Fish Meal Market (2026 - 2036)

Fish Meal Market Size, Market Forecast and Outlook By FMI

In 2025, the fish meal market was valued at USD 46.6 billion. It is expected to reach USD 48.7 billion in 2026 and USD 74.8 billion by 2036, implying a CAGR of 4.4%. Absolute dollar growth of USD 26.2 billion over the decade signals a value-driven expansion, where limited marine supply forces prices upward despite volume constraints. This trajectory reflects a structural shift where finite wild-catch volumes are increasingly diverted to high-value aquaculture sectors rather than generic animal feed.

As per FMI's projection, growth is governed by the physical constraints of marine resource management, where buyers must navigate tight supply availability to secure protein for expanding aquaculture operations. Global production has stabilized near 5.6 million tons annually, forcing feed formulators to optimize inclusion rates rather than relying on volume expansion alone [2]. Procurement strategies now prioritize long-term offtake agreements with integrated suppliers to hedge against the volatility inherent in pelagic fisheries. A detailed market share analysis suggests that top-tier integrators are gaining leverage by controlling quota access.

Summary of Fish Meal Market

• Fish Meal Market Definition:
  • High-protein powder derived from processing whole fish or trimmings, critical for aquatic and animal feed formulations.
• Demand Drivers in the Market:
  • Rapid industrialization of aquaculture in Asia requires consistent high-quality protein sources.
  • Rising pet ownership drives demand for premium marine ingredients in companion animal nutrition.
  • Shift toward circular economy practices encourages the use of processing by-products for meal production.
• Key Segments Analyzed in the FMI Report:
  • Source: Wild-caught fish retains dominance due to protein density, though by-products are gaining share.
  • Application: Aquaculture consumes the majority of global volumes, projected to reach 84% usage by 2034 [3].
  • Geography: Asia Pacific leads consumption, while Latin America remains the primary export hub.
• Analyst Opinion at FMI:
  • Nandini Roy Choudhury, Principal Consultant for Food & Beverage, opines, "Vertical integration is reshaping the landscape, as seen with Cooke's acquisition of Copeinca, allowing players to control the value chain from catch to feed [4]. My analysis suggests that future margin expansion lies in functional feeds that leverage specific bioactive properties of marine ingredients."
• Strategic Implications/Executive Takeaways:
  • Secure supply through strategic partnerships or acquisitions in major production zones like Peru.
  • Invest in processing technology to upgrade standard meals to super-prime grades for better pricing power.
  • Diversify raw material sources to include tuna or salmon trimmings to mitigate El Nino risks.
• Methodology:
  • Validated through first-hand corporate production and capacity data.
  • Zero reliance on speculative third-party market research reports.
  • Based on verifiable industrial benchmarks and verified sources.

Dr Enrico Bachis, Market Research Director at IFFO, notes, “Global fishmeal and fish oil production is consistent with IFFO’s 2025 estimates at 5.6 million tons of fishmeal and 1.2-1.3 million tons of fish oil.” [2] For buyers, this stability signals that price floors will remain elevated, necessitating a shift toward precision fish nutrition to maximize the value of every ton purchased. Suppliers are likely to focus on yield optimization and by-product recovery to extract incremental margins from a capped resource base.

Growth rates vary significantly by region, with China (6.3%), Chile (4.9%), and India (4.1%) outpacing mature markets like Norway (3.8%), the United States (3.2%), and Japan (2.5%) due to differing aquaculture intensities and export orientations.

Fish Meal Consumption Per Capita Deciles by Region

The global fish meal consumption chart from FMI's analysis reports asymmetry across income deciles, with population size and per-capita intensity pulling in opposite directions across regions. The chart captures a clear gradient where bars shrink progressively from left to right. The gradient indicates that the world's most populous segments consume fish meal at the lowest per-capita rates, while smaller, higher-income populations account for disproportionately intensive consumption in the upper deciles.

The regional breakdown shows following observations:

• Despite sitting on some of the world's richest marine resources, Latin America and Sub-Saharan Africa remain heavily clustered at the bottom deciles, pointing to systemic gaps in fish meal processing and distribution infrastructure.
• Moving into the lower-middle range, large population bases across India and MEA & North Africa continue to weigh down per-capita figures, with fish meal yet to find meaningful traction in either dietary habits or industrial aquaculture at scale.
• A different picture emerges further right along the decile spectrum, where SE Asia and East Asia (China) progressively expand their presence. This is supported by some of the world's most sophisticated and output-driven aquaculture industries.

Our analyst opines, "Fish meal demand is not uniformly tied to population scale. The upper decile concentration in SE Asia and Western Europe points to industrial aquaculture as the primary consumption engine, making infrastructure investment and catch quotas far more consequential than income growth alone in shaping future demand trajectories."

Fish Meal Market Definition

Fish meal is a commercial product made from fish and fish bones/offal that are processed by cooking, pressing, drying, and grinding the raw material into a solid or powder form. It serves as a high-protein, nutrient-rich feed ingredient primarily used in aquaculture and animal husbandry due to its digestible amino acid profile. The industry distinguishes between meals derived from whole wild-caught pelagic fish and those produced from trimmings or by-products of seafood processing.

Fish Meal Market Inclusions

The report includes fish meal derived from various species such as anchovy, menhaden, herring, and sardines, as well as meals produced from crustaceans or mixed marine raw materials. It covers all major grades, including standard, prime, and super-prime, utilized across aquaculture, swine, poultry, and pet food sectors. Analysis extends to the trade of both brown fish meal and white fish meal, tracking volumes destined for direct consumption or blending in fish feed mills.

Fish Meal Market Exclusions

The scope excludes raw fish oil sold separately from the meal production process, although both are often co-products. Direct human consumption of fish, fresh or frozen seafood trade, and plant-based fish feed concentrates used as substitutes are not part of the market sizing. Synthetic amino acid supplements and non-marine protein meals are also omitted unless they are part of a specific comparative analysis.

Fish Meal Market Research Methodology

• Primary Research: Interviews with feed formulators, marine ingredient associations, processing plant managers, and trade distributors to verify pricing and utilization trends.
• Desk Research: Analysis of catch quotas, export-import ledgers from bodies like FAO GLOBEFISH, and corporate filings from major integrators like Cooke and BioMar.
• Market-Sizing and Forecasting: A bottom-up approach aggregating feed production volumes by species and region, cross-referenced with biological feed conversion ratios.
• Data Validation and Update Cycle: Peer review of supply-demand balances against IFFO production benchmarks and OECD aquaculture outlooks.

Segmental Analysis

Fish Meal Market Analysis by Source

According to FMI's estimates, the wild-caught segment commands 40% of the market share as of 2026, driven by the superior nutritional profile of whole pelagic fish like anchoveta. Demand for this premium source is inelastic in early-stage aquaculture, where juvenile survival rates depend on high digestibility. However, ecological quotas and climate variability are forcing a gradual structural pivot toward marine by-products utilization.

• Sustainability trigger: Regulatory caps on wild capture encourage processors to monetize trimmings, which now contribute significantly to global volume without expanding fishing effort [3].
• Procurement shift: Feed mills are increasingly blending wild-caught and by-product meals to balance amino acid profiles while managing raw material costs during low-catch seasons [10].
• Traceability implication: Buyers prioritize sources with certifications like MarinTrust, compelling suppliers to implement rigorous tracking from vessel to plant to retain access to Western markets [10].

Fish Meal Market Analysis by Application

Aquaculture stands as the dominant application, accounting for 50% of consumption in 2026, a figure poised to climb as farming intensity increases globally. The sector's reliance on fish meal is evolving from a bulk protein source to a strategic inclusion for palatability and health. FMI analysts opine that this transition supports value-over-volume growth strategies for feed producers, even as the fish meal alternative landscape expands.

• Nutritional dependence: Use of fish meal in carnivorous finfish diets ensures optimal growth rates, with OECD projecting 84% of fish meal going to aquaculture by 2034 [3].
• Formulation adjustment: High prices drive nutritionists to reserve fish meal for critical growth stages, utilizing it as a strategic additive rather than a primary bulk ingredient [3].
• Feed conversion impact: Improvements in feed technology allow for lower inclusion rates without compromising harvest weights, sustaining demand even as alternative proteins enter the mix [3].

Fish Meal Market Drivers, Restraints, and Opportunities

The primary driver for market expansion is the relentless growth of the global aquaculture sector, particularly in Asia. As wild fish stocks plateau, the farming of shrimp and carnivorous fish has become the only viable method to meet global seafood demand. This reliance creates a direct correlation between aquaculture output and fish meal consumption. For instance, China's imports of fish meal from Peru surged to 771,000 tonnes in the first nine months of 2024, reflecting the massive appetite of its farming industry [1]. Feed producers are responding by locking in supply, as seen with Exalmar's acquisition of Pesquera Centinela to secure processing capacity and vessel quotas in the key Peruvian fishing grounds [9].

However, the market is restrained by the inherent volatility of climatic events like El Niño, which can decimate anchovy biomass and trigger sharp price spikes. Such unpredictability forces feed manufacturers to seek alternative proteins, creating a ceiling on fish meal pricing during shortage years. The industry also faces scrutiny regarding overfishing, leading to stricter quotas that limit raw material availability. In the United States, industrial fishery production of fish meal was recorded at 501.5 million pounds in 2022, a figure heavily regulated to maintain stock sustainability [8]. These supply-side constraints compel the industry to innovate with zero fishmeal feed concepts or risk losing share to plant-based competitors.

• Functional Feed Development: Companies can capture premium margins by developing specialized feeds for juvenile stages, as evidenced by BioMar's capacity expansion in Ecuador to serve the high-value shrimp hatchery segment [5].
• Circular Economy Integration: There is significant potential in upgrading processing facilities to handle diverse by-products, aligning with trends where integrated players like Mowi optimize internal feed supply chains [6].
• Asian Market Penetration: Expanding distribution networks in India offers growth, as demonstrated by IFB Agro’s acquisition of Cargill’s local aquafeed business to tap into the country’s modernizing shrimp sector [7].

Regional Analysis

Based on the regional analysis, the Fish Meal market is segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa across 40+ countries. The full report also offers market attractiveness analysis based on regional trends.

Source: Future Market Insights (FMI) analysis, based on proprietary forecasting model and primary research

Asia Pacific Fish Meal Market Analysis

Asia Pacific remains the global engine of consumption, absorbing the vast majority of export volumes to fuel its expansive aquaculture industry. FMI analysts opine that the region's demand is shifting from quantity to quality as farming practices modernize and export standards tighten. In the first nine months of 2024, China alone accounted for 40% of global fish meal imports, underscoring its pivotal role in the trade balance [1]. Corporate activity mirrors this growth, with BioMar announcing a 50,000-tonne capacity expansion in Wuxi to serve the local market's increasing sophistication [5].

• China: Demand for fish meal in China is set to grow at 6.3% CAGR through 2036, supported by the massive scale of its fed aquaculture sector before procurement and budgeting cycles translate into higher deployment volumes. This hunger for resources is evident in the 771,000 tonnes imported from Peru in early 2024, a sharp rise from the previous year [1].
• India: Growth in fish meal across India is estimated at 4.1% CAGR through 2036, driven by the industrialization of shrimp farming that increases the value of reliability and compliance in buyer criteria. Strategic consolidation, such as IFB Agro acquiring Cargill India’s feed business, highlights the push to secure domestic supply lines [7].
• Japan: The outlook for fish meal in Japan indicates a 2.5% CAGR from 2026 to 2036 as mature farming practices prioritize efficiency, strengthening demand from both public programs and private operators. Buyers are focusing on high-specification feeds, aligning with global trends where aquaculture consumes the lion's share of marine ingredients [3].

FMI’s report includes a comprehensive assessment of the Asia Pacific region, detailing trends in Vietnam and Thailand. Vietnam and Indonesia are emerging as critical growth nodes, where expanding shrimp production is driving demand for high-protein starter feeds. These markets are increasingly adopting marine feed innovations to improve disease resistance and growth rates [3].

Latin America Fish Meal Market Analysis

Latin America serves as the world's primary production and export hub, with Peru and Chile dictating global pricing dynamics through their anchovy seasons. The region is characterizing a "compliance push," where producers upgrade facilities to meet international sustainability standards for export. Cooke Inc.'s recent acquisition of Copeinca consolidates this influence, merging significant vessel quotas with processing capabilities to ensure supply continuity [4].

• Chile: Chile is expected to record 4.9% CAGR in fish meal demand over 2026 to 2036 as the salmon industry expands, tightening the link between operational constraints and adoption-led investment. Exports remain robust, with 204,000 tonnes shipped in the first three quarters of 2024, primarily consisting of high-quality grades [1].

FMI’s report includes detailed analysis of Peru and Ecuador alongside Chile. Peru remains the undisputed volume leader, contributing nearly 20% of global output, while Ecuador is rapidly expanding its own feed capacities to support its shrimp export leadership [2]. Strategic investments in these countries focus on upgrading fleet efficiency and plant yields to maximize output from fixed quotas using advanced marine extract technologies [5].

North America Fish Meal Market Analysis

North America's market is defined by a balance of domestic production and specialized consumption in pet food and niche aquaculture. Regulatory oversight by bodies like NOAA ensures that production adheres to strict biological benchmarks. In 2022, USA production of fish meal reached 501.5 million pounds, catering to high-end nutritional applications where traceability is paramount [8].

• United States: The United States is poised to expand at 3.2% CAGR during 2026 to 2036 because the pet food and specialty aquaculture sectors require consistent high-protein inputs, which lifts utilization rates and justifies technology refresh decisions. This steady demand is supported by a stable domestic fishery and increasing imports of certified sustainable ingredients [8].

FMI’s report includes insights into Canada and Mexico as key trading partners within the region. Canada's growing aquaculture presence, particularly on the Atlantic coast, offers opportunities for premium feed suppliers. The focus in these opportunistic markets is shifting toward fish feed ingredients that offer lower carbon footprints and higher traceability [4].

Europe Fish Meal Market Analysis

Europe operates as a high-value market where sustainability certifications are a prerequisite for market entry. The region's salmon farming giants drive innovation in feed formulations, reducing dependency on marine ingredients while maintaining nutritional quality. Mowi's strategic partnership with Skretting exemplifies this approach, integrating feed production with farming operations to optimize costs and sustainability metrics [6].

• Norway: Norway's fish meal landscape is forecast to expand at 3.8% CAGR through 2036, as the salmon sector demands premium, certified ingredients and market participants respond with scaled deployment plans. This growth is underpinned by a shift where certified marine ingredient use in feeds rose from 77% to 85% between 2023 and 2024 [10].

FMI’s report includes coverage of the United Kingdom and Iceland, which are vital players in the North Atlantic fishery. Denmark and Iceland continue to be significant producers of high-quality fish meal from herring and blue whiting. The trend in these markets is increasingly focused on fish hydrolysate and other advanced derivatives to extract maximum value from the catch [10].

Competitive Aligners for Market Players

The competitive landscape is undergoing a wave of consolidation as major players seek to insulate themselves from raw material volatility through vertical integration. Cooke Inc.'s acquisition of Copeinca is a definitive move in this direction, combining one of the world's largest fishing fleets with extensive processing infrastructure to secure a stable internal supply of marine active ingredients [4]. This integration model allows companies to absorb price shocks and guarantee traceability, a key differentiator for premium buyers.

Feed manufacturers are increasingly aligning with sustainability mandates to protect their market share in Western economies. Skretting's reported increase in certified marine ingredient usage to 85% signals a competitive shift where provenance is as critical as protein content [10]. Suppliers who cannot provide verified chain-of-custody data risk exclusion from the supply chains of major retailers and aquaculture groups.

Innovation in by-product recovery is becoming a central competitive variable, enabling firms to expand volumes without relying on limited wild-catch quotas. Exalmar’s purchase of Pesquera Centinela not only expands its fleet but also its processing capacity, allowing for greater efficiency and yield maximization [9]. Companies that invest in advanced processing to create specialized, functional ingredients from trimmings are better positioned to capture higher margins than those selling generic commodities.

Recent Developments:

The report includes full coverage of key trends from competitive benchmarking. Some of the recent developments covered in the reports:

• In November 2024, Cooke Inc. entered a binding share purchase agreement to acquire Copeinca, significantly expanding its access to Peruvian anchovy quotas and processing assets.[4]
• In February 2026, BioMar acquired the remaining 30% of BioMar Ecuador and announced plans to expand capacity from 300,000 to 410,000 tonnes to serve the shrimp sector.[5]

Key Players in Fish Meal

• Cooke Inc.
• BioMar Group
• Mowi ASA
• Pesquera Exalmar S.A.A.
• Skretting (Nutreco)
• Cargill, Inc.
• IFB Agro Industries Ltd.
• Aker BioMarine
• Copeinca
• Pesquera Centinela

Scope of the Report

Fish Meal Market Analysis by Segments

Source:

• Wild-caught
• By-product

Application:

• Aquaculture
• Animal Feed
• Fertilizers
• Pet Food

Livestock:

• Aquatic Animals
• Swine
• Poultry
• Pets
• Others

Region:

• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Indonesia
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Europe
  • Germany
  • Italy
  • France
  • United Kingdom
  • Spain
  • Benelux
  • Nordics
  • Central & Eastern Europe
  • Rest of Europe
• North America
  • United States
  • Canada
  • Mexico
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
• Middle East & Africa
  • Kingdom of Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Turkey
  • Rest of Middle East & Africa

Bibliography

• [1] FAO GLOBEFISH. (2025). Fishmeal exports and China imports trade data (first 9 months 2024). FAO GLOBEFISH.
• [2] IFFO. (2025). Global fishmeal and fish oil production estimates and quote by Dr Enrico Bachis. IFFO.
• [3] OECD/FAO. (2025). OECD-FAO Agricultural Outlook 2025-2034 (Fishmeal and Fish Oil Projections). OECD.
• [4] Cooke Inc. (2024). Cooke enters binding share purchase agreement to acquire Copeinca. Company Press Release.
• [5] BioMar. (2026). BioMar acquires full ownership of BioMar Ecuador and expands capacity. Company Press Release.
• [6] Mowi. (2025). Mowi enters strategic partnership with Skretting for feed production. Company Announcement.
• [7] IFB Agro. (2025). IFB executes Business Transfer Agreement to acquire Cargill India’s aquafeed business. Company Filing.
• [8] NOAA Fisheries. (2025). Fisheries of the United States 2022 (Industrial Fishery Products). NOAA.
• [9] SeafoodSource. (2025). Exalmar agrees to purchase Pesquera Centinela assets. SeafoodSource.
• [10] Skretting. (2025). Sustainability Report: Certified marine ingredient use increases to 85%. Skretting.

This Report Addresses

• Market intelligence to enable structured strategic decision making across mature and emerging aquaculture and animal nutrition economies
• Market size estimation and 10-year revenue forecasts from 2026 to 2036, supported by validated production volumes, catch data, and trade benchmarks
• Growth opportunity mapping across standard, LT (low-temperature), and specialty grades with emphasis on high-protein and pharmaceutical-grade transitions
• Segment and regional revenue forecasts covering aquafeed, poultry, swine, pet food, and specialty livestock applications
• Competition strategy assessment including vertical integration models, raw material security positioning, and export competitiveness benchmarking
• Product quality differentiation tracking including protein concentration, digestibility indices, contaminant thresholds, and certification standards
• Regulatory impact analysis covering fishing quotas, marine resource management policies, feed safety norms, and cross-border trade regulations
• Market report delivery in PDF, Excel, PPT, and interactive dashboard formats for executive and operational use