PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 2128186
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 2128186
The global fishmeal & fish oil market was valued at USD 16.25 billion in 2025 and is expected to grow from USD 17.18 billion in 2026 to USD 28.49 billion by 2034, registering a CAGR of 6.53% during the forecast period. Asia Pacific dominated the global market with a 52.0% market share in 2025, driven by its strong aquaculture industry, seafood processing capacity, and increasing demand for high-performance feed ingredients.
Fishmeal and fish oil are marine-derived ingredients manufactured primarily from small pelagic fish, seafood trimmings, and processing by-products. Fishmeal is widely recognized for its high protein content, essential amino acids, and digestibility, while fish oil is a rich source of omega-3 fatty acids such as EPA and DHA. These products are extensively used in aquaculture, livestock feed, pet food, dietary supplements, pharmaceuticals, and functional food applications. Growing seafood consumption, expanding aquaculture production, and increased utilization of seafood processing waste continue to support long-term market growth.
Fishmeal & Fish Oil Market Trends
One of the most significant trends shaping the market is the growing emphasis on sustainable marine ingredient sourcing and circular economy practices. Manufacturers are increasingly utilizing seafood processing by-products and responsibly sourced pelagic fish to reduce dependence on wild fisheries while improving resource efficiency.
Another notable trend is the transition of fishmeal and fish oil from commodity ingredients to premium nutritional components. They are increasingly incorporated into specialized aquafeed formulations for broodstock, juvenile fish, and premium aquaculture species. According to the Marine Ingredients Organization (IFFO), global marine ingredient production has stabilized at nearly 6 million metric tons annually, highlighting the strategic importance of these ingredients despite limited supply.
Market Drivers
The primary growth driver is the rapid expansion of the global aquaculture industry. Fishmeal and fish oil provide superior digestibility, balanced amino acids, and essential omega-3 fatty acids that improve feed conversion ratios, fish growth, disease resistance, and product quality.
According to the Food and Agriculture Organization (FAO), global fisheries and aquaculture production reached 223.2 million tons in 2022, including 185.4 million tons of aquatic animals, reflecting rising demand for premium feed ingredients. Increasing seafood consumption, animal nutrition requirements, and demand for sustainable aquaculture are further supporting market expansion.
Market Restraints
The market remains highly dependent on the availability of pelagic fish species such as anchoveta, sardines, herring, menhaden, and capelin. Climate variability, seasonal fishing restrictions, quota regulations, and events such as El Nino frequently disrupt raw material availability and create supply shortages.
According to FAO GLOBEFISH, global fishmeal production declined by 23% and fish oil production fell by 21% in 2023, primarily due to reduced anchoveta catches in Peru, creating pricing volatility across global markets.
Market Opportunities
Growing consumer awareness regarding heart health, brain development, and immune support is creating significant opportunities for omega-3 dietary supplements, functional foods, infant nutrition, and pharmaceutical applications.
The premium pet food industry also presents attractive growth prospects as manufacturers increasingly incorporate fishmeal and fish oil into pet nutrition products to improve skin health, joint function, and digestibility. In September 2025, Trident Seafoods expanded into pet nutrition through its wellFURst brand, introducing omega-3 supplements produced from wild Alaskan fish.
Market Challenges
The industry continues to face challenges associated with fluctuating raw material supply, environmental regulations, sustainability certification, and climate-driven fishery disruptions. Since production is concentrated in limited geographic regions, adverse weather conditions and regulatory changes can rapidly affect global availability and pricing.
Maintaining certified sustainable sourcing while meeting growing global demand remains a major challenge for producers throughout the forecast period.
By Source
The marine fish segment dominated the market in 2025, generating approximately USD 6.40 billion, supported by extensive utilization of anchoveta, sardines, herring, capelin, and other pelagic fish for fishmeal and fish oil production.
The tilapia segment is projected to register the fastest CAGR of 8.65% during the forecast period, driven by increasing tilapia farming and greater utilization of seafood processing by-products.
By Form
The powder segment led the global market with approximately USD 11.78 billion in 2025, owing to its widespread use in aquaculture, poultry, livestock, and pet food formulations due to its excellent digestibility and blending characteristics.
The liquid segment is anticipated to grow at the fastest CAGR of 9.56% through 2034, supported by rising demand for fish oil in dietary supplements, pharmaceuticals, and functional foods.
By Application
The animal feed segment accounted for the largest market share in 2025, reaching approximately USD 9.91 billion, with aquatic animal feed alone contributing USD 4.83 billion.
The human use segment is projected to witness the fastest CAGR of 8.74%, fueled by increasing consumption of omega-3 supplements and functional nutrition products.
Fishmeal & Fish Oil Market Regional Outlook
Asia Pacific remained the largest regional market, valued at USD 8.45 billion in 2025, and is expected to maintain the fastest growth through 2034 due to expanding aquaculture production, seafood processing, and feed manufacturing industries.
China generated approximately USD 3.64 billion in 2025, while India reached USD 1.73 billion, supported by rapid aquaculture expansion and seafood exports.
North America accounted for USD 1.71 billion in 2025, led by the U.S. with USD 1.34 billion, driven by premium pet food, aquaculture, and omega-3 supplement demand.
Europe reached USD 2.79 billion in 2025, supported by salmon farming, sustainable marine ingredient sourcing, and premium nutrition markets. Germany generated USD 0.63 billion, while France contributed USD 0.55 billion.
South America reached USD 2.42 billion in 2025, with Brazil accounting for USD 1.90 billion, benefiting from aquaculture expansion and seafood processing. The Middle East & Africa market totaled USD 0.88 billion, driven by poultry feed, aquaculture, and seafood processing activities.
Competitive Landscape
The global fishmeal & fish oil market is highly competitive, with companies focusing on sustainable fisheries, traceability, integrated processing, certified marine ingredients, and by-product utilization. Leading manufacturers are strengthening supply chains and investing in advanced processing technologies to improve product quality and meet increasing demand from aquaculture, animal nutrition, pet food, and human health sectors.
Major companies operating in the market include Tecnologica de Alimentos S.A. (TASA), Corporacion Pesquera Inca S.A.C. (Copeinca), Austevoll Seafood ASA, Pelagia AS, FF Skagen A/S, TripleNine Group A/S, Pesquera Hayduk S.A., Omega Protein Corporation (Cooke Inc.), Oceana Group Limited, and Austral Group S.A.A.
Key Industry Developments
Conclusion
The global fishmeal & fish oil market is expected to witness steady growth throughout the forecast period, increasing from USD 16.25 billion in 2025 to USD 17.18 billion in 2026, and reaching USD 28.49 billion by 2034. Rising aquaculture production, expanding omega-3 nutrition, premium pet food demand, and greater utilization of seafood processing by-products are expected to drive market growth. Although climate-related supply disruptions, sustainability regulations, and raw material price volatility remain important challenges, continued investments in responsible sourcing, traceability, advanced marine ingredient processing, and circular economy initiatives will support the long-term expansion of the global fishmeal & fish oil industry.
Segmentation By Source
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By Region