Egil Magne Haugstad has been elected president of the International Marine Ingredients Organisation (IFFO).

IFFO’s 250 members operate in 50 countries and account for over 55 percent of world production and 80 percent of the fishmeal and fish oil traded worldwide.

Haugstad, CEO of Norwegian fishmeal and fish oil producer Pelagia, served as vice president before being elected to the new role. He takes over for Gonzalo de Romana, CEO of Peruvian fishmeal and fish oil producer Tasa, on Jan. 1 for a two-year term of office.

"I look forward to contributing to develop knowledge and competence within the marine ingredients sector. We will also explore how IFFO can keep developing its services and be an even better meeting place for our industry,” Haugstad said.

Eduardo Goycoolea, one of the IFFO founders and first co-president of IFFO in 2001 when it was created, steps was elected as vice president.

The pair take up their roles during a tumultuous period for the industry and markets after the cancellation of the first key anchovy season in Peru's north-central waters.

Last week, Peru's Ministry of Production (Produce) authorized a 1.682 million metric ton anchovy quota for the second season of 2023 in north-central waters, a 26 percent reduction from last year.

The fishery is a major supplier of raw material to the global fishmeal industry.

The cancellation cost Peru's industry $1 billion (€917 million), according to Eduardo Ferreyros, president of the trade group Peru's National Fisheries Society (SNP).

Fishmeal industry sources will be closely monitoring weather conditions and the clock in expectation that change in weather conditions is likely to put a premium on harvesting fish quickly.

Tracking trends in seafood markets