The ASEAN Fish Meals market is set to grow from an estimated USD 838.5 million in 2025 to USD 1,690.0 million by 2035, with a compound annual growth rate (CAGR) of 7.3% during the forecast period.
| Attributes | Value |
|---|---|
| Estimated ASEAN Industry Size (2025E) | USD 838.5 million |
| Projected ASEAN Value (2035F) | USD 1,690.0 million |
| Value-based CAGR (2025 to 2035) | 7.3% |
The ASEAN fish meal market has been developing very quickly owing to the ever-increasing need for the best quality protein sources in aquaculture and animal feed.
Fish meal is a fish-protein product obtained through fish processing, which is then used as the main nutrient in aquaculture diets, where it supplies to fish the required amino acids, omega-3 fatty acids, and other different nutrients. The growth of the aquaculture industry in the region means that there will be, correspondingly, more demand for fish meal.
The ASEAN fish meal market's development is also based on the fact that the global population is growing which in turn increases the consumption of seafood. As aquaculture is now the major source of fish, the countries of the region are in the process of investing more money and resources in sustainable fish and fish meal production so that they can cover the growing needs of the market.
Furthermore, with livestock and poultry producers becoming more aware of the healthful effects of fish meal, the product has been increasingly used in animal feed formulations.
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The table below provides a detailed comparative assessment of the changes in the compound annual growth rate (CAGR) over six months for the base year (2024) and the current year (2025) specifically for the ASEAN Fish Meals market.
This semi-annual analysis highlights crucial shifts in market dynamics and outlines revenue realization patterns, providing stakeholders with a more precise understanding of the growth trajectory within the year. The first half of the year, H1, covers January to June, while the second half, H2, spans July to December.
H1 signifies the period from January to June, and H2 Signifies the period from July to December.
For the ASEAN Fish Meals market, the sector is predicted to grow at a CAGR of 4.9% during the first half of 2024, increasing to 5.6% in the second half of the same year. In 2024, the growth rate is expected to decrease slightly to 6.4% in H1 but is expected to rise to 7.3% in H2.
This pattern reveals a decrease of 20 basis points from the first half of 2024 to the first half of 2025, followed by an increase of 20 basis points in the second half of 2025 compared to the second half of 2024.
| Date | Development/M&A Activity & Details |
|---|---|
| 2024 | Omega Protein launched a new line of sustainably sourced fish meal products. |
| 2024 | Nutreco invested in advanced processing technology to enhance fish meal quality. |
| 2024 | Cargill expanded its fish meal production capacity in Southeast Asia. |
| 2024 | Skretting introduced a new fish meal formulation tailored for shrimp aquaculture. |
Growing awareness of overfishing and its impact .
As consumers and producers are more inclined to opt for environmentally responsible practices, sustainability has emerged as a major fish meal market theme. The increase in overfishing problems drawing more attention to the devastation of marine ecosystems is the reason for the demand to use fish meal that comes from responsible sources.
Particularly in the aquaculture industry, this is an important trend, where the sustainability of feed ingredients is a precondition for fish populations' and the environment's general health.
In response to these worries, a number of fish meal manufacturers are practicing sustainable fishing and getting certifications from organizations like the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC).
With these certifications, fish meal is guaranteed to come from fisheries that are managed according to responsible practices, which in turn, assists in marine biodiversity conservation and, thus, the sustainable fishing way of life.
Increasing Demand for Alternative Protein Sources
The increasing search for substitute proteins is also a significant trend that is affecting the fish meal market. Given that consumers are getting more and more health-driven and environmentally conscious, there is a greater popularity in plant-based and alternative protein sources for human and animal feed. This trend is especially impressive when it comes to aquaculture, where the quest for eco-friendly and nutritious feed ingredients is vital.
As a reaction to such need, fish meal manufacturers are looking at the option of using extra protein sources, like plant-based proteins, insects, and single-cell proteins, as part of their products. These alternatives might serve as complement to the traditional fish meal, which can offer a more balanced and sustainable diet to aquaculture species.
The following table shows the estimated growth rates of the top four markets. These countries are set to exhibit high consumption, recording high CAGRs through 2035.
The fish meal market in India is experiencing remarkable growth due to various reasons. First of all, the rise in aquaculture products is responsible for the increase in fish meal being used as the primary protein in fish feed. As a matter of fact, the Indian government has been promoting aquaculture through different schemes, and as a consequence of this, the fish farming sector has expanded.
On the other hand, it is the increasing appreciation of fish meal's nutritional benefits that makes farmers use it more. The long coastline and abundant freshwater resources make India a perfect place for fish farming.
Besides, the nation is also looking at sustainable fishing alternatives which in the future might even improve the quality of fish meal. The growth of disposable income among the population is leading to higher consumption of fish and seafood, which, in turn, has a positive impact on the fish meal sector.
With the development of the aquaculture sector, Thailand has emerged as one of the leading players in the fish meal market in the ASEAN region. The country's advantage in the climate state, as well as the water resources, provides the best conditions for fish farming, thus the feed ingredient's fish meal is in high demand.
The Thai government supports the aquaculture sector by implementing policies that promote environmentally friendly practices and improve production efficiency. The surge in local fish consumption due to increased seafood demand on the global market has also had a positive effect on Thailand's fish meal market.
As it stands today, the nation is reputed to be one of the prominent seafood dealers catering to international buyers, which in turn leads to a requirement for high-quality fish meal products
The leading product type in the fish meal market continues to be fish meal powder as it commands a significant share of the entire market. This prominence can be explained by its flexibility and high nutritional value making it the first choice for aqua feed formulations.
Fish meal powder is a source of protein, essential amino acids, and omega-3 fatty acids that help fish grow and stay healthy. Fish meal powder is in the greatest demand in the aquaculture field, where it is the main ingredient in feed for different species of fish.
Fish meal powder's ability to increase growth rates and improve feed conversion ratios makes it a necessary substance for fish farmers who want to enhance their production.
The main reason for the growth of aquaculture is the increased demand for seafood globally and the consequent rapid increase in fish farming activities. Innovative fish farming techniques have increased fish production using aquaculture, which has become a substitute for wild-caught fish in the diet of ever-growing populations. This requires the use of high-quality feed ingredients such as fish meal.
The high protein content and the rich nutritional value of fish meal are the main reasons why this feed is often used in aquaculture; it is pivotal for raised fish's health and growth. The fish meal contains the necessary amino acids, vitamins and minerals that on the one hand, help the fish to grow faster, on the other hand, assist them to convert feed better and finally, to have improved general health.
2025 Market Share of ASEAN Fish Meals Manufacturers
Note: The above chart is indicative
The fish meal sector represents a battlefield where numerous major actors challenge one another for the available slice of the market. The main companies operating in the fish meal market are Omega Protein, Nutreco, Cargill, Skretting, and Marubeni Corporation, which are the prime movers in the sector. They are accessing their broad-based and technical know-how along with excellent distribution networks to efficient keep-up the competitive level.
The ASEAN Fish Meals market is projected to grow at a CAGR of 7.3% from 2025 to 2035.
By 2035, the market is expected to reach an estimated value of USD 1,690.0 million.
India are key Country with high consumption rates in the ASEAN Fish Meals market.
Leading manufacturers Gardenia Bakeries, Bread Talk, The Baker's Cottage, Fish Meals & Co. in the ASEAN market.
Fish Meal Powder of the market, Fish Meal Pellets, Fish Oil, and Fish Protein Hydrolysate.
Aquaculture of the market, Animal Feed, Pet Food, Fertilizers, and Nutraceuticals.
Wild-Caught Fish of the market, Farmed Fish, Bycatch, and Processing By-products.
Industry analysis has been carried out in key countries of India, Malaysia, Thailand, Philippines, Vietnam, and other ASEAN Countries.
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ASEAN Fish Meals Market
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