Global Fishmeal Market Overview

The global Fishmeal Market is poised for steady growth from 2025 to 2033, driven by the insatiable global demand for animal protein and the critical role of fishmeal as a high-nutrient ingredient in aquaculture and livestock feed. Valued at USD 7.7 billion in 2025, the market is projected to reach USD 11.6 billion by 2033, advancing at a CAGR of 5.5% during the forecast period.

The global market is fuelled by the rapid expansion of the aquaculture industry, which relies heavily on fishmeal for its high protein content, essential amino acids, and omega-3 fatty acids (DHA and EPA). However, the market faces significant challenges due to fluctuating raw material supply, stringent regulations on fishing quotas to preserve marine ecosystems, and price volatility.

A key trend is the increasing production of fishmeal from by-products (heads, bones, offal) of fish processing, improving sustainability and resource utilization. The market is also witnessing innovation in alternative protein sources, though fishmeal remains irreplaceable for certain life stages of key species like salmon and shrimp. The competitive landscape is characterized by established players in coastal nations competing based on sustainable sourcing, product quality, and strategic partnerships with large feed manufacturers.

Global Fishmeal Market Drivers and Opportunities

Surging Global Demand for Aquaculture Products

A primary driver for the fishmeal market is the exponential growth of the global aquaculture industry. As wild-catch fisheries plateau, aquaculture has become the primary source to meet the rising global demand for seafood. Fishmeal is an essential component of aquafeed, especially for carnivorous species like salmon, trout, and shrimp, due to its superior nutritional profile that promotes growth and health. This creates a direct, inelastic demand, presenting a sustained opportunity for producers, particularly those who can ensure a consistent and high-quality supply to major aquaculture regions.

Rising Focus on Sustainable Sourcing and By-product Utilization

Growing environmental concerns and regulations on overfishing are pushing the industry towards sustainable practices. This challenge presents a significant opportunity for innovation. The production of fishmeal from fish processing by-products (which can account for up to 70% of the fish) is gaining tremendous traction. This approach reduces waste, adds value to the fishing industry, and mitigates pressure on wild fish stocks dedicated solely to reduction. Companies investing in by-product sourcing and promoting their sustainable credentials are well-positioned to capture market share and premium pricing.

Expansion of Livestock and Pet Food Industries

Beyond aquaculture, fishmeal is a valuable ingredient in feed for livestock (poultry, pigs) and pets, prized for its palatability and nutrient density. The growing global consumption of meat and the humanization of pets, leading to demand for high-quality, protein-rich pet food, are diversifying the application base for fishmeal. This diversification offers a stable opportunity for market players to mitigate risks associated with dependency on a single sector and to tap into adjacent multi-billion-dollar industries.

Global Fishmeal Market Scope

Global Fishmeal Market Report Segmentation Analysis

The global Fishmeal Market industry analysis is segmented by Source, by Application, and by region.

Cooling Segment Leads as the Largest Equipment Type

The cooling segment, encompassing air conditioners, chillers, and cooling towers, dominates the market. This leadership is attributed to the essential need for space cooling in hot climates, which cover a significant portion of the global population. Rising temperatures, increasing humidity levels, and growing affordability are driving the adoption of cooling systems in both residential and commercial spaces, especially in high-growth emerging economies. The demand is further amplified by the need for precise cooling in data centers, healthcare facilities, and laboratories, solidifying this segment's top position.

Salmon & Trout as a Key Source Type

The salmon and trout segment has become a critically important and high-value source for fishmeal, primarily driven by the principles of the circular economy. Unlike traditional reduction fishing, which targets small pelagic species solely for processing into meal, this segment utilizes the by-products (heads, bones, skin, and offal) from the vast global processing operations for farmed salmonids. This approach transforms what would be waste into a valuable, nutrient-dense product, adding economic value and enhancing sustainability credentials. The growth of this segment is inextricably linked to the expansion of salmon and trout aquaculture itself; as production increases, so does the available volume of by-products. This creates a reliable and consistent supply chain that is increasingly viewed as more environmentally responsible than wild reduction fisheries. Consequently, fishmeal derived from these by-products often commands a premium price in the market, strengthening its position as a key and sustainable source within the industry.

Aquaculture Feed as the Dominant Application Segment

Aquaculture feed is the undisputed dominant application for fishmeal, consuming the overwhelming majority of the global supply. This dominance is fundamentally rooted in the unmatched nutritional profile of fishmeal, which is particularly crucial for carnivorous and omnivorous farmed species like salmon, shrimp, trout, and sea bass. It provides a highly digestible, premium source of protein containing all essential amino acids, vital energy from fats, and essential omega-3 fatty acids (DHA and EPA) that are critical for development and health. Furthermore, its palatability ensures high feed intake, while its mineral content supports robust immune systems. Despite its high cost, which drives continuous research into alternatives, fishmeal remains an irreplaceable ingredient, especially in starter and grow-out feeds for high-value species. Its use directly correlates with optimal growth rates, feed efficiency, and overall animal health, making it a critical, non-negotiable input for profitable aquaculture operations and securing its leading market share.

The following segments are part of an in-depth analysis of the global Fishmeal Market:

Global Fishmeal Market Share Analysis by Region

Latin America region Expected to Dominate the Global Fishmeal Market During the Forecast Period

South America, led by Peru and Chile, is projected to hold the largest market share. This dominance is driven by the enormous biomass of anchovetta off the Pacific coast, which is the primary raw material for standard-grade fishmeal production. Asia-Pacific is the fastest-growing region and the largest consumer, driven by its massive aquaculture industry in China, Vietnam, and Thailand. Europe, with key producers like Norway, Denmark, and Iceland, is a significant market characterized by high-quality, sustainably sourced meals often from fishing by-products. North America and Africa are other notable producing and consuming regions.

Global Fishmeal Market Recent Developments News:

• In February 2025, a consortium of Peruvian fishmeal producers announced a joint venture to invest in advanced processing technology to reduce water consumption and energy use, aiming to improve sustainability metrics.
• In January 2025, BioMar Group and a leading Norwegian salmon by-product collector extended their long-term agreement to secure a sustainable supply of circular raw materials for aquafeed.
• In December 2024, Omega Protein Corporation (a Cooke Inc. company) launched a new traceability platform for its menhaden fishmeal, allowing customers to verify the product's origin and sustainability credentials.
• In November 2024, the IFFO released a report highlighting that the share of fishmeal derived from by-products reached a record 45% of total production, underscoring the industry's shift towards circularity.

The Global Fishmeal Market is dominated by a few large companies, such as

●        Ff Skagen A/S

●        Pesquera Diamante S.A.

●        Oceana Group Limited

●        Pesquera Hayduk S.A.

●        Corpesca S.A.

●        TripleNine Group A/S

●        Austevoll Seafood ASA

●        Biomega AS

●        Sardina D.O.O.

●        Pioneer Fishing

●        Omega Protein Corporation (Cooke Inc.)

●        Croda International Plc

●        TASA

●        Other Prominent Player