The global fish meal market is expected to reach USD 46.62 billion in 2025, with a CAGR of 4.4%, growing to USD 71.71 billion by 2035.
| Attribute | Value |
|---|---|
| Market Value (2025) | USD 46.62 billion |
| Forecast Value (2035) | USD 71.71 billion |
| Forecast CAGR (2025 to 2035) | 4.4% |
The market is being driven by the increasing demand for fish meal, particularly in the aquaculture industry, which is expected to dominate the application segment, accounting for 50% of the market share. This growth is fueled by the rising demand for fish meal as a primary ingredient in feed production for farmed fish. Additionally, the wild-caught fish segment is expected to lead the species segment, holding a 40% share in 2025, as wild fish remain the primary source of fish meal production.
The demand for fish meal is largely influenced by the expanding aquaculture industry, particularly in Asia, with China being a key growth region. The increasing reliance on fish meal in fish feed production is expected to fuel the market's expansion, with China experiencing a 6.3% CAGR over the forecast period. Furthermore, the shift toward more sustainable fish farming practices is expected to continue driving the demand for fish meal and other high-protein ingredients in aquaculture feeds.
On February 5, 2025, IFFO, The Marine Ingredients Organisation, released its estimates for 2024 fishmeal and fish oil production. According to market intelligence reports, fishmeal production increased by 26%, while fish oil production rose by 12% compared to 2023.
These estimates are based on statistics from IFFO members, which represent 40% of global fishmeal production and 50% of fish oil production. The recovery of anchovy landings in Peru was identified as the primary driver behind the increase in fishmeal production.
A strong anchovy fishing season contributed significantly to the global increase in production. However, declines in production from other regions partially offset the rise in fish oil production. The market is expected to benefit from these production shifts and improvements in fishing conditions, especially as demand from aquaculture continues to rise globally
The below table presents a comparative assessment of the variation in CAGR over six months for the base year (2024) and current year (2025) for the global industry. This analysis reveals crucial shifts in market performance and indicates revenue realization patterns, thus providing stakeholders with a better vision of the growth trajectory over the year. The first half of the year, or H1, spans from January to June. The second half, H2, includes the months from July to December.
| Particular | Value CAGR |
|---|---|
| H1 (2024 to 2034) | 3.9% |
| H2 (2024 to 2034) | 4.7% |
| H1 (2025 to 2035) | 4.2% |
| H2 (2025 to 2035) | 4.8% |
The global industry's predicted compound annual growth rate (CAGR) over a semi-annual period from 2025 to 2035 is shown in the above table. The business is anticipated to grow at a CAGR of 3.9% in the first half (H1) of 2024 and then slightly faster at 4.7% in the second half (H2) of the same year.
The CAGR is anticipated to decrease somewhat to 4.2% in the first half of 2025 and continues to grow at 4.8% in the second half. The industry saw a decline of 35 basis points in the first half (H1 2025) and an increase of 46 basis points in the second half (H2 2025).
| Segment | Value Share (2025) |
|---|---|
| Wild-Caught Fish (Species) | 40% |
With more than 65% of the total fish meal coming from wild fish, it is still the number one raw material for the production of fish meal globally. The leading species, which is mainly focused on the harvesting in areas such as Peru, Chile, and the north Atlantic, include anchovies, menhaden, capelin, and sardines. This segment has been and will continue to be the main aquafeed supplier globally due to its high protein yield, superior amino acid profile, and omega-3 content.
Although people are showing a rising interest in fish by-products and alternative proteins, wild fish meal still excels in digestibility and feed conversion efficiency (FCR), thus, contributing to a faster rate of growth and better health of farmed species such as salmon and shrimp.
The fish and seafood sector has a commitment to sustainability which is why they are now even acting responsibly and certified by MSC to guarantee proper sourcing practices that will in turn help them keep the market stable. Even though there are alternatives, wild-caught fish remains the top choice for fish meal production, which is due to the high demand for premium quality feeds.
| Segment | Value Share (2025) |
|---|---|
| Aquaculture (Application) | 50% |
Aquaculture is the industry with the majority ownership in the global fish meal market as it consumes about 70% of the total fish meal produced. The fast growth of the intensive fish and shrimp farming sector has resulted in the demand for the diet which is rich in protein and high in omega-3, which is why fish meal is the main item on the menu for fish like salmon, shrimp, tilapia, and other marine finfish.
Unlike plant-based proteins, fish meal provides an optimal amino acid profile and therefore ensures superior growth rates, feed conversion efficiency (FCR), and disease resistance in farmed seafood. With the increase in global seafood consumption, the aquaculture sector's dependability on fish meal is becoming more significant, especially in China, Norway, and Southeast Asia.
To ensure a constant supply of raw materials, manufacturers are making use of fish meal formulations that have been enhanced with marine peptides and enzyme treatments. Despite the fact that there are other alternatives, all the same, fish meal has been and remains a cornerstone of premium aquatic nutrition and has a long-term market leader's role.
Shift Towards Alternative Fishmeal Sources
With the decline in freshwater fish and aquatic life, seafood companies have been searching for other raw materials to produce fishmeal. One of the most important changes that have happened is the increased use of fish parts that have been considered waste, like parts of fish that are not used in production.
These fish by-products, such as trimmings, heads, and viscera from seafood processing plants, are being utilized more demanding. This not only leads to less waste but also creates a more sustainable source of supply. What is more, previously less desired marine species like krill and mesopelagic fish are finding their place as the new sources of fish meal.
A few of the new companies that have entered into the market are focusing on through single-cell proteins and insects as partial replacements instead of depending on the use of traditional marine sources. The emphasis lies on the products being cost-effective and at the same time containing the right amount of protein and offering good digestibility.
Increasing Use of Enzyme-Treated Fish Meal for Enhanced Digestibility
As demand grows, enterprises are also looking into sourcing not just globally but within certain regions which is critical to mitigate risks that are related to climate-induced fish stock fluctuations and geopolitical disruptions which are very common in the main regions of production such as Peru and Chile.
Aqua feed and livestock feed manufacturers are shifting towards enzyme-treated fish meal to improve nutrient absorption and feed efficiency. The use of enzyme therapy has been widely popularized in fish meal production as it effectively breaks down the proteins which are otherwise not accessible to the fish.
The result is better growth and health the latter being a key factor in survival during the marine environment. Fish meal rich in methionine and lysine, are amino acids applicable to various physiological functions. One company will focus only on production efficiencies whereas another will focus on investing in technology that will convert fish meal for different fishes.
Rising Integration of Fish Meal in High-Performance Livestock Diets
Along with the innovation in high-performance fish meal for shrimp, salmon, and piglet diets, the company also invests in advanced enzymatic processing technologies, which liberate the fish meal contents for the different species’ digestive ability. In the meanwhile, the use of enzyme-treated fish meal helps in reducing the nitrogen and phosphorus waste in aquaculture which is consistent with the environmental management regulations in their countries.
On the other hand, as consumers of precision nutrition are becoming more aware of the differences in fish meal of different species and their impact on digestibility, some companies are incorporating these changes into their privileged fish meal ecology and targeting high performance feed sectors.
Regulatory Scrutiny on Heavy Metal and Contaminant Levels
Although traditionally dominated by aquaculture, fish meal is now coming back in the premium livestock feed, especially in early-stage poultry and swine nutrition. It comes with an ideal amino acid profile and also the richness in methionine and lysine which is why it is the one and not the other type of science. Good gut health and fast growth were the pluses that fish meal gave to piglets and broiler chickens. It is being included in poultry and swine diets as it can be through it used as a natural growth promoter.
The industry is also coming up with the invention of the species-specific formulations with the idea of maximizing the protein content and controlling the costs with the fluctuations in the fish meal prices. The additional focus is on the intake of the feed additives, which is then turned into fish meal that is palatable and as a result, a better fish meal in general.
The fishmeal market across the world is a stage where both large multinationals and regional actors perform. Market competition is moderate, and its top players, who control a considerable part of the corporate market, are to be found. Cargill, Archer Daniels Midland (ADM), and Bunge are the leading companies in the global fishmeal market. They operate in different fields and have a strong presence worldwide as well as effective management of their logistics thus they have preserved their power over the market.
The second tier showcases businesses like TASA (Tecnológica de Alimentos S.A.), Omega Protein Corporation, Austevoll Seafood ASA, and Corpesca S.A. They are regional or specialized fishmeal producers and mostly have a good hold in some geographic places or fishing regions.
The third tier of the market includes companies like Pesquera Diamante S.A., Copenca B.V., Nissui (Nippon Suisan Kaisha, Ltd.), Biomar Group, Skretting (Nutreco N.V.), Aker BioMarine, Oceana Group, and Copeinca ASA. These players operate in more niche or specialized segments of the fishmeal market, such as organic or sustainable fishmeal production, or they have a stronger focus on specific end-use industries like aquaculture.
This global fishmeal market has an average level of concentration, with top-tier MNCs wielding a strong power in the market. Meanwhile, the second and third sections of the market environment are more vivid and competitive as they include trading companies that are strong in regions, those providing specialized products, or certain solutions to challenges posed by the animal feed, aquaculture, and other industries that cope with the highest demand for fish meal as an ingredient.
The following table shows the estimated growth rates of the top three countries. Norway, China and Japan are set to exhibit high consumption, and CAGRs of 3.8%, 6.3% and 2.5% respectively, through 2035.
| Countries | CAGR 2025 to 2035 |
|---|---|
| Norway | 3.8% |
| China | 6.3% |
| Japan | 2.5% |
The fish meal market is mainly determined by China, which in turn influences the trend toward aqua feed formulations that are customized for high-value species, such as shrimp, grouper, and hybrid bass. Innovations are being driven by leading fish meal producers like COFCO Biotech and Fuzhou Haijing, while manufacturers are working on optimizing protein content, lipid composition, and digestibility enhancers to meet the specific nutritional requirements of certain species.
With regulatory scrutiny over antibiotic-free aquaculture increasing in China, companies are on top of it by adding functional additives like probiotics and marine peptides to fish meal, which contributes both to the increase of farmed fish immune response and disease resistance.
Also, the suppliers have incorporated the use of modern extrusion machinery to provide the same fish meal texture in all the feeds used. As China switches to precise nutrition in aquaculture, fish meal manufacturers are adopting the approach of not just bulk trading but producing customized products based on a performance plan.
Norway, home to Mowi ASA, BioMar Group, and Skretting, is a pioneer in a new hybrid fish meal that adds precision-fermented proteins to traditional fish meal. As the Norwegian salmon industry continues to drive efficiency on the feed conversion ratio (FCR) and aim to reduce their reliance on fish from the sea, manufacturers are pursuing the technology of using methane-eating bacteria and algae for protein fermentation processes. The result of this effort is a fish meal that is more nutritionally efficient in salmon farming through better use of amino acids and higher omega-3 content.
Furthermore, main companies are channelling resources into bioreactor technologies which enable the mass-production of microbial proteins as a coproduct together with the fish meal. Aligning with the objective of the Norwegian regulatory body, which also values low-carbon aquaculture, fish meal producers are largely adding precision fermentation proteins to their mix, thus making Norway the forefront of the innovation in the new age of salmon feed.
The tuna farming sector of Japan, with Maruha Nichiro and Nippon Suisan Kaisha (Nissui) at the helm, is the one that causes the highest wave of demand for ultra-purified fish meal with low ash and controlled fatty acid profiles.
The growing production of bluefin tuna has taken the focus away from protein optimization as the primary target towards the elimination of oxidized fats, heavy metals, and biogenic amines which affect growth rates or can lead to bad quality fillets. The advanced molecular fractionation and low-temperature refining techniques are being used by Japanese manufacturers not only to prevent oxidation but also to stay true to the production of high-value marine peptides.
The propensity for super-premium sushi-grade tuna has furthered the decision of fish meal manufacturers to upgrade their processing technology that contributes to feed digestibility and omega-3 retention. Japan has not only become known for high-performance fish feeds but also adds ultra-purified fish meal as an important factor that distinguishes its aquaculture sector.
The global fish meal market is characterized by a consolidated competitive landscape, with dominant players, key players, and emerging firms. Dominant players such as Omega Protein Corporation, Nutreco N.V., and Austevoll Seafood ASA hold leading positions, supported by their extensive production capacities, sustainable sourcing practices, and strong supply chains.
Key players including Cargill, Inc., Marubeni Corporation, and FF Skagen A/S focus on high-quality fish meal formulations and global distribution networks. Emerging players like DHA (Danish Fishmeal and Oil), Pesquera Diamante S.A., and Hawkins Watts Limited are gaining traction by catering to the growing demand for specialty fish meals and sustainable aquaculture practices, offering innovative solutions in the evolving fish meal market.
Recent Fish Meal Industry News
Fish Meal Powder, Fish Meal Pellets, Fish Oil, and Fish Protein Hydrolysate.
Aquaculture, Animal Feed, Pet Food, Fertilizers, Nutraceuticals
Wild-Caught Fish, Farmed Fish, Bycatch, and Processing by products.
Industry analysis has been carried out in key countries of North America, Latin America, Europe, Middle East and Africa, East Asia, South Asia, and Oceania
By 2035, the sales value of the industry is expected to reach USD 71,714.9 million.
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Fish Meal Market
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