Fishmeal Market - Global Industry Size, Share, Trends, Opportunity, & Forecast Segmented By Application (Fertilizers, Animal Feed), By End-User (Swine, Poultry, Aquaculture, Others), By Region & Competition, 2021-2031F

The Global Fishmeal Market is projected to expand from USD 5.61 Billion in 2025 to USD 7.85 Billion by 2031, exhibiting a CAGR of 5.76%. Defined as a commercial feed ingredient derived from processing fish or fish trimmings into a high-protein cake or powder, the market's trajectory is largely influenced by the robust growth of the global aquaculture sector, which depends on marine ingredients for nutritional efficacy, as well as consistent demand from swine and poultry industries. Highlighting this upward momentum, the International Fishmeal and Fish Oil Organisation reported that global fishmeal production surged by 40 percent in the first six months of 2024 compared to the same period the prior year.

Despite these positive indicators, the market confronts substantial hurdles stemming from the climatic sensitivity of its raw material sources. The heavy reliance on wild-caught pelagic species renders the industry susceptible to environmental anomalies like El Nino, which can disrupt fish populations and compel authorities to enforce strict harvesting bans to conserve biomass. Such unpredictability in supply frequently leads to price volatility, creating a significant barrier to maintaining long-term market consistency and achieving sustained expansion.

Market Driver

The rapid growth of the global aquaculture industry acts as the principal driver for the fishmeal market, necessitating high-protein feed ingredients to guarantee optimal health and growth rates in farmed species. Fishmeal offers a highly digestible protein profile and essential amino acids that plant-based alternatives struggle to replicate, rendering it essential for carnivorous finfish and crustaceans. According to the Food and Agriculture Organization's "The State of World Fisheries and Aquaculture 2024" report released in June 2024, global aquaculture production hit a record 130.9 million tonnes in 2022, a volume increase that ensures fishmeal remains a cornerstone of aquafeed formulations despite the emergence of alternative proteins.

Simultaneously, the rising inclusion of fishmeal in premium pet food products is establishing a lucrative secondary market, spurred by pet owners demanding biologically appropriate diets for their animals. Manufacturers are focusing on ingredients rich in high-quality proteins and omega-3 fatty acids to enhance immune function and coat health in cats and dogs, thereby increasing the value of high-grade fishmeal. As noted by the American Pet Products Association in March 2024, total U.S. pet industry spending reached $147 billion in 2023, indicating a strong market for premium inputs. To balance these demands from the aquaculture and pet food sectors, producers depend on regulated fishing seasons; for instance, Peru's Ministry of Production authorized a maximum allowable catch of 2.475 million tonnes for the first anchovy season in the North-Central zone in 2024.

Market Challenge

A fundamental vulnerability in the global fishmeal market arises from its dependence on wild-caught pelagic species, which subjects the industry to the unpredictability of climatic events. Environmental phenomena, such as El Nino, drastically alter ocean temperatures, potentially displacing fish stocks or significantly diminishing available biomass. In response to these anomalies, governments in key producing nations like Chile and Peru frequently enact immediate quota reductions or harvesting bans to avert stock collapse, a reliance on irregular biological cycles that prevents manufacturers from guaranteeing consistent raw material flow or securing long-term supply contracts with feed producers.

Consequently, this volatility on the supply side triggers sharp price fluctuations and logistical constraints that impede market growth. The severity of these environmental disruptions is reflected in recent performance data; the International Fishmeal and Fish Oil Organisation (IFFO) reported that total cumulative fishmeal production from major producing countries fell by approximately 23 percent in 2023 compared to the prior year. This significant decrease was largely attributed to the cancellation of vital fishing seasons in Peru, compelling buyers to search for costly alternatives and demonstrating how climatic risks directly limit the sector's potential for expansion.

Market Trends

The global fishmeal market is being reshaped by the increasing practice of upcycling seafood processing by-products, a strategy that decouples production volumes from the volatility of wild-caught fishery cycles. Manufacturers are actively incorporating trimmings from food-grade fisheries, including salmon, tuna, and pangasius, into their operations to establish a circular economy model that alleviates raw material scarcity. This transition not only addresses environmental issues but also fortifies supply chains against climatic disruptions like El Nino; the International Fishmeal and Fish Oil Organisation (IFFO) noted in April 2024 that fishmeal production from by-products constituted 39 percent of total global output in 2023, signaling a swift shift toward waste valorization.

Parallel to this, the adoption of end-to-end digital supply chain traceability is becoming a prerequisite for market access, driven by downstream requirements for verifiable sustainability. Retailers and aquafeed producers are enforcing strict sourcing standards that demand detailed data on species origin, catch methods, and carbon footprints to ensure adherence to anti-IUU regulations, pushing fishmeal plants to implement digital tracking systems and certification schemes. According to Skretting's "Impact Report 2023" released in June 2024, 77 percent of the marine ingredients acquired by the company were either certified or sourced from a Fishery Improvement Project (FIP), highlighting the indispensable role of verified traceability in sustaining commercial partnerships with leading feed manufacturers.

Key Market Players

• 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

Report Scope

In this report, the Global Fishmeal Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Fishmeal Market, By Application

• Fertilizers
• Animal Feed

Fishmeal Market, By End-User

• Swine
• Poultry
• Aquaculture
• Others

Fishmeal Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Fishmeal Market.

Available Customizations:

Global Fishmeal Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).