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).

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.

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 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.