Fishmeal Market Size, Share, Growth, and Industry Analysis, By Type (Steam Dried, Flame Dried), By Application (Aquaculture Feed, Poultry Feed, Pig Feed, Pet Food), Regional Insights and Forecast From 2026 To 2035

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FISHMEAL MARKET OVERVIEW

The global fishmeal market size is anticipated to be valued at USD 7.33 Billion in 2026, with a projected growth to USD 7.79 Billion by 2035 at a CAGR of 3.1% during the forecast from 2026 to 2035.

Fishmeal, a commercially produced product, is crafted from a blend of whole wild-caught fish, bycatch, and fish by-products, primarily intended for the nourishment of various farm animals such as pigs, poultry, and farmed fish. This nutrient-rich substance stands out for its elevated protein and fat content, making it a valuable reservoir of essential omega-3 fatty acids. The manufacturing process typically involves a series of steps, including cooking, pressing, drying, and grinding the fish or fish remnants until they solidify. During this process, a significant portion of the water content is extracted, and in some cases, all of the oil is removed to yield the final product.

The fishmeal market growth is attributed to several underlying reasons. First, declining wild fish stocks due to overfishing, pollution, and climate change have created a pressing need for alternative protein sources in aquaculture feeds, such as fish-meal. Second, the rising prices of alternative protein sources, like soybeans and plant-based proteins, have made the product a more attractive option for aquaculture feed producers. Its cost-effectiveness and nutritional value make it a preferred choice, further driving market growth. Finally, increased awareness of the benefits of this substance in improving the health and growth of animals has spurred its demand in the poultry, pig, and pet food industries, contributing to the overall expansion of the market.

KEY FINDINGS

COVID-19 IMPACT

Demand Declined Due to Disruptions in Aquaculture Production

The global COVID-19 pandemic has been unprecedented and staggering, with the fishmeal market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic brought about substantial disruptions across the global seafood industry, triggering a ripple effect on various associated markets, one of which is the production of fishmeal. One notable impact was the initial decline in demand for this vital feed source, primarily attributed to several intertwined factors. Firstly, the pandemic-induced disruptions in aquaculture production had a significant influence. Fish farmers faced the need to reduce stocking densities and delay harvests due to the uncertainties brought by the pandemic, subsequently leading to a reduced requirement for this essential component in aquafeed formulations.

Another contributing factor to the decline in demand was the surge in the cost of this crucial feed ingredient itself. This increase in cost was driven by several factors, including a rise in the prices of raw materials used in its production and a decrease in its overall supply. These challenges created an environment where the economic viability of its usage in aquaculture and animal feed industries became less favorable.

LATEST TRENDS

Increased Adoption of Advanced Processing Technologies to Enhance Feed Quality

The adoption of advanced processing methods within the fishmeal industry has set in motion a transformative trend. Techniques such as freeze-drying and vacuum drying have gained prominence due to their profound impact on feed quality and shelf life extension. This trend is fundamentally altering the landscape of feed production and consumption.

The effect of these advanced processing methods is twofold. Firstly, they contribute to the preservation of the nutritional value inherent in the product. This preservation ensures that the feed retains its essential nutrients, making it a more effective and efficient protein source in animal nutrition. Secondly, these innovations extend the shelf life of feed products, reducing the risk of spoilage and waste. As a result, high-quality feed with improved characteristics is readily available for use in aquaculture, poultry farming, and other animal feed applications.

• According to the Food and Agriculture Organization (FAO), global fishmeal production reached 5.3 million metric tons in 2023, with over 68% derived from whole fish and 32% from fish processing by-products. The FAO also reported a 14% increase in the use of fish trimmings for fishmeal production since 2020, highlighting a shift toward circular and sustainable aquaculture feed sources.

• According to the International Fishmeal and Fish Oil Organization (IFFO), more than 35% of global fishmeal output in 2023 was used in shrimp and salmon aquaculture, reflecting a 21% rise in demand for protein-rich feed over the last five years. The trend indicates an increasing focus on nutrient-dense, traceable, and environmentally responsible feed ingredients.

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FISHMEAL MARKET SEGMENTATION

By Type

The market can be segmented into two primary types: steam dried (SD) and flame dried (FD).

• Steam Dried (SD): Steam-dried blood meal represents the largest segment of the global blood meal market, accounting for approximately 60–65% of total production. This processing method uses controlled steam heating to dry animal blood collected from slaughterhouses, producing a protein-rich powder widely used in the animal feed industry. Steam drying preserves the high protein content of blood meal, typically around 85–90% crude protein, making it a valuable ingredient in livestock and aquaculture diets. The process also helps maintain better amino acid digestibility compared to some alternative drying techniques. Because of its higher nutritional quality and improved digestibility, steam-dried blood meal is often preferred in premium feed formulations for aquaculture and poultry. Global production of blood meal is estimated to exceed 3 million metric tons annually, with steam-dried products representing the majority of output. Growing demand for high-protein feed ingredients and increasing livestock production are key factors supporting the dominance of this segment in the global feed additives market.

• Flame Dried (FD): Flame-dried blood meal accounts for approximately 35–40% of the blood meal market, making it the second major processing type. This method involves exposing blood to direct heat or flame during the drying process, which rapidly removes moisture and produces a stable powder suitable for feed applications. While flame drying is generally more cost-efficient and faster than steam drying, it can sometimes lead to slight reductions in amino acid availability due to higher processing temperatures. As a result, flame-dried blood meal is often used in cost-sensitive feed formulations, particularly in large-scale livestock production systems. Despite these limitations, it still provides a high protein concentration of around 80–85%, making it a valuable ingredient in animal nutrition. Many feed manufacturers prefer flame-dried blood meal for applications where affordability and bulk supply are critical factors. The segment remains important in emerging livestock markets, where demand for economical feed protein sources continues to grow.

By Application

The market's application segment includes aquaculture feed, poultry feed, pig feed, and pet food. Among these, aquaculture feed is the dominating segment, driven by the rapid growth of the aquaculture industry worldwide.

• Aquaculture Feed: Aquaculture feed represents the largest application segment for blood meal, accounting for approximately 35–40% of global demand. Blood meal is widely used in fish and shrimp feed formulations because of its exceptionally high protein content and favorable amino acid profile, particularly lysine. These nutrients are essential for improving fish growth rates and feed efficiency. The rapid expansion of the aquaculture industry has significantly increased the demand for high-protein feed ingredients. Global aquaculture production exceeded 120 million metric tons in recent years, making it one of the fastest-growing sectors in animal food production. Blood meal is also considered a partial substitute for fishmeal, which has become increasingly expensive due to limited marine resources. Feed manufacturers often combine blood meal with other protein sources to create balanced diets for aquatic species. As aquaculture continues to expand in regions such as Asia-Pacific and Latin America, the use of blood meal in aquaculture feed is expected to remain a major driver of market growth.

• Poultry Feed: The poultry feed segment accounts for approximately 25–30% of blood meal consumption worldwide. Blood meal is commonly included in poultry diets because it provides high levels of digestible protein and essential amino acids, which support rapid growth and improved feed conversion ratios in chickens and other poultry species. Poultry production is one of the largest agricultural industries globally, with billions of chickens raised annually for meat and egg production. The increasing global demand for poultry meat has encouraged feed manufacturers to incorporate protein-rich ingredients like blood meal to enhance nutritional value while controlling feed costs. In addition to protein, blood meal also contains minerals such as iron, which can contribute to improved overall health in poultry flocks. Although blood meal is typically used in moderate inclusion levels to maintain balanced nutrition, its high protein density makes it a valuable supplement in poultry feed formulations.

• Pig Feed: Pig feed represents roughly 20–25% of the blood meal market, driven by the large global swine production industry. Blood meal is used in pig diets as a high-protein supplement, particularly in feed formulations for growing pigs and breeding stock. The ingredient contains high concentrations of essential amino acids such as lysine and leucine, which are important for muscle development and overall growth performance in swine. In pig feed, blood meal is often combined with soybean meal, corn, and other protein sources to create nutritionally balanced diets. Global pork production remains one of the largest meat sectors, with annual output exceeding 110 million metric tons, creating substantial demand for high-quality feed ingredients. The use of blood meal can also help reduce reliance on plant-based proteins, which may fluctuate in price due to agricultural market conditions. As swine farming continues to expand in regions such as Asia and Europe, the pig feed segment is expected to maintain stable demand for blood meal.

• Pet Food: Pet food applications account for approximately 8–12% of the blood meal market, representing a smaller but steadily growing segment. Blood meal is sometimes used in pet food formulations as a high-protein ingredient, particularly in premium dry pet food products. The high protein content and essential amino acids present in blood meal contribute to muscle maintenance and overall nutritional balance for pets such as dogs and cats. In addition, blood meal can enhance the palatability and nutritional value of certain pet food formulations. The global pet food industry has experienced strong growth in recent years due to rising pet ownership and increasing consumer spending on pet nutrition. Premium pet food brands are increasingly focusing on high-protein diets, which has contributed to growing interest in alternative protein ingredients such as blood-derived proteins. Although the share of blood meal in pet food remains smaller compared to livestock feed applications, continued expansion of the pet care market is expected to support gradual growth in this segment.

DRIVING FACTORS

Declining Wild Fish Stocks to Propel Market Expansion

Overfishing, widespread pollution, and the far-reaching impacts of climate change have collectively orchestrated a substantial and concerning reduction in the populations of wild fish. This ecological challenge has magnified the urgency for identifying and integrating alternative protein sources into aquaculture feeds, with fishmeal standing out as a prominent and viable solution to address this intricate issue.

Elevated Prices of Alternative Protein Sources Drive to Increase the Demand for the Product

The substantial and consistent increase in the prices of alternative protein sources, notably soybeans, and plant-based proteins, has significantly heightened the appeal of fishmeal for aquaculture feed producers. This strengthened cost-effectiveness, coupled with its remarkable nutritional value, has played a pivotal role in sustaining its demand within the industry.

• According to the World Bank’s Fisheries and Aquaculture Division, the global aquaculture sector grew by 6.7% in 2023, with more than 90 million tons of farmed seafood produced annually. This surge has driven the demand for high-quality fishmeal as a critical protein component, especially in Asia-Pacific countries where aquaculture accounts for around 89% of global production.

• According to the U.S. National Oceanic and Atmospheric Administration (NOAA), over 74% of global marine fish stocks are now sustainably managed, allowing for a more consistent supply of raw materials for fishmeal processing. This regulatory improvement has encouraged feed producers to expand fishmeal utilization in poultry and livestock feed by nearly 18% over the past three years.

RESTRAINING FACTORS

Stringent Regulatory Restrictions Raise Production Costs and Pose Challenges for Manufacturers

This market faces growing challenges due to stringent regulatory restrictions aimed at promoting sustainable fishing practices and reducing environmental impact. These regulations not only raise production costs but also pose significant difficulties for the manufacturers of this substance, potentially exerting a detrimental influence on market dynamics.

• According to the European Commission’s Directorate-General for Maritime Affairs and Fisheries, climate-driven ocean temperature fluctuations caused a 12% decline in anchovy and sardine catches in 2022–2023, directly impacting fishmeal input availability. The reduced catch volumes have led to regional supply bottlenecks, particularly in Peru and Northern Europe.

• According to the United Nations Environment Programme (UNEP), approximately 2.4 million tons of by-catch are still wasted annually in global fisheries, creating inefficiencies in the fishmeal production chain. Limited infrastructure for by-product collection and processing in developing economies continues to restrain the optimal use of available fish resources.

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FISHMEAL MARKET REGIONAL INSIGHTS

Asia Pacific Leads Due to the Region's Thriving Aquaculture Industries

Asia Pacific is expected to dominate the global fishmeal market with approximately 46% market share over the forecast period, Asia Pacific holds the dominant fishmeal market share, demonstrating the fastest growth rate. The region's thriving aquaculture industry has driven the demand for the product. Additionally, the growing awareness of the nutritional benefits of this substance in animal feed has further bolstered its consumption in the region.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

• TASA (Peru): According to Peru’s Ministry of Production (PRODUCE), TASA processed nearly 1.2 million tons of anchovy into fishmeal in 2023, accounting for over 25% of Peru’s total output. The company invested in emission control and traceability systems across 10 processing plants, reducing environmental emissions by 30% compared to 2019 levels.

• Diamante (Peru): According to the Peruvian National Fisheries Society (SNP), Diamante S.A. contributed over 350,000 metric tons of fishmeal production in 2023 and implemented ISO 22000-certified processing systems across all facilities. The company also reported a 15% efficiency gain in raw fish conversion, improving sustainability in the Peruvian fishmeal supply chain.

List of Top Fishmeal Companies

• TASA (Chile)
• Diamante (Peru)
• Austevoll Seafood ASA (Norway)
• COPEINCA (Peru)
• Corpesca SA (Chile)
• Omega Protein (U.S.)
• Coomarpes (Peru)
• KT Group (Thailand)
• Cermaq (Norway)
• FF Skagen (Norway)
• Austral (Chile)
• Kodiak Fishmeal (U.S.)
• Havsbrun (Norway)
• Hayduk (Russia)
• Exalmar (Peru)
• Strel Nikova (Russia)
• Nissui (Japan)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.