How does one small fish in one corner of the Pacific end up shaping the entire global aquaculture feed system? In this week’s episode, we break down the latest developments from Peru’s anchovy fishery, from the unusually low provisional quota, to the rapid EUREKA survey that reshaped the biomass picture, to why analysts like Rabobank are warning that long-term fishmeal and fish oil shortages are becoming more likely. We revisit what happened during the 2023 juvenile-driven closure, unpack what the 2025 numbers actually tell us, and explain why Peru’s anchoveta remains the single most important swing factor for salmon, shrimp, and even pet food production worldwide.

For more aquaculture insights head to our Fish n’ Bits blog.