Fishmeal Market – Global Industry Size, Share, Trends, Opportunity, & Forecast Segmented By Application (Fertilizers, Animal Feed), By End-User (Swine, Poultry, Aquaculture, Others), By Region and Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 5.61 Billion
CAGR (2026-2031)	5.76%
Fastest Growing Segment	Fertilizers
Largest Market	Asia Pacific
Market Size (2031)	USD 7.85 Billion

Market Overview

The Global Fishmeal Market will grow from USD 5.61 Billion in 2025 to USD 7.85 Billion by 2031 at a 5.76% CAGR. Fishmeal is a commercial feed ingredient produced by processing fish or fish trimmings into a high-protein powder or cake. The market is primarily driven by the robust expansion of the global aquaculture industry, which relies on marine ingredients for nutritional efficiency, alongside steady demand from the poultry and swine sectors. According to the International Fishmeal and Fish Oil Organisation, in 2024, global fishmeal production increased by 40 percent during the first six months compared to the same period in the previous year.

Despite this recent growth, the market faces a significant challenge regarding the climatic sensitivity of raw material supplies. Reliance on wild-caught pelagic species makes the industry vulnerable to environmental anomalies such as El Niño, which can disrupt fish stocks and necessitate strict harvesting bans to preserve biomass. Such supply-side volatility frequently results in price instability, posing a substantial obstacle to long-term market consistency and expansion.

Key Market Drivers

The rapid expansion of the global aquaculture industry serves as the primary catalyst for the fishmeal market, as the sector necessitates high-protein feed ingredients to ensure optimal growth rates and health in farmed species. Fishmeal provides a digestible protein profile and essential amino acids that are difficult to replicate with plant-based alternatives, making it indispensable for carnivorous finfish and crustaceans. According to the Food and Agriculture Organization, June 2024, in 'The State of World Fisheries and Aquaculture 2024' report, global aquaculture production reached a record 130.9 million tonnes in 2022. This continuous volume growth in farmed seafood directly correlates with sustained demand for marine ingredients, ensuring fishmeal remains a foundational component in aquafeed formulations despite the rise of alternative proteins.

Concurrently, the increasing utilization of fishmeal in premium pet food formulations is creating a high-value secondary market, driven by pet owners seeking biologically appropriate diets for companion animals. Manufacturers are prioritizing ingredients rich in omega-3 fatty acids and high-quality proteins to support immune health and coat condition in dogs and cats, thereby elevating the commercial value of high-grade fishmeal. According to the American Pet Products Association, March 2024, in the 'State of the Industry' data release, total U.S. pet industry expenditures reached $147 billion in 2023, signaling a robust economy for premium inputs. To satisfy these competing demands from aquaculture and pet food sectors, major producers rely on regulated fishing seasons to manage supply; according to the Ministry of Production of Peru, in 2024, the government authorized a maximum total allowable catch of 2.475 million tonnes for the first anchovy fishing season in the North-Central zone.

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Key Market Challenges

The reliance on wild-caught pelagic species creates a major vulnerability for the global fishmeal market due to the unpredictability of climatic events. Environmental phenomena such as El Niño significantly alter ocean temperatures, which can displace fish stocks or drastically reduce biomass availability. When these anomalies occur, governments in major producing nations like Peru and Chile often implement immediate harvesting bans or quota reductions to prevent stock collapse. This dependency on irregular biological cycles means that manufacturers cannot guarantee consistent raw material flow, directly hindering their ability to enter long-term supply contracts with aquaculture and livestock feed producers who require stability.

Consequently, this supply-side volatility creates sharp price fluctuations and logistical bottlenecks that deter market expansion. The impact of such environmental disruptions is evident in recent industry performance figures which highlight the severity of these contractions. According to the International Fishmeal and Fish Oil Organisation (IFFO), in 2023, the total cumulative fishmeal production from the main producing countries decreased by approximately 23 percent compared to the previous year. This substantial decline was primarily driven by the cancellation of critical fishing seasons in Peru, forcing buyers to seek expensive alternatives and illustrating how climatic risks directly constrain the sector's growth potential.

Key Market Trends

The increasing upcycling of seafood processing by-products is reshaping the global fishmeal market by decoupling production volumes from volatile wild-caught fishery cycles. Manufacturers are aggressively integrating trimmings from food-grade fisheries, such as tuna, salmon, and pangasius, into their processing lines to create a circular economy model that mitigates raw material scarcity. This shift not only addresses environmental concerns but also stabilizes supply chains disrupted by climatic events like El Niño. According to the International Fishmeal and Fish Oil Organisation (IFFO), April 2024, in the 'Update on by-product marine ingredients', the global production of fishmeal from by-products accounted for 39 percent of the total output in 2023, highlighting the sector's rapid transition toward waste valorization.

Concurrently, the implementation of end-to-end digital supply chain traceability is becoming a mandatory requirement for market access, driven by downstream demand for verifiable sustainability. Aquafeed producers and retailers are enforcing rigorous sourcing standards that require granular data on catch methods, species origin, and carbon footprint to ensure compliance with anti-IUU regulations. This pressure is compelling fishmeal plants to adopt sophisticated certification schemes and digital tracking systems to validate their inputs. According to Skretting, June 2024, in the 'Impact Report 2023', 77 percent of the marine ingredients purchased by the company were certified or originated from a Fishery Improvement Project (FIP), underscoring the critical role of verified traceability in maintaining commercial relationships with major feed manufacturers.

Segmental Insights

The fertilizers category is recognized as the fastest-growing segment within the Global Fishmeal Market, driven primarily by the escalating global shift towards organic agriculture. This expansion is fueled by the agricultural sector's increasing preference for high-nitrogen, natural soil amendments over synthetic chemical alternatives. Fishmeal is highly valued in this context for its ability to enhance nutrient uptake and soil fertility without violating stringent environmental guidelines. Consequently, supportive frameworks from institutions monitoring organic standards, such as the United States Department of Agriculture, encourage the adoption of fishmeal-based fertilizers, thereby accelerating demand within this specific market sector.

Regional Insights

Asia Pacific dominates the global fishmeal market due to its expansive aquaculture sector, particularly in China and Southeast Asia. The region requires significant volumes of high-protein feed to sustain intense farming of fish and crustaceans. Furthermore, the established swine industry utilizes fishmeal as a strategic dietary supplement to ensure animal health. According to the Food and Agriculture Organization, the region produces the majority of the world's farmed seafood, a factor that necessitates a steady supply of quality feed ingredients. This strong reliance on aquaculture and livestock feed solidifies the region's market leadership.

Recent Developments

• In October 2024, BioMar announced a significant collaboration with Akaroa King Salmon, which became the first producer globally to adopt the feed manufacturer's Blue Impact feed program. This sustainable initiative aims to reduce dependency on wild fish stocks by supplementing traditional fishmeal in formulations with cultivated algal oil, fish trimmings, and insect meal. The partnership focuses on lowering the carbon footprint of aquaculture while maintaining high nutritional standards for the fish. The Chief Executive Officer of the feed group stated that the company has successfully embedded a sustainability mindset across its operations, driving value through responsible innovation and reducing the reliance on forage fish.
• In September 2024, Skretting introduced a new nutritional solution for marine juveniles named Ignis, developed in collaboration with the Norwegian biotechnology company Zooca Calanus. Launched during the Larvi 2024 conference in Belgium, this product utilizes Calanus finmarchicus, a tiny marine copepod rich in essential nutrients, to provide a high-quality feed source that promotes efficient digestion and intake. The company described the innovation as nature's baby food for marine species, offering a ready-to-use alternative that complements traditional live feeds. This partnership underscores the feed manufacturer's commitment to driving positive change and sustainability within the global aquaculture industry.
• In September 2024, Cargill Aqua Nutrition advanced its precision nutrition capabilities by launching the second phase of its proprietary nutritional framework, known as Effective Energy. Building on the earlier success of its Essential Nitrogen concept, this new comprehensive system integrates tank, commercial, and feed formulation data to create customized nutritional plans for specific farming conditions. The initiative partitions digestible nitrogen into precise nutrients to replace traditional protein-focused formulations, thereby improving nutrient efficiency and fish growth. The company is actively patenting these technologies to provide salmon producers with tools that maximize health and minimize environmental impact while reducing costs.
• In April 2024, Pelagia, a leading producer of pelagic fish products and essential marine ingredients like fishmeal and fish oil, completed the strategic acquisition of a United Kingdom-based seafood trading company. This expansion involved purchasing a 100% stake in Ideal Foods Limited, a supplier of fish, seafood, and co-products to the global market. The acquisition aligns with the Norwegian company's ambition to become the aquaculture industry's preferred partner for sustainable by-product solutions. By integrating the British firm, the company aims to further develop synergies in the supply of marine-based ingredients and sustainable raw materials for the animal feed sector.

Key Market Players

• Triplenine Group A/S
• Pesquera Diamante S.A.
• Ff Skagen A/S
• Biomega AS
• Sarma Fish S.A.R.L
• Aker BioMarine Antarctic AS
• Omega Protein Corporation
• Calysta, Inc.
• Novus International Inc.
• Alpha Atlantique

By Application	By End-User	By Region
Fertilizers Animal Feed	Swine Poultry Aquaculture Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Fishmeal Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Fishmeal Market, By Application:

• Fertilizers
• Animal Feed

• Fishmeal Market, By End-User:

• Swine
• Poultry
• Aquaculture
• Others

• Fishmeal Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE