Area 48 of the Southern Ocean is managed by CCAMLR under a precautionary, ecosystem-based approach; the total catch limit is below 1% of the estimated biomass of 63 million tonnes.
Krill meal retains lipids containing astaxanthin and phospholipid-bound omega-3 EPA/DHA. Krill also contains free amino acids, nucleotides and betaine-like compounds that stimulate feeding and improve palatability in reduced-fishmeal or fishmeal-free formulas. Natural astaxanthin provides both pigmentation and antioxidant properties.
The main barrier is a price higher than that of fishmeal and processed animal proteins. However, when fishmeal reaches USD 2,500/tonne, the gap narrows, improving the cost–benefit case for using krill at a low 2–5% as a functional ingredient rather than as a bulk protein.
Poultry by-product meal, combined with complementary processed proteins and correct amino acid balancing, can replace most or all of the fishmeal in formulas that have been validated. Krill meal at 3–5% helps restore palatability and adds the phospholipid-bound omega-3 that terrestrial proteins do not provide.
6.3 A broader ecosystem of alternative ingredients
- Insect meal: black soldier fly meal contains 40–55% protein on a dry-matter basis, with a favorable amino acid and lauric acid profile; industrial scale is growing in Europe, North America and Asia.
- Single-cell protein and microalgae: sources of EPA and DHA that do not depend on wild catch; omega-3 algal oil has already reached commercial scale.
- Legume proteins: soybean, lupin and pea are competitively priced but need treatment for anti-nutritional factors; high inclusion levels can cause gut inflammation in carnivorous species.
- Seafood processing by-products: shrimp head meal, squid meal and salmon trimmings meal have nutritional value and fit a circular economy.
The principle backed by many nutritionists is to build a smart multi-protein matrix that simultaneously optimizes amino acids, lipid quality, palatability, digestibility, ingredient cost, local logistics and sustainability certification requirements. The quality of processing by-products still varies, so feed mills must vet their suppliers and analyze composition rigorously.
7. Global market drivers and pressure along the value chain
The global fishmeal and fish oil market is valued at USD 8.8 billion in 2026 and is projected to reach USD 18.2 billion in 2036, a compound annual growth rate of 7.5%. But wild-catch supply is limited; future growth must come mainly from better use of fishery and seafood processing by-products.
- Buyer concentration risk: China accounted for 78.93% of the value of Peru’s fishmeal exports in 2025, about USD 1.476 billion.
- Scarcity of certified supply: a decline in IFFO-RS and MSC certified raw material makes ASC, GlobalG.A.P. and ESG commitments harder to meet.
- Tiered purchasing power: marine ingredients tend to flow to buyers with greater financial capacity, increasing the access risk for small and medium-sized companies.
- Geographic diversity only partly compensates: fish oil output in Norway, Denmark and Spain is relatively stable but not enough to offset the shortfall from Peru.
8. Outlook and strategic recommendations
The short-term outlook for Peru’s anchovy fishery remains highly uncertain. IMARPE’s new biomass assessment will determine whether fishing can resume. The second North–Central season, from November to February, is the next supply milestone, but it is also at risk from coastal El Niño.
- Forward purchasing and supplier diversification: secure contracts for both marine ingredients and terrestrial animal proteins; qualify several supply regions for PBM and MBM.
- Validate alternative ingredients: prioritize species-specific trials, model amino acid balance and assess digestibility before large-scale substitution.
- Assess krill integration: consider 2–5% as a feeding stimulant and a source of phospholipid omega-3 in formulas with reduced marine ingredients.
- Model cost scenarios: stress-test fishmeal prices above USD 2,000/tonne over 12–18 months, including the cost of buying alternative ingredients and reformulating.
- Monitor science and regulation: closely follow IMARPE stock assessments, ENFEN El Niño reports and PRODUCE decisions.
Conclusion
The convergence of a record-low quota, a prolonged fishing suspension and historically high fishmeal prices in Peru’s 2026 anchovy season is a major test for the global aquafeed industry. The direct commercial impact is concentrated in Ecuadorian shrimp feed and Chilean salmon feed, but the supply shock spreads to every market that buys marine ingredients from Peru.
A sustainable response cannot be reactive buying alone. The industry needs to accelerate strategies that reduce dependence on marine ingredients: expanding the use of controlled terrestrial animal by-products, adding Antarctic krill strategically for its nutritional functions, and building multi-source protein matrices that can absorb supply shocks without reducing farming performance.
The question for feed manufacturers is no longer whether to transition, but how fast — and whether that pace is fast enough before the next crisis.
Source: Aquaculture Magazine Editorial Team. Peru’s Anchovy Fishery Crisis: A Systemic Alert for the Global Aquaculture Feed Industry, June 2026. Information on the fishing suspension was cross-checked with Peru’s Ministry of Production (PRODUCE).
