Fish Meal Market

Fish Meal Market Outlook 2024 to 2034

The fish meal industry share is estimated to show consistent growth throughout the forecast period, expanding at a CAGR of 4.4%. The fish meal sales are expected to expand from USD 5,633.5 million in 2024 to USD 8,698.7 million by 2034.

Trends Analysis of the Fish Meal Market

• Consumption of fish meal is increasing in animal rearing like pig farms, poultry, and aquaculture.
• Surging use of fish meal as a replacement for traditional feed ingredients like corn gluten meal and soybean meal. This can be attributed to the high content of protein and several nutritional benefits of fish meal that other ingredients lack. For instance, fish meal constitutes a high proportion of omega-3 fatty acids, which is beneficial for animal health.
• Increasing interest in fishmeal products especially in fertilizer industry is projected to fuel overall market growth.
• Continuous research activities to enhance the production processes of fish meal.

Attributes	Key Insights
Estimated Fish Meal Market Size (2024E)	USD 5,633.5 million
Projected Fish Meal Industry Value (2034F)	USD 8,698.7 million
Value-based CAGR (2024 to 2034)	4.4%

Category-wise Fish Meal Market Share Analysis

Poultry Segment to Acquire a Prominent Market Share

Leading Application	Poultry
Value Share (2024)	23.40%

Based on application, the poultry segment is projected to capture a sizeable share in the fish meal market. As per the latest market analysis by FMI analysts, the poultry segment is estimated to be 23.40% in 2024. Factors below are contributing to this segment’s growth:

• Fish meal is finding heightened demand in poultry as it is a rich source of digestible protein that contains all essential amino acids required for optimal growth and advancement in poultry.
• Demand for fish meal is rising as it provides essential nutrients like phosphorus, calcium, and omega-3 fatty acids, which elevates immune function, bone health, and overall bird health.
• Use of fish meal promote faster growth rates and better feed conversion ratios in poultry.

Crustaceans Constitute a Favored Source of Fish Meal

Leading Source	Crustaceans
Value Share (2024)	19.50%

Crustaceans hold a massive share of 19.50% in the fish meal market. Key factors that are contributing to segment growth are:

• Ready availability of crustaceans in certain regions is contributing to their demand. Additionally, they offer a constant supply of fish meal as opposed to some fish species.
• Crustacean-based fishes are considered cost-competitive as opposed to fish meals from other sources due to factors like local availability and processing costs.

Fish Meal Market Analysis by Country

Countries	Forecast CAGR (2024 to 2034)
The United States	2.80%
Germany	3.50%
China	2.10%
Japan	4.30%
India	8.20%

Increasing Collaborations to Boost the Production of Protein-rich Fish Meals in the United States

The fish meal market in the United States is expected to register a CAGR of 2.8% through 2034. The market is projected to be driven by:

• Growing demand for fish meal as a highly preferred component in pet food and Fish Meal. This is because fish meal is high in protein and has significant quality and nutritional value.
• Factors driving the United States market are increasing consumption of pork and rearing pigs, rising production of fish, surging rearing poultry, and mounting pet food consumption as a result of growth in pet keeping.
• Strategic moves by key players to get ahead in the market by fulfilling emerging demands. For instance, in July 2023, Kerala University of Fisheries and Ocean Studies (KUFOS) inked an agreement with Meridian Biotech, which is a Texas-based industrial biotechnology giant. This collaboration aims to focus on testing processes and production of protein-rich fish meals, obtained from native non-fish raw materials.
• Key players in the market like Kemin hold a comprehensive understanding of “oxidation chemistry” and offer both synthetic and natural antioxidant solutions. This helps enhance feed and fishmeal safety, control oxidation of animal fat, and prolong the product’s shelf life.

Factors Determining the Consumption of Fish Meal in China

The China fish meal industry is projected to record a CAGR of 2.1% through 2034. Key factors that are compelling market growth are:

• China observes significant growth in the aquaculture industry and produces large volumes of animal-derived products. Since the country leads in aquaculture and demand for seafood and pork is rising, the fish meal market is growing in size.
• Farms seek to ensure good quality high-protein fish meals in the aquaculture systems, which is driving advancements in the shrimp farming industry. This is consequently boosting the consumption of fish meals.
• Strict fisheries restrictions and finite supply are together facilitating local companies to develop healthier, safer, and more productive methods of gathering and selling fish meal. Thus, promoting product sales.
• Aquafeed sector in China is undergoing a downturn owing to low prices and an oversupply of aquaculture products. However, these dynamics are pushing the sector toward innovation and business viability, meanwhile sustaining the demand for fish meal.

Increasing Fish Meal Exports is Raising Fortunes of Fish Meal Production Units in India

The fish meal industry in India is expected to accelerate at a CAGR of 8.2% through 2034. Top factors that are promoting market growth are as follows:

• Several places in India process fish meal, such as fish farms, fish processing companies, and fish meal manufacturers.
• Presence of numerous companies, including Mukka Proteins Limited, that are engaged in the production of fish oil, fish meal, and fish soluble paste.
• Growing demand for fish meal as a supplement in highly nutritious opaque diets for poultry, aquaculture, fish feed, and dairy industries.
• Surging incorporation of fish meal into the diets of fish and other farm animals to efficiently enhance concentration levels of important omega-3 fatty acids when consumed by human beings.
• From 2022, the sardine-based fish meal has been observing a global shortage. Indian producers have been cashing in on this situation by exporting more volumes of fish meals, thus fetching elevated prices and increased profits. Demand for meals made from sardines is increasing as it helps in the swifter and better growth of fish due to their nutrient-rich content.

Researchers in Japan Exploring Fish Meal Substitutes to Mitigate Sustainability Issues

The fish meal market in Japan is estimated to register a CAGR of 4.3% through 2034. The market is driven by the following factors:

• Intensifying research and development activities in Japan are contributing to market growth. For instance, in the past few years, some Japanese researchers have been developing alternative sources of protein to be used in aquaculture feed. This came in response to sustainability issues, rising costs, and supply chain problems associated with the use of traditional fish meals. Choices of experimentation that promote sustainability are mushroom substrate, single-cell organisms, insects, and citrus byproducts.
• The government in Japan promotes the aquaculture sector, which is indirectly contributing to raised demand for fish meal.

Emerging Trend toward Natural Ingredients to Drive Sales of Fish Meal in Germany

The sales of fish meal in Germany are projected to rise at a CAGR of 3.5% from 2024 to 2034. During this period, the market is expected to propel forward supported by the following factors:

• Consumers in Germany are increasingly purchasing animal protein sources, like cod, tuna, and salmon. Growth in fish consumption is resulting in rising by-products developed from processing these fishes. These are then used to produce fish meal.
• Fish meal is valued by farmers due to its high protein content for farmed fish, which leads to their health and growth.
• Surging trend of fish meal derived from natural ingredients. Since fish meal is considered a high-quality, natural source of protein, as opposed to synthetic alternatives, their consumption is predicted to increase.

Competitive Landscape

Key players in the market are focusing on extending their market reach, especially in regions with expanding aquaculture sectors, to raise their customer base. Companies are further creating new fish meal products with customized functionalities, such as specific amino acids or higher protein content profiles, to meet the diversified customer requirements in animal feed and aquaculture industries.

Players are executing sustainable fishing practices and using by-products from fish processing to show their commitment to sustainability and attract eco-conscious customers. Industry players are getting certificates for sustainable practices to build brand reputation and trust, potentially giving them an upper hand over competitors.

Industry participants are researching and developing the latest technologies to efficiently produce fish meals, like utilizing alternative fish species or minimizing waste. Market contenders are expected to invest in research and development and focus on strategic acquisitions to boost their production capacity.

Latest Developments in the Fish Meal Market

• In August 2023, Kufos, short for Kerala University of Fisheries and Ocean Studies, introduced an experimental project for producing fish meal from organic waste. The project aims to produce the protein used for fish feed production by utilizing black soldier fly larvae.
• In July 2023, Kufos tied up with Meridian Biotech to address important environmental issues.

Key Coverage in the Global Fish Meal Market Research Report

• Top Producers of Fish Meal in the Global Market
• Price Estimation of Fish Meal
• Scope of Fish Meal Market in Asia Pacific
• Adjacent Study of Fishmeal and Fish Oil Market, Fish Feed Market, Flame Dried FD Fishmeal Market, and Natural Protein Fish Meal Market

Key Players in the Fish Meal Market

• 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
• Oceana Group Limited S.A.
• Empresas Copec S.A.
• Others

Fish Meal Market Research by Application, Nature, and Other Categories

By Nature:

• Organic
• Conventional

Based on Application:

• Animal Feed
• Aqua Feed
• Poultry
• Pharmaceuticals
• Dietary Supplement
• Fertilizers

By Source:

• Crustaceans
• Crabs
• Lobsters
• Crayfish
• Shrimps
• Prawns
• Krill
• Woodlice
• Barnacles
• Cyprinids
• Tuna
• Tilapia
• Swordfish
• Salmons
• Milkfish
• Catfish
• Trout
• Marine Fish
• Eels
• Molluscs

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Frequently Asked Questions

How Big Will be the Fish Meal Industry in 2024?

The market is estimated to account for USD 5,633.51 million in 2024.

At What Rate Will the Fish Meal Industry Grow?

Throughout the forecast period, the Fish Meal industry is projected to register a CAGR of 4.4%.

What is the Expected Value of the Fish Meal Industry by 2034?

By 2034, the fish meal industry is forecast to be worth USD 8,698.72 million.

Which Application Segment is Expected to Acquire a Significant Share in the Fish Meal Industry?

Poultry is expected to obtain a considerable value share in the fish meal industry.

Which Country is Projected to Find Significant Growth Opportunities?

India is expected to find substantial growth prospects in the future.

Who are the Leading Companies in the Fish Meal Industry?

Leading companies in the fish meal industry include Novus International Inc., Alpha Atlantique, and Oceana Group Limited S.A.