The expansion of aquaculture will persist and is envisaged to reach 96 million tonnes in 2023, approximately a 2.8 percent rise from 2022. However, this projected growth rate is slightly lower than the sector's historical average; between 2015 and 2021 year-on-year growth averaged 3.7 percent between 2015 and 2021. While the growth of species like salmon and tilapia has decelerated, others such as pangasius and shrimp are undergoing progressive expansion. Escalating production costs, particularly for feed, are exerting pressure on the profitability of numerous farmers.

Projections indicate a modest decrease of approximately 1.6 percent in production from capture fisheries in 2023. This can be attributed to adverse weather conditions and reduced quotas, leading to limited catches of several crucial species. Anchoveta catches, which already witnessed a decline of around 1 million tonnes between 2021 and 2022, are anticipated to drop further in 2023 due to ongoing poor catches and the potential occurrence of an El Niño weather phenomenon in the latter half of the year.

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