Recent advances in the fish by‐products industry

In recent years the fish by‐products industry has grown more rapidly than any other segment of the world's fisheries. Production of fish meal, the primary product of the industry and an important feed ingredient, rose from 1,525,000 metric tons in 1958 to 5,080,000 metric tons in 1968. This tremendous increase in production was the result of improved fishing methods, expansion of established fisheries, and the development of new fisheries, particularly the anchoveta fishery of Chile and Peru. Although markets for fish meal were severely disrupted during the early part of the expansion, they subsequently exhibited a high order inelasticity and provide the basis for profitable operations.