n the first quarter of 2015, fishmeal production from the top five producing countries was slightly higher compared with what was produced for the same period last year. However, the production in Peru and Chile dropped almost by half to only 72 000 tonnes, which is the lowest production in the past six years. This low production in Peru is clearly due to the cancellation of the second anchovy fishing season in 2014, which was based on a negative anchovy biomass findings by IMARPE. Production of fishmeal in Europe made up for the supply gap, especially when Iceland’s capelin fishing began harvesting with their substantially increased quota. Nevertheless, the landscape of the industry is still largely determined by Peru’s production. The production of fish oil faced obviously the same situation as fishmeal in the first quarter of 2015. Production from Peru and Chile dropped by 53%, resulting in 24 000 tonnes during this time period. Slightly higher production from Denmark, Norway and Iceland managed to close the supply gap, though only barely. Growing fish oil demand and quota restrictions continue to put upward pressure on fish oil prices