The world has an anchovy problem
The sharp drop in global supply of the tiny fish threatens to raise prices of farmed seafood, including salmon.
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Anchovies are the main ingredient in fishmeal, and without enough of it, global production of salmon, seabass, shrimp, oysters and other seafood will suffer, pushing up supermarket prices.
PHOTO: AFP
Javier Blas
One of the world’s current hottest commodities is in the midst of a huge disruption. It may sound like I’m talking about oil and the blockade of the Strait of Hormuz, but this is even more severe. The supply shock is far greater – and so is the price response: Global production has plunged as much as 40 per cent from a year ago; prices are up 80 per cent over the same period to an all-time high. The commodity in question? The humble anchovy.
The tiny fish may sound utterly mundane, but its importance to the global economy is far larger than just foodies’ craving for the umami taste.
