Fishmeal Market Size & Outlook, 2026-2034

Fishmeal Market Overview

The global fishmeal market size was valued at USD 10.64 billion in 2025 and is estimated to reach USD 19.70 billion by 2034, growing at a CAGR of 7.16% during the forecast period (2026–2034). The global fishmeal market is driven by stringent sustainability certifications, traceability demands, CSR initiatives, aquaculture expansion, and scaling production from by-products, ensuring growth, efficiency, and environmental responsibility.

Key Market Trends & Insights

• Asia-Pacific held the largest market share, over 41.15% of the global market.
• North America is estimated to be the fastest growing region, witnessing a CAGR of 7.56% during the forecast period.
• By source, marine fish dominated the market, capturing a significant share of 71%.
• By livestock, the swine segment is projected to expand at a CAGR of 7.56% over the coming years.
• By application,animal feed represented the leading segment, with a market share of 83%.
• The China’s fishmeal market was valued at USD 1020.94 million in 2024 and reached USD 1089.24 million in 2025.

Source: Straits Research

Market Size & Forecast

• 2025 Market Size: USD 64 billion
• 2034 Projected Market Size: USD 19.70 billion
• CAGR (2026-2034): 16%
• Asia-Pacific: Largest market in 2025

Fishmeal is a high-protein feed ingredient produced by drying and grinding fish or fish processing by-products. Rich in essential amino acids, omega-3 fatty acids, and minerals, it is widely used in aquaculture, livestock, and pet feeds to promote growth, health, and feed efficiency. Its nutrient density makes it a key component of sustainable animal nutrition.

The global market is driven by its superior nutritional profile, as it provides highly concentrated marine protein and essential fatty acids like omega-3s, making it an indispensable ingredient in aquafeeds for many species. Additionally, the advancements in recovery and processing technologies have improved yield efficiency, ensuring a more consistent supply from raw materials. Furthermore, rising global protein demand and increasing per-capita seafood consumption are also boosting feed volumes, as farmed fish become a major protein source worldwide.

Latest Market Trend

Rising regulatory and certification focus (MSC/ASC) and traceability/CSR demands

The global market is increasingly shaped by stringent regulatory and certification requirements, such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) standards. These certifications ensure sustainable fishing practices, responsible sourcing, and minimal environmental impact, which are becoming critical factors for market acceptance.

In addition, buyers and retailers are demanding full traceability throughout the supply chain, promoting transparency and ethical practices. Corporate social responsibility (CSR) initiatives further encourage companies to adopt sustainable sourcing policies, reduce overfishing, and protect marine biodiversity. Compliance with these regulations and certifications enhances brand reputation, facilitates access to international markets, and strengthens long-term supply chain stability.

To get more insights about this report Download Free Sample Report

Global Fishmeal Market Driver

Continued expansion of global aquaculture

The continued expansion of global aquaculture stands as a key driver of the fishmeal market. As wild fish stocks reach sustainable limits, aquaculture has become essential to meet rising global seafood demand. Fishmeal remains a critical component in aquafeed due to its high protein content, digestibility, and essential amino acids that promote rapid growth and health in farmed species.

• The latest SOFIA (State of World Fisheries and Aquaculture) report, for example, indicated that aquaculture produced 130.9 million tonnes in 2022, with projections showing a significant increase to 205 million tonnes by 2032, with aquaculture contributing more than half of this by 2032.

This growth underscores the escalating demand for high-quality feed inputs like fishmeal, driving consistent market expansion across both developing and developed aquaculture economies.

Market Restraint

Competition from alternatives (insect, microbial, plant oils)

The global market faces significant restraint from the growing development and adoption of alternative protein sources. Insect meal, single-cell proteins, and plant-based oils are increasingly being used as partial or full replacements for traditional fishmeal in aquaculture feeds. These alternatives are often more sustainable, cost-effective, and less dependent on volatile marine fisheries, making them attractive to feed manufacturers.

Technological advancements in processing and formulation have improved the nutritional profiles of these substitutes, allowing them to meet the dietary requirements of farmed fish. As awareness of environmental impacts and sustainability grows, the shift toward these alternatives is expected to gradually constrain traditional fishmeal demand, especially in price-sensitive and environmentally-conscious markets.

Market Opportunity

Scale up of by-product/processing-residue fishmeal production

The fishmeal industry is increasingly focusing on scaling up production using by-products and processing residues, which allows for more sustainable and cost-efficient operations. A notable development in this trend is the growing utilization of fish processing by-products, such as heads, tails, and frames, to produce fishmeal. By 2025, these by-products accounted for 37% of total fishmeal and fish oil production, reflecting a strategic shift towards more efficient use of marine resources.

• A practical example of this approach is observed in Namibe, Angola, where artisanal fishers have integrated fishmeal production into their operations. This integration has significantly improved profitability, with internal rates of return rising from 34.3% to over 106%, depending on production scenarios.

Thus, expanding such models globally offers substantial growth potential.

Regional Analysis

The Asia-Pacific region dominated the market with a share of 41.15%, due to rising aquaculture activities and increasing seafood consumption. Efforts to enhance sustainability are gaining traction, with innovations in alternative proteins reducing dependency on traditional fishmeal. For example, in April 2025, researchers at Nanyang Technological University and Temasek Polytechnic developed a method to replace up to 50% of fishmeal in aquaculture diets with single-cell protein from soybean processing wastewater. Such initiatives are expected to drive sustainable production and support regional market expansion.

• China's fishmeal marketremains the largest globally, with imports projected to reach 2 million tonnes in 2025. Key players include Fujian High Fortune Bio-Tech, producing certified fishmeal and omega-3 products for aquaculture and pet food. Tianjin Jinhualiang focuses on imports from Peru and Chile, while Zhoushan Xinzhou and Sifang Machinery provide advanced fishmeal processing equipment, supporting domestic production expansion.
• India's fishmeal market benefits from its 7,500 km coastline, providing abundant sardines, mackerel, and anchovies as raw materials, ensuring a stable domestic supply. Government incentives, including PMMSY support, feed subsidies, and reduced tariffs on additives, boost local production and technology adoption. Key players such as Avanti Feeds, Godrej Agrovet, Blueline Foods, and Mukka Proteins drive growth through innovation, sustainability, and export-oriented operations.

Source: Straits Research

North America: Fastest Growing Region

The North American fishmeal market is experiencing rapid growth, registering a CAGR of 7.53%, driven by expanding aquaculture operations and rising demand for high-quality feed. Increasing consumption of farmed seafood and investment in sustainable aquaculture practices are fueling fishmeal demand. Companies like Cargill have committed to reducing carbon emissions in salmon feed by at least 30% by 2030 through its SeaFurther Sustainability program, collaborating with suppliers to develop environmentally friendly feeds, emphasizing sustainable fishmeal sourcing. Technological advancements and the adoption of certified products further support market expansion.

• The U.S. fishmeal marketis driven by growing aquaculture and sustainable feed demand. Key players include Omega Protein, Cargill Aqua Nutrition, Daybrook Fisheries, Pacific Seafood, Scoular, and Trident Seafoods. Government support, such as NOAA-designated Aquaculture Opportunity Areas along Texas and California coasts for seaweed, shellfish, and finfish cultivation, is boosting domestic seafood production and reducing import reliance, further strengthening market growth.

European Market Trends

In Europe, major aquaculture producers like Norway, the UK, and Spain cultivate salmon, trout, and seabass, heavily relying on fishmeal for nutrition. Over 70% of European fishmeal is now derived from by-products and trimmings, supporting the EU's circular economy and sustainable fisheries initiatives. Leading companies, including FF Skagen, Pelagia, Bioceval, EFPBiotek, and SARIA, focus on sustainable production, high-quality marine ingredients, and efficient by-product recycling to drive aquaculture growth.

• The UK fishmeal marketis evolving through innovations by firms like Calysta, AgriProtein, Deep Branch, Aquanzo, and UFAC-UK, focusing on sustainable, alternative proteins such as microbial, insect-based, and CO₂-derived feeds. Growth is driven by rising aquaculture demand, sustainability mandates, public R&D funding, and technological advances reducing reliance on wild-caught fishmeal sources.

Latin America Market Trends

Latin America fishmeal market saw a 26% production surge, driven by Peru's successful anchovy season meeting 96% of its quota, recovering from 2023's El Niño impact. Peru's contribution to global fishmeal and fish oil rose 36% year-on-year. Key players, including Pesquera Centinela, Exalmar, and TASA, are investing in sustainable practices, certifications, and infrastructure to strengthen the Latin America market and meet rising global aquaculture demand.

• Brazil’s fishmeal marketis advancing through innovations by Enifer and FS producing mycoprotein from ethanol waste, and BRF Ingredients developing krill alternatives. Global feed firms like Cargill, Skretting, and Biomar are enhancing soy traceability and sustainability. Local feed mill investments and government-backed circular economy projects further drive regional growth and aquaculture expansion.

Middle East & Africa Market Trends

The fishmeal market in the Middle East and Africa is growing due to expanding aquaculture, government support, and sustainable practices. Key players like Janatha Middle East, Gold Fin, Al Manar, and Dhofar Fisheries focus on fishmeal and oil production, leveraging advanced processing technologies. Strategic locations enhance trade and exports, while sustainable sourcing meets international standards. Investments in infrastructure and residue-based production further drive growth, positioning the region as a key contributor to the global aquaculture feed industry.

• The UAE fishmeal marketis witnessing growth driven by rising aquaculture projects, such as Fish Farm LLC and the Finnforel-ADQ RAS facility. Local producers like AFS Global and Speedial Trading are expanding fishmeal blending and processing capabilities. Growth factors include increased domestic feed demand, sustainability initiatives, technological advancements, and reduced reliance on imports through regional production and supply chain localization.

Source Insights

Marine fish dominated the global fishmeal market in 2024, holding a substantial share of 71%, driven by their high protein content and widespread availability, making them the preferred raw material for aquaculture and livestock feed.

The crustaceans segment is expected to grow at a robust CAGR of 7.42% during the forecast period, fueled by increasing utilization of shrimp and prawn by-products in high-value feed formulations.

Livestock Insights

Aquatic animals accounted for the largest share of 84%. Fishmeal remains essential for carnivorous species in aquaculture, providing concentrated protein and essential fatty acids. Expansion of global aquaculture and increasing consumption of farmed fish continue to drive the demand for high-quality fishmeal in this segment.

The swine segment is expected to grow at a CAGR of 7.56% during the forecast period. Fishmeal supplementation enhances growth, feed conversion, and overall health in pigs. Rising pork consumption and modernized pig farming practices across Asia-Pacific and North America are fueling segment growth.

Application Insights

Animal feed dominated the market, with an 83% share. Fishmeal is widely used across aquaculture, poultry, and livestock feeds due to its high protein and nutrient content. Growing demand for animal protein worldwide continues to support robust fishmeal consumption in this sector.

The fertilizer segment is projected to grow at the fastest CAGR of 7.23%. Fishmeal-based fertilizers are increasingly valued for their rich organic nutrients and sustainable production. Rising awareness of environmentally friendly and organic farming practices drives the adoption of fishmeal as a natural fertilizer in agriculture.

Source: Straits Research

Company Market Share

Key companies in the global fishmeal market are focusing on expanding production capacity, investing in sustainable and traceable raw material sourcing, and improving processing technologies to enhance yield and quality. They are also exploring alternative feed formulations, such as incorporating by-products and novel proteins, to meet growing aquaculture demand. Strategic partnerships, regional expansions, and R&D for premium, high-nutrition fishmeal are being pursued to strengthen market presence and drive overall growth.

Cargill, Inc.

Cargill, Inc. is a U.S.-based global agribusiness giant with a strong presence in the fishmeal market. It produces high-quality fishmeal and fish oil, primarily for aquaculture feed, leveraging its integrated supply chain and global sourcing network. The company focuses on sustainable practices, including responsible sourcing and traceability, to meet growing regulatory and environmental standards. Cargill’s fishmeal products support farmed fish growth and health, making it a key player in the global aquaculture and feed industry, especially in North America, Europe, and Asia.

• In August 2025, Cargill India entered into a business transfer agreement with IFB Agro Industries for the acquisition of its commercial shrimp and freshwater fish feed business in India, valued at Rs 110 crore. This move aims to expand IFB Agro’s footprint in the aquafeed industry.

List of key players in Fishmeal Market

1. Omega Protein Corporation
2. Nutreco N.V.
3. Austevoll Seafood ASA
4. Cargill, Inc.
5. Marubeni Corporation
6. FF Skagen A/S
7. The Scoular Company
8. Pelagia AS
9. Oceana Group Limited
10. GC Rieber Oils AS
11. Sürsan A.S
12. Pesquera Diamante S.A.
13. Corpesca S.A.
14. Technológica de Alimentos S.A.
15. Biomega AS
16. Aker BioMarine Antarctic AS
17. FMC Corporation
18. Croda International Plc
19. Mukka Proteins Limited
20. FKS Multi Agro

To get more findings about this report Download Market Share

Recent Development

• September 2025 - Peruvian industrial fishing and fishmeal/fish oil producer TASA has launched a pioneering initiative to convert its operational waste into compost, which will be used to enhance and beautify the areas around its facilities.
• July 2025- Kings Infra Ventures Ltd., a leader in sustainable aquaculture and marine exports, has welcomed the signing of the India–UK Free Trade Agreement (FTA), calling it a game-changing development for India’s seafood sector. The agreement provides zero-duty access for 99% of marine products, including shrimp, tuna, fishmeal, and aquafeeds, opening significant growth opportunities in the UK’s $5.4 billion seafood market.
• July 2025- Taiwan's Fisheries Research Institute announced the development of a new method to cultivate black soldier fly larvae using fish by-products, intended to decrease dependence on imported fishmeal for aquaculture feed.