Fish Meal Market

How big is Fish Meal Market in 2026?

Assessed at USD 46.2 billion in 2025 and progressing to USD 48.7 billion in 2026, the fish meal market valuation is on course to reach USD 82.4 billion by 2036, supported by a forecast-period CAGR of 5.4%.

Commercial fish meal demand is valued at USD 48.7 billion in 2026, up from USD 46.2 billion in 2025, and industry expansion at a 5.4% CAGR will lift the global market to USD 82.4 billion by 2036 while adding USD 33.7 billion in added market value. Salmon and shrimp feed mills rely on nutrient-dense marine meal because young carnivorous fry need natural amino acids and minerals that plant meals cannot match on their own. Feed formulators now reserve marine protein for high-value starter diets. Anchoveta & Forage Fish supply 54.7% of 2026 raw material volume as coastal reduction plants process whole pelagic catches while complementing aquafeed protein alternatives expanding at 7.9% annually. According to the Marine Ingredients Organisation (IFFO) at its October 2026 Tokyo conference, global producers delivered 5,690 thousand metric tons of fishmeal in 2025 after Peru filled over 80% of its North-Centre fishing quota [1]. Despite steady hatchery orders, periodic El Niño ocean warming in South America and higher vessel fuel costs continue to tighten seasonal supply.

Key Market Trends & Insights

• By marine source species: Anchoveta & Forage Fish are projected to capture 54.7% in 2026 because Humboldt Current Engraulis ringens landings provide unmatched essential amino-acid density and low ash content for extruded aquafeeds.
• By thermal drying process: Indirect Steam-Dried Meal is estimated to command 66.1% in 2026 as closed steam-jacketed disc dryers prevent protein scorching and keep pepsin digestibility above 92%.
• By crude protein grade: Super Prime Protein is expected to concentrate 51.3% in 2026 because above-68% histidine-rich meal prevents cataract formation in smoltifying Atlantic salmon and accelerates post-larval shrimp growth.
• By end-use application: Compound Aquafeed Rations are forecast to generate 61.3% in 2026 owing to intensive cage farming of salmonids and marine finfish as well as Penaeus vannamei across Asia-Pacific and Latin America.
• By sales channel: Direct Aquafeed Mill Contracts are anticipated to account for 58.4% in 2026 through multi-quarter Free-on-Board supply agreements between reduction plants in Peru and Chile and multinational feed extruders.

Regional Highlights

• Top national expansion: Vietnam is projected to lead major aquaculture markets at a 6.8% CAGR through 2036 under intensive brackish-water whiteleg shrimp and marine cobia feed mill capacity additions.
• Broader country progression: Chile is expected to expand at 6.5% CAGR ahead of Indonesia at 6.2% and Norway at 4.6%. The USA records 4.4% ahead of the UK at 4.3% while Canada reaches 4.2% and Japan registers 4.1%.

Market Size & Forecast

Table 1: Market Size and Forecast for the Fish Meal Market (USD billion and CAGR percentage), 2025 to 2036

Metric	Value
2025 Market Size	USD 46.2 billion
Estimated Market Size in 2026	USD 48.7 billion
Projected Market Size by 2036	USD 82.4 billion
CAGR, 2026 to 2036	5.4%
Added Revenue, 2026 to 2036	USD 33.7 billion

Coastal reduction plants and multinational aquafeed formulators confront seasonal biomass quotas and hydroacoustic juvenile bans across the Southeast Pacific and North Atlantic fishing zones. When acoustic biomass surveys delay fleet departures or trigger localized fishing closures, feed mills must rebalance amino-acid matrices without depressing fish appetite. In May 2026, the Marine Ingredients Organisation reported that cumulative global fishmeal production through March 2026 declined by 12% year over year due to lower early-year landings in Peru and North Europe [2]. Reduction operators are therefore expanding circular filleting-trimming recovery across marine fishmeal and oil ingredients plants to stabilize year-round contract deliveries.

Aquafeed Mill Demand and Reduction-Tonnage Sizing

Table 2: Aquafeed Mill Demand and Reduction-Tonnage Sizing for the Fish Meal Market (USD billion and operational ranges), 2025 to 2036

Metric	2025	2026	2036
Market size (USD billion)	46.2	48.7	82.4
Global fishmeal production volume (thousand metric tons)	5,550 to 5,750	5,650 to 5,850	6,850 to 7,250
Active commercial aquafeed & piglet mills (facilities)	3,850 to 4,150	3,980 to 4,280	5,100 to 5,550
Average wholesale contract price per metric ton (USD)	1,680 to 1,890	1,720 to 1,940	2,150 to 2,420

Operational note: Production tonnage and mill counts reconcile IFFO member country landings across South America and Scandinavia in addition to circular aquaculture by-product rendering volumes.

Extruded salmon and marine finfish diets require low total volatile basic nitrogen (TVBN) below 100 milligrams per 100 grams and biogenic amine control so pellets sink at calibrated velocities without leaching water-soluble attractants. Stale raw fish held in unrefrigerated vessel holds undergoes rapid enzymatic autolysis, elevating cadaverine and histamine levels that cause gastric erosion in farmed fish. Reduction vessels in Peru and the North Atlantic As a result chill catches in refrigerated seawater tanks before pumping raw fish into indirect steam cookers supplying commercial fish feeds.

Per Capita & Feed Mill Procurement Sizing

Table 3: Per Capita and Feed Mill Spending Indicators for the Fish Meal Market (USD), 2025 to 2036

Metric	2025	2026	2036
World population (billion)	8.2	8.3	9.0
Spend per 1,000 people (USD)	5,634.1	5,867.5	9,155.6
Annual marine meal spend per feed mill (USD thousand)	11,200 to 12,100	11,400 to 12,400	14,800 to 16,100
Circular by-product & trimmings raw material share (%)	33.0% to 35.5%	34.5% to 37.0%	43.0% to 47.0%

Table 4: Aquafeed & Livestock Mill Channel Indicators for the Fish Meal Market (USD and percentages), 2026

Metric	Value	Institutional Reference Basis
Market size, 2026	USD 48.7 billion	2026 global fish meal valuation baseline
Commercial aquafeed & starter-ration mills	4,120 facilities	Global compound aquafeed and swine premix registry
Market spend per feed mill facility	USD 11,820.4 thousand	Annualized contract and spot meal procurement
Direct aquafeed mill contract value, 2026	USD 28.4 billion	58.4% sales channel segment allocation

High-energy carnivorous aquaculture ration design requires balancing digestible crude protein with marine phospholipids, nucleotides, and arachidonic acid that stimulate feeding strikes in cold or turbid water. While soybean protein concentrate and corn gluten meal lower bulk pellet costs, excessive plant-protein inclusion triggers distal enteritis and bile-acid malabsorption in salmonids. Nutritionists therefore anchor smolt, broodstock, and nursery formulations with Super Prime indirect steam-dried fishmeal inside extruded salmon feeds.

Analyst Perspective

"Long-term margin resilience in the fish meal market depends on upgrading coastal reduction plants to indirect steam drying with refrigerated seawater fleet logistics and MarinTrust chain-of-custody certification. Producers that recover high-histidine Super Prime meal from both certified pelagic quotas and filleting trimmings will command price premiums over commodity flame-dried grades."

- Nandini Roy Choudhury, Principal Consultant, Future Market Insights.

How is the fish meal market segmented?

The fish meal market is segmented by marine source species and thermal drying process as well as crude protein grade, end-use application, and sales channel. Anchoveta & Forage Fish hold 54.7% in 2026, Indirect Steam-Dried Meal captures 66.1%, and Super Prime Protein commands 51.3%.

By marine source species: Anchoveta & Forage Fish; Menhaden & Blue Whiting; Aquaculture & Filleting Trimmings; and Others.

By thermal drying process: Indirect Steam-Dried Meal; Direct Flame-Dried Meal; and Vacuum Low-Temperature Meal.

By crude protein grade: Super Prime Protein; Prime Grade Protein; and Fair Average Quality.

By end-use application: Compound Aquafeed Rations; Early-Weaned Piglet Rations; Poultry & Pet Food; and Others.

By sales channel: Direct Aquafeed Mill Contracts; Marine Ingredient Traders; Livestock Premix Cooperatives; Specialty Pet Food Brokers; and Others.

Why do Anchoveta & Forage Fish lead the marine source species category?

Anchoveta & Forage Fish are projected to capture 54.7% of marine source species demand in 2026 as Humboldt Current anchoveta harvests supply the global benchmark for 67% to 70% crude protein reduction meal.

Table 5: Marine Source Species Share for the Fish Meal Market (percentage share), 2026

Product Type	Share (2026)
Anchoveta & Forage Fish	54.7%
Other Segments Combined*	45.3%
Total	100.0%

*Calculated as the balance remaining after deducting the leading segment's reported share from 100.0%.

Table 6: Marine Source Species Leadership and Market Growth for the Fish Meal Market (segment and CAGR percentage), 2026 to 2036

Metric	Value
Global CAGR (2026 to 2036)	5.4%
Leading Segment	Anchoveta & Forage Fish

Whole pelagic Engraulis ringens harvested along the cold upwelling waters of Peru and Chile contain high levels of digestible lysine, methionine, and eicosapentaenoic acid with minimal bone-ash dilution. Fast short-trip purse-seine offloading directly into coastal reduction factories preserves raw fish freshness, enabling processors to supply low-histamine marine protein paired with omega-3 animal feed lipids.

• Anchoveta & Forage Fish are projected to secure 54.7% of marine source species demand in 2026 because managed North-Centre and South fishing quotas in Peru anchor global export liquidity.
• In July 2025, the Marine Ingredients Organisation confirmed that the first 2025 North-Centre fishing season in Peru closed with more than 80% of its 3,000-thousand-metric-ton anchoveta quota landed [3].

Why does Indirect Steam-Dried Meal define the largest thermal drying process segment?

Indirect Steam-Dried Meal is estimated to secure 66.1% of the thermal drying process segment in 2026 because gentle below-90-degree-Celsius steam disc drying prevents Maillard amino-acid cross-linking.

Closed steam-heated rotary disc and tube dryers evaporate moisture from pressed fish cake at controlled temperatures below 90 degrees Celsius without exposing fragile peptides to open combustion gases. Retention of epsilon-amino lysine availability and natural astaxanthin pigment absorption protects fillet color and feed efficiency when formulators blend marine meals with aquafeed digestive additives.

• Indirect Steam-Dried Meal is estimated to command 66.1% of the thermal drying process segment in 2026 as salmon and shrimp integrators mandate >92% pepsin digestibility and low biogenic amines.
• A December 2025 study published in the International Journal of Molecular Sciences demonstrated that excessive plant-protein substitution in rainbow trout diets impairs astaxanthin fillet pigmentation by disrupting bile-acid metabolism [4].

What keeps Super Prime Protein ahead by crude protein grade?

Super Prime Protein is expected to command 51.3% of crude protein grade demand in 2026 because above-68% protein meal with low total volatile nitrogen maximizes juvenile fish survival.

Super Prime fishmeal guarantees crude protein concentrations above 68% and ash content below 14% with total volatile basic nitrogen under 100 milligrams per 100 grams, making it indispensable for fragile larval and post-smolt digestive tracts. Hatchery nutritionists pair Super Prime meal with marine protein hydrolysates to accelerate gut villi maturation and immune resistance during seawater transfer.

• Super Prime Protein is expected to hold 51.3% of crude protein grade demand in 2026 because high histidine and taurine concentrations prevent ocular cataracts and skeletal deformities in farmed salmonids.
• A February 2025 trial published in the Journal of Animal Science and Biotechnology evaluating yellowtail kingfish (Seriola lalandi) diets confirmed that pushing fishmeal replacement to 75% induced hindgut inflammation, reinforcing baseline Super Prime marine meal retention [5].

Why do Compound Aquafeed Rations lead the end-use application category?

Compound Aquafeed Rations are forecast to generate 61.3% of end-use application demand in 2026 as intensive salmonid, marine finfish, and whiteleg shrimp farms expand extruded pellet consumption.

Carnivorous and omnivorous aquaculture species lack the long fermentative hindgut of terrestrial ruminants and require concentrated, rapidly digestible dietary amino acids to achieve feed conversion ratios near 1.1 to 1.3. Commercial feed mills across Norway and Chile as well as Vietnam and Ecuador blend marine fishmeal into starter and broodstock pellets to balance plant and animal protein blends.

• Compound Aquafeed Rations are forecast to account for 61.3% of end-use application volume in 2026 because farmed marine finfish, salmon, and shrimp require bioavailable marine peptides and phospholipids.
• A September 2026 trial in Current Issues in Molecular Biology showed that balanced animal and marine protein inclusion in Penaeus vannamei biofloc diets preserves hepatopancreas integrity and growth performance [6].

What gives Direct Aquafeed Mill Contracts the leading position in sales channel?

Direct Aquafeed Mill Contracts are anticipated to account for 58.4% of sales channel demand in 2026 as global feed integrators lock in multi-season Super Prime allocations directly from reduction fleets.

Multinational aquafeed producers including Skretting and BioMar as well as Cargill Aqua Nutrition and Mowi negotiate direct annual and semi-annual supply contracts with reduction processors in Peru, Chile, and Scandinavia. Direct factory-to-mill contracting guarantees full MarinTrust vessel traceability, custom ethoxyquin-free tocopherol antioxidant dosing, and priority shipment scheduling after fishing quotas are announced.

• Direct Aquafeed Mill Contracts are anticipated to capture 58.4% of sales channel demand in 2026 because integrated feed manufacturers require verified fishery sustainability certificates and batch-specific amino-acid guarantees.
• A May 2025 study in Animal Nutrition demonstrated that protease enzyme co-formulation in high- and low-fishmeal diets for Pacific white shrimp improves crude protein digestibility and non-specific immunity [7].

What are the drivers, restraints, and opportunities in the fish meal market?

In the fish meal market, intensive carnivorous aquaculture and circular filleting-by-product recovery sustain global demand, whereas Humboldt Current El Niño quota swings and alternative protein substitution restrain volume expansion.

• Driver: Steady global expansion of farmed Atlantic salmon, marine seabass, and whiteleg shrimp locks in baseline demand for high-digestibility Super Prime starter and broodstock meals.
• Restraint: Periodic El Niño ocean warming in the Southeast Pacific and strict pelagic catch quotas constrain wild-caught raw material supply and trigger wholesale price volatility.
• Opportunity: Upcycling whitefish, tuna, and salmon processing trimmings into MarinTrust-certified low-temperature fishmeal expands sustainable supply without increasing wild forage-fish harvests.

Growth Analysis and Future Potential: Qualitative Demand Catalysts

Global aquaculture operators and coastal seafood processors are scaling circular by-product rendering to decouple fishmeal supply from wild pelagic catch ceilings. Heads and frames along with skin and viscera generated during industrial salmon, pollock, and tuna filleting are now routed directly into adjacent steam-drying plants rather than discarded. Blending enzymatic enzymatic feed protein hydrolysates with trimmings-based meal raises short-chain peptide content for nursery feeds. In March 2026, the Marine Ingredients Organisation updated its global by-product assessment confirming that circular fish by-products now supply roughly one-third of total global fishmeal raw material [8]. New aquaculture processing hubs across Southeast Asia and South America continue to open local trimming feedstocks.

Risk Assessment of the Fish Meal Market: Operational and Formulation Friction

Hydroclimatic variability across the Humboldt Current and rising commercial availability of defatted insect, microalgal, and single-cell proteins represent the primary structural restraints on wild-caught fishmeal volume. When Kelvin waves warm coastal waters off Peru and Ecuador, adult anchoveta migrate deeper and mix with juvenile cohorts, prompting ministry regulators to suspend fishing zones and driving spot Super Prime prices above USD 2,000 per metric ton. Such price spikes incentivize feed nutritionists to lower marine inclusion rates in grower and finisher diets using insect protein feed meals. A February 2025 study in Foods demonstrated that Nannochloropsis sp. QH25 microalgal co-product biomass could replace fishmeal in rainbow trout finisher diets without reducing weight gain [9].

Commercial Opportunity Analysis: Formulation Differentiation and Value-Add Formats

Reduction processors that co-engineer functional low-molecular-weight peptide meals and precision marine attractant packs are capturing premium margins in low-fishmeal aquafeed formulations. Even when bulk soy or poultry meals supply baseline crude protein, carnivorous seabass and shrimp require 5% to 15% high-palatability marine ingredients to stimulate feed intake and prevent intestinal inflammation. Pairing Super Prime anchoveta meal with Antarctic krill meals and hydrolyzed marine peptides allows feed mills to optimize amino-acid bioavailability per dollar spent. A November 2025 study in Aquaculture Nutrition confirmed that functional protein hydrolysates in high-plant-protein diets significantly improved nutrient absorption and growth in European seabass [10].

Fish Meal Market by Country (2026 to 2036)

As per FMI, Vietnam is projected to lead fish meal expansion across major aquaculture and feed markets at a 6.8% CAGR through 2036, ahead of Chile (6.5%) and Indonesia (6.2%). Norway (4.6%) and the USA (4.4%) follow closely, while the UK (4.3%) and Canada (4.2%) plus Japan (4.1%) advance through high-efficiency salmonid and specialty livestock rations.

Table 7: Country CAGR and Primary Growth Levers for the Fish Meal Market (CAGR percentage and operational drivers), 2026 to 2036

Country	CAGR (2026 to 2036)	Primary Growth Lever
Vietnam	6.8%	Intensive Mekong Delta whiteleg shrimp nurseries and pangasius trimming reduction plants
Chile	6.5%	Patagonian Atlantic salmon smolt rations and southern jack mackerel and anchoveta processing
Indonesia	6.2%	Archipelago vannamei shrimp and marine grouper cage expansion and tuna by-product meal
Norway	4.6%	North Atlantic blue whiting and capelin reduction and offshore salmon post-smolt diets
USA	4.4%	Gulf and Atlantic menhaden reduction, early-weaned piglet starters, and premium pet food
UK	4.3%	Highland Atlantic salmon hatchery feeds and North Sea pelagic trimming valorization
Canada	4.2%	Pacific and Atlantic salmonid aquafeeds and certified marine by-product rendering
Japan	4.1%	Yellowtail Amberjack, red seabream, and Pacific bluefin tuna broodstock and grower rations

Source: Future Market Insights analysis

Vietnam Fish Meal Market Outlook (2026 to 2036)

Vietnam leads global demand expansion at a 6.8% CAGR from 2026 to 2036, driven by high-density super-intensive whiteleg shrimp farming across the Mekong Delta and expanding domestic pangasius and tuna by-product rendering. Commercial aquafeed mills in Dong Thap, Tien Giang, and Long An import Super Prime meal from Peru while upgrading local steam-drying lines to process Pangasius hypophthalmus filleting trimmings into 62% to 65% protein meal. A May 2025 study published in Animal Nutrition demonstrated that integrating fermented functional feeds with low-fishmeal diets boosted Litopenaeus vannamei survival and beneficial gut microbiota [11]. Fluctuating imported anchoveta prices and raw-trimming cold-chain gaps across artisanal landing ports in Vietnam still challenge local processor margins.

Key takeaway: In Vietnam, super-intensive shrimp hatchery expansion and circular pangasius by-product rendering are projected to drive the fastest national growth.

Chile Fish Meal Market Outlook (2026 to 2036)

Progression across Chile is projected at a 6.5% CAGR between 2026 and 2036, supported by the country's dual position in farmed salmon production and South Pacific pelagic reduction. Feed mills in Puerto Montt and Biobío formulate high-energy smolt and broodstock diets using low-temperature steam-dried jack mackerel, sardine, and anchoveta meal paired with recovered salmon processing trimmings. A February 2026 trial in Aquaculture Nutrition evaluated hydrolyzed feather and marine meal synergies in whiteleg shrimp diets to optimize digestible amino-acid balance [12]. Strict coastal environmental permitting and variable Humboldt Current pelagic quotas across Chile require reduction plants to maximize by-product recovery per landed ton of raw fish.

Key takeaway: In Chile, Patagonian salmonid smolt feed demand and integrated jack mackerel and salmon-trimming reduction are estimated to sustain strong expansion.

Indonesia Fish Meal Market Outlook (2026 to 2036)

Demand across Indonesia is forecast to advance at a 6.2% CAGR over the 2026 to 2036 period through Ministry of Marine Affairs and Fisheries modernization of coastal shrimp estates and tuna cannery by-product valorization in East Java, Lampung, and Sulawesi. Domestic feed mills are expanding extruded marine finfish and vannamei starter lines that require stable supplies of 65% to 68% crude protein fishmeal to prevent juvenile stunting. In June 2026, researchers at Universitas Andalas published findings in Veterinary World showing how probiotic-supplemented alternative and marine protein diets improve laying performance and egg quality in indigenous ducks in Indonesia [13]. Inter-island shipping costs and inconsistent drying temperatures at small-scale Muncar reduction units in Indonesia remain key quality hurdles.

Key takeaway: In Indonesia, intensive shrimp pond modernization and industrial tuna-trimming steam dryers are forecast to propel domestic aquafeed meal consumption.

Norway Fish Meal Market Outlook (2026 to 2036)

Cold-water feed demand across Norway is projected to grow at a 4.6% CAGR from 2026 to 2036, supported by high-specification North Atlantic blue whiting and capelin reduction and land-based post-smolt salmon farming. Because winter fjord temperatures slow lipid and protein digestion in Atlantic salmon, feed manufacturers in Norway specify low-ash, high-histidine Super Prime meal enriched with marine cholecalciferol and phospholipids. A June 2026 study by Skretting Aquaculture Innovation and the University of Science and Technology in Trondheim published in Aquaculture Nutrition demonstrated that elevated winter dietary vitamin D in marine-based salmon diets mimics summer physiological levels [14]. Tight ICES Northeast Atlantic pelagic quotas in Norway keep domestic reduction plants focused on premium-grade extraction.

Key takeaway: In Norway, land-based post-smolt salmon production and high-digestibility North Atlantic pelagic reduction are expected to anchor premium meal demand.

USA Fish Meal Market Outlook (2026 to 2036)

Harvest stability across the USA underpins an estimated 4.4% CAGR through 2036, supported by MSC-certified Gulf of Mexico and Atlantic menhaden (Brevoortia patronus) landings plus Alaska pollock whitefish trimmings for early-weaned swine and premium pet-food formulators. Reduction factories in Louisiana and Virginia as well as Alaska supply steam-dried marine proteins rich in omega-3 fatty acids and digestible lysine for salmonid hatcheries and grain-free companion-animal kibble. A February 2025 meta-analysis in Animal Nutrition confirmed that marine meal and krill inclusion consistently improves feed intake and weight gain across farmed aquatic species [15]. Strict Atlantic States Marine Fisheries Commission menhaden harvest caps in the USA limit wild volume expansion.

Key takeaway: In the USA, certified Gulf menhaden and Alaska pollock by-product meals paired with premium pet-food formulation are predicted to support steady value growth.

UK Fish Meal Market Outlook (2026 to 2036)

Expansion across the UK is anticipated at a 4.3% CAGR over the 2026 to 2036 window, led by Atlantic salmon and rainbow trout feed mills in Scotland and circular pelagic by-product processing in Aberdeen and Shetland. Salmon integrators across the Highlands and Islands require MarinTrust-certified Super Prime fishmeal and herring-trimming concentrates to sustain smolt survival against gill challenges and sea-lice treatments. An August 2026 study in Aquaculture Nutrition demonstrated that blending jack mackerel and tuna by-product meals into carnivorous marine finfish diets preserves feed efficiency and whole-body protein retention [16]. Post-Brexit pelagic quota negotiations and high natural-gas drying costs in the UK encourage waste-heat recovery across coastal reduction plants.

Key takeaway: In the UK, salmon hatchery nutrition standards in Scotland and North Sea pelagic trimming recovery are anticipated to sustain certified meal procurement.

Canada Fish Meal Market Outlook (2026 to 2036)

Atlantic salmonid aquaculture across Canada supports a forecast 4.2% CAGR between 2026 and 2036, anchored by feed mills in New Brunswick and Nova Scotia plus circular whitefish and herring by-product rendering in Newfoundland. Coastal feed mills and marine biorefineries are converting Atlantic herring, capelin, and wild seafood processing trimmings into low-temperature marine proteins and bioactive peptide concentrates for cold-water hatcheries. A June 2026 study in Frontiers in Physiology confirmed that marine zooplankton and calanoid hydrolysates function as potent dietary attractants and growth promoters in low-fishmeal shrimp and finfish diets [17]. Federal transition mandates moving open-net-pen salmon farms on the Pacific coast toward closed-containment systems in Canada are shifting demand toward ultra-digestible low-waste feeds.

Key takeaway: In Canada, Atlantic salmonid feed investment and transition toward low-waste closed-containment diets are forecast to drive Super Prime meal specification.

Japan Fish Meal Market Outlook (2026 to 2036)

Mariculture modernization across Japan is projected to drive a 4.1% CAGR from 2026 to 2036 through farm conversion from raw whole-baitfish feeding of yellowtail amberjack (Seriola quinqueradiata), red seabream, and Pacific bluefin tuna to extruded moist and dry pellets. High-inclusion Super Prime anchoveta and domestic sardine and skipjack-tuna by-product meals remain mandatory in Japan to preserve sashimi-grade fillet texture, fat marbling, and broodstock fecundity. A May 2026 trial in Animals evaluating weaned piglet starter diets confirmed that while defatted insect meals can partially substitute marine protein, fishmeal remains the digestibility benchmark for immature monogastric guts [18]. Aging coastal fishing crews in Japan make domestic feed mills heavily reliant on Super Prime imports from Peru and Chile.

Key takeaway: In Japan, conversion of yellowtail and bluefin tuna farms from raw baitfish to extruded pellets is projected to sustain high-grade marine meal imports.

Full report country CAGRs cover: North America; Latin America; Western Europe; Eastern Europe; East Asia; South Asia and Pacific; Middle East and Africa.

Who are the notable companies in the fish meal market?

Tecnológica de Alimentos S.A., Austevoll Seafood ASA, Pesquera Exalmar S.A.A., CFG Investment S.A.C., FF Skagen A/S, Pelagia AS, Corpesca S.A., and Omega Protein Corporation are the notable companies in the fish meal market.

FMI analysis indicates that the competitive arena divides between vertically integrated reduction fleet operators in Peru and Chile, North Atlantic pelagic and trimming processors across Scandinavia, and North America menhaden and marine-protein specialists. Leading producers compete on Refrigerated Sea Water (RSW) fleet freshness and indirect steam-drying capacity as well as MarinTrust certification and Super Prime above-68% protein yield.

• Humboldt Current Anchoveta Reduction Leaders: Tecnológica de Alimentos S.A., Pesquera Exalmar S.A.A., and CFG Investment S.A.C. operate large-scale purse-seine fleets and indirect steam-drying plants along the coast of Peru to supply Super Prime and Prime anchoveta meal.
• North Atlantic Pelagic and Trimmings Processors: Austevoll Seafood ASA and FF Skagen A/S as well as Pelagia AS process North Sea and Northeast Atlantic blue whiting, capelin, and herring trimmings into high-digestibility salmonid aquafeed ingredients.
• Integrated Marine Protein and Menhaden Groups: Corpesca S.A. and Omega Protein Corporation supply South Pacific pelagic meals and MSC-certified U.S. Gulf and Atlantic menhaden proteins across aquafeed, swine starter, and premium pet-food channels.

Competitive Benchmarking: Fish Meal Market

Table 8: Competitive Benchmarking for the Fish Meal Market (qualitative capability ratings), 2026

Company	Pelagic Quota & Fleet Scale	Indirect Steam-Drying Tech	MarinTrust / MSC Traceability	Geographic Reach
Tecnológica de Alimentos S.A.	High	High	High	Peru, China, Europe & Asia-Pacific
Austevoll Seafood ASA	High	High	High	Norway, Peru, Chile & UK
Pesquera Exalmar S.A.A.	High	High	High	Peru, Asia-Pacific, Europe & Americas
CFG Investment S.A.C.	High	High	High	Peru, China & Southeast Asia
FF Skagen A/S	Medium	High	High	Denmark, Norway & European Union
Pelagia AS	High	High	High	Norway, UK, Ireland & Global Export
Corpesca S.A.	High	High	High	Chile, Asia-Pacific & Europe
Omega Protein Corporation	High	High	High	United States, Canada & Global Pet/Aqua

Scoring basis: Capability tiers evaluate owned purse-seine quota share and RSW vessel hold capacity plus indirect steam-drying share of Super Prime >68% protein output, MarinTrust chain-of-custody certification, and direct export reach into Asian and European feed mills.

Key Developments in the Fish Meal Market

• Pesquera Exalmar published its 2025 Integrated Annual Report in March 2026 documenting strong North-Centre anchoveta processing yields across its Tambo de Mora, Chimbote, and Callao indirect steam-drying plants in Peru [19].
• At the October 2025 IFFO Annual Conference feed ingredients session in Tokyo, global marine ingredient producers reported that compound aquafeeds now absorb roughly 87% of global fishmeal usage paired with growing circular by-product recovery [20].
• In June 2025, the Marine Ingredients Organisation confirmed consistent first-season North-Centre anchoveta landings in Peru against the 3,000-thousand-metric-ton quota, stabilizing global Super Prime export shipments to Asian and European feed mills [21].

Key Players in the Fish Meal Market

Humboldt Current Anchoveta Reduction Leaders

• Tecnológica de Alimentos S.A.
• Pesquera Exalmar S.A.A.
• CFG Investment S.A.C.

North Atlantic Pelagic and Trimmings Processors

• Austevoll Seafood ASA
• FF Skagen A/S
• Pelagia AS

Integrated Marine Protein and Menhaden Groups

• Corpesca S.A.
• Omega Protein Corporation

Fish Meal Market - Report Scope

Table 9: Report Scope for the Fish Meal Market (coverage fields and definitions), 2026 to 2036

Coverage field	Report scope
Market breakdown	Marine Source Species; Thermal Drying Process; Crude Protein Grade; End-Use Application; Sales Channel
Quantitative Units	Revenue in USD billion and CAGR from 2026 to 2036
Market Definition	Commercial wholesale and contract value of marine fishmeal produced from whole pelagic forage fish (anchoveta, menhaden, blue whiting, capelin, sandeel, jack mackerel) and seafood processing trimmings across Super Prime, Prime, and FAQ protein grades.
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; East Asia; South Asia and Pacific; Middle East and Africa
Countries Covered	Vietnam, Chile, Indonesia, Norway, USA, UK, Canada, Japan, plus regional aggregations
Key Companies Covered	Tecnológica de Alimentos S.A., Austevoll Seafood ASA, Pesquera Exalmar S.A.A., CFG Investment S.A.C., FF Skagen A/S, Pelagia AS, Corpesca S.A., and Omega Protein Corporation
Forecast Period	2026 to 2036 (with 2025 historical baseline)
Approach	Combined primary reduction-plant and aquafeed formulator interviews, IFFO landing audits, and top-down / bottom-up triangulation

Fish Meal Market - Research Methodology

Table 10: Research Methodology for the Fish Meal Market (research methods and approach), 2026 edition

Method	Approach
Primary Research	Structured interviews with coastal reduction plant directors in Peru and Norway as well as aquafeed procurement heads, MarinTrust auditors, and swine starter nutritionists.
Secondary Research	Analysis of IFFO marine ingredient production bulletins and PRODUCE Peru quota decrees in addition to FAO SOFIA 2026 statistics, corporate annual reports, and peer-reviewed aquaculture nutrition trials.
Market Sizing and Forecasting	Top-down global compound aquafeed and livestock starter expenditure models reconciled against bottom-up pelagic quota landings, trimming yields, and FOB/CFR ton pricing from 2026 to 2036.
Country Forecasting Model	Country growth rates weight intensive salmonid and penaeid shrimp production growth, local trimming rendering capacity, and FCR optimization targets across eight national markets.
Operational Benchmark Traceability	Tonnage and per-ton price indicators in Tables 2, 3, and 4 cross-check against IFFO global supply-demand balances and Pesquera Exalmar and Austevoll filings.
Data Triangulation and Validation	Segment shares and valuation projections are audited across all five parent axes to verify 100.0% share summation while excluding crude fish oil, standalone plant protein meals, and unrendered wet silage.

Fish Meal Market by Segments

Fish Meal Market segmented by Marine Source Species:

• Anchoveta & Forage Fish
• Menhaden & Blue Whiting
• Aquaculture & Filleting Trimmings
• Others

Fish Meal Market segmented by Thermal Drying Process:

• Indirect Steam-Dried Meal
• Direct Flame-Dried Meal
• Vacuum Low-Temperature Meal

Fish Meal Market segmented by Crude Protein Grade:

• Super Prime Protein
• Prime Grade Protein
• Fair Average Quality

Fish Meal Market segmented by End-Use Application:

• Compound Aquafeed Rations
• Early-Weaned Piglet Rations
• Poultry & Pet Food
• Others

Fish Meal Market segmented by Sales Channel:

• Direct Aquafeed Mill Contracts
• Marine Ingredient Traders
• Livestock Premix Cooperatives
• Specialty Pet Food Brokers
• Others

Fish Meal Market by Region

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• Western Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Benelux
  • Nordics
• Eastern Europe
  • Poland
  • Czech Republic
  • Romania
  • Hungary
• East Asia
  • China
  • Japan
  • South Korea
• South Asia and Pacific
  • India
  • ASEAN
  • Australia and New Zealand
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Türkiye
  • Israel

Research Sources and Bibliography

• [1] IFFO - The Marine Ingredients Organisation. (2026, October 21). IFFO Conference 2026: Key takeaways from the global demand for marine ingredients session (21 October). IFFO - The Marine Ingredients Organisation.
• [2] IFFO - The Marine Ingredients Organisation. (2026, May 7). Reduced fishmeal production, fish oil production shows more resilience. IFFO - The Marine Ingredients Organisation.
• [3] IFFO - The Marine Ingredients Organisation. (2025, July 24). Peru's first fishing season in the North Centre ends with more than 80% of the quota fulfilled. IFFO - The Marine Ingredients Organisation.
• [4] Villasante, A., Godoy, K., Figueroa, E., Rodríguez, H., Ramírez, C., Orellana, P., Sáez-Arteaga, A., López-Polo, J., Opazo, R., Dantagnan, P., & Romero, J. (2025, December 15). High Dietary Plant Protein Impairs Astaxanthin Pigmentation in Rainbow Trout by Disrupting Cholesterol-Bile Acid Metabolism and Gut Microbiota. International Journal of Molecular Sciences, 26(24), 12072 (PubMed PMID 41465499).
• [5] Pilmer, L., Woolley, L., Lymbery, A., Dam, C., Elizur, A., Foysal, M. J., & Partridge, G. (2025, February 2). Exploring single cell microbial protein as a sustainable fishmeal alternative in yellowtail kingfish (Seriola lalandi) diets: impacts on health and gut microbiome. Journal of Animal Science and Biotechnology, 16(1), 16 (PubMed PMID 39893452).
• [6] Ferrando-Juan, S., Gómez-Aguilera, J., Tomás-Vidal, A., Rodilla, M., Jover-Cerdá, M., Moyano, F. J., Peñaranda, D. S., & Martínez-Llorens, S. (2026, September 4). Combined Animal and Plant Protein Enable High Fishmeal Replacement in Penaeus vannamei Under Biofloc Technology. Current Issues in Molecular Biology, 48(9), 904 (PubMed PMID 42793260).
• [7] Hasanthi, M., Chotikachinda, R., Medagoda, N., & Lee, K.-J. (2025, May 9). Exogenous protease supplementation in high- and low-fishmeal diets for Pacific white shrimp (Penaeus vannamei): Comparative effect on growth, immunity, nutrient digestibility and gut health. Animal Nutrition, 22, 36-49 (PubMed PMID 41170399).
• [8] Bachis, E. (2026, March 15). Update on by-product marine ingredients: Global raw material for fishmeal and fish oil. IFFO - The Marine Ingredients Organisation.
• [9] Sarker, P. K., Schoffstall, B. V., Kapuscinski, A. R., McKuin, B., Fitzgerald, D., Greenwood, C., O'Shelski, K., Pasion, E. N., Gwynne, D., Orcajo, D. G., Andrade, S., Nocera, P., & San Pablo, A. M. (2025, February 25). Towards Sustainable Aquafeeds: Microalgal (Nannochloropsis sp. QH25) Co-Product Biomass Can Fully Replace Fishmeal in the Feeds for Rainbow Trout (Oncorhynchus mykiss). Foods, 14(5), 781 (PubMed PMID 40077485).
• [10] Rodrigues-Dos-Santos, L., Basto, A., Monteiro, M., António, C., Rodrigues, A. M., Sá, T., Velasco, C., Martins, R., Rosa, A., Pintado, M., Almeida, A., & Valente, L. M. P. (2025, November 18). Locally-Sourced Animal Protein Hydrolysates in High-Plant-Protein Diets Can Promote European Seabass Growth and Nutrient Utilization, Reducing Reliance on Fishmeal. Aquaculture Nutrition, 2025, 3415083 (PubMed PMID 41306727).
• [11] Cheng, Y., Fan, L., Liu, Y., Su, K., & Xu, G. (2025, May 5). Integrated commercial and low-fishmeal fermented feed boosts survival and modulates intestinal microbiota in pacific white shrimp (Litopenaeus vannamei). Animal Nutrition, 22, 98-112 (PubMed PMID 40843218).
• [12] Bordignon, F., Costa, L. C., Valente, C. S., Mauerwerk, M., Cazarolli, L. H., Ferreira, C. H. N., Boscolo, W. R., Ballester, E. L. C., & Dimitroglou, A. (2026, February 14). Hydrolysed Feather Meal Inclusion in Low Fishmeal Diets for Whiteleg Shrimp (Penaeus vannamei). Aquaculture Nutrition, 2026, 9967265 (PubMed PMID 41695662).
• [13] Wizna, W., Heryandi, Y., Andika, R., Maulana, F., Agasi, S. Y., Ridilan, W. D., Rahmi, S., & Nabila, M. (2026, June 25). Effects of dietary inclusion of Hermetia illucens and Pomacea canaliculata with Bacillus amyloliquefaciens supplementation on performance and egg quality of laying Mojosari ducks. Veterinary World, 19(6), 2568-2584 (PubMed PMID 42494676).
• [14] Keitel-Gröner, F., Knudsen, D. L., Hoel, E., Sandstad, M., & Berge, K. (2026, June 9). Elevated Dietary Vitamin D Supplementation During Winter can Mimic Vitamin D Levels Induced by Summer Daylight Exposure in Atlantic Salmon. Aquaculture Nutrition, 2026, 3152332 (PubMed PMID 42273164).
• [15] Tran, H. Q., Nguyen, T. T., Prokešová, M. D., Øverland, M., Gasco, L., Kumar, V., Doan, H. V., & Stejskal, V. (2025, February 12). Impact of krill (Euphausia superba) meal on growth performance of aquatic animals: A meta-analysis and prospective directions. Animal Nutrition, 20, 487-498 (PubMed PMID 40092350).
• [16] Shin, S. W., Islam, M. R., Cho, S. H., & Kim, T. (2026, August 11). Replacement of Fish Meal With Blends of Chicken By-Product Meal or Tuna By-Product Meal and Corn Protein Sources in Diets Supplemented With Jack Mackerel Meal: Impacts on Growth Performance, Feed Utilization, and Biochemical Composition of Olive Flounder (Paralichthys olivaceus). Aquaculture Nutrition, 2026, 7947942 (PubMed PMID 42591522).
• [17] Bøgwald, I., Pedersen, A. M., Dias, J., Wubshet, S. G., & Eilertsen, K.-E. (2026, June 1). The functional effects of Calanus finmarchicus hydrolysate as a novel feed ingredient for whiteleg shrimp (Litopenaeus vannamei). Frontiers in Physiology, 17, 1820807 (PubMed PMID 42305914).
• [18] Parreiras, M., Pinheiro, V., Moreira, O., Soares, M., Murta, D., Barros, A. N., & Outor-Monteiro, D. (2026, May 22). Effects of Defatted Black Soldier Fly (Hermetia illucens) Meal on the Performance, Digestibility and Blood Parameters of Weaned Piglets. Animals, 16(11), 1571 (PubMed PMID 42278006).
• [19] Pesquera Exalmar S.A.A. (2026, March 3). Memoria Anual Integrada 2025 Pesquera Exalmar SAA. Pesquera Exalmar Investor Relations.
• [20] IFFO - The Marine Ingredients Organisation. (2025, October 22). IFFO Conference 2025: Key takeaways from the feed ingredients session (22 October). IFFO - The Marine Ingredients Organisation.
• [21] IFFO - The Marine Ingredients Organisation. (2025, June 16). Peru's first fishing season in the North Centre well on track, heralding consistent fishmeal and fish oil production for 2025. IFFO - The Marine Ingredients Organisation.
• [22] IFFO - The Marine Ingredients Organisation. (2026, March 1). Marine ingredients market trends (January - February 2026). IFFO - The Marine Ingredients Organisation.
• [23] IFFO - The Marine Ingredients Organisation. (2026, June 15). The State of World Fisheries and Aquaculture 2026: an analysis through the marine ingredients lens. IFFO - The Marine Ingredients Organisation.

This bibliography is provided for reader reference and is not exhaustive. The full report contains the complete reference list and detailed citations.

This Report Answers

• How large is the fish meal market in 2026 and what is forecast for 2036?
• Which carnivorous aquaculture and circular trimming trends support demand for fish meal?
• Why do Anchoveta & Forage Fish lead the marine source species category?
• Why does Indirect Steam-Dried Meal lead the thermal drying process category globally?
• How do growth rates differ between Vietnam and Chile versus Indonesia and Norway?
• Which leading companies supply Super Prime pelagic and circular by-product meals today?
• What limits raw-material expansion or triggers price swings in the fish meal market?
• What should aquafeed buyers evaluate before contracting a Super Prime fish meal supplier?