Fish Meal Market Size, Share, and Industry Analysis By Source (Salmon, Tuna, Forage Fish, Anchovies, Sardines, Crustaceans, and Others), By Application (Animal Feed, Poultry, Swine, Fertilizers, Aquaculture, Pet Food, and Others), and Regional Forecast, 2026-2034

The global fish meal market size was valued at USD 11.04 billion in 2025. The market is projected to grow from USD 11.85 billion in 2026 to USD 20.97 billion by 2034, exhibiting a CAGR of 7.39% during the forecast period.

The global fish meal market is expanding steadily, driven by the growing demand for protein-rich animal feed in the aquaculture and livestock sectors. Fish meal is the most commonly used high-protein feedstuff derived from fish processing. Its benefits of digestibility and nutrient density are appreciated across several end-user industries, but mainly in aquaculture, poultry, and pig farming.

• The Food and Agriculture Organization reports that fish meal comprises almost 25% of the feed used in aquaculture in Asia, thereby marking the significance of the feed to meet the nutritional demand of the industry.

Modern trends in fish processing technology, along with sustainability in fisheries, have also culminated in the extraction of a higher amount of fish meal and a reduced quantity of waste. All these factors further complement the growth of the market.

Fish Meal Market Driver

Aquaculture Growth Drives Fish Meal Market Expansion

The growing aquaculture industry, which requires highly nutritious feed for healthy fish breeding, is a major factor propelling the fishmeal industry. In 2022, about 300,000 tonnes of fish meal were used in the aquaculture sector in the EU. The high content of essential amino acids and free omega-3 fatty acids in fish meal generates higher value-added applications of these by-products in livestock and poultry feed. Growing worldwide populations and preferences for better food are driving up levels of protein consumption, and thus demand for higher-quality animal-feed ingredients that include fish meal.

Fish Meal Market Restraint

Overfishing Concerns And Alternatives Hinder Market Growth

The difficult situation of the fish meal industry is, to a great extent, ascribed to an increasing concern about depletion of marine resources and overfishing, and the associated uncertainty about the durable availability of raw material. Environmental controls for marine biodiversity limit fishing access. The variations of fish catch volumes are accompanied by changes in the prices of raw materials, which generate variations of production costs, with a negative impact on the trade margins of the fish meal producing industry. There are competing emerging alternatives, including plant-based and microbial sources, gaining traction as sustainable, cost‐effective feed solutions.

Fish Meal Market Opportunity

Market Growth Driven By Sustainability And Diversification

Future advancement in the fish meal market is massive, aside from sustainable and environmentally friendly fishing and processing practices being implemented. The techniques will also contribute to the sustainable management of marine resources and consumer trust in ethically sourced goods. As the aquaculture industry continues to grow in developing countries, fish meal producers could also look to new markets to expand their customer base. In addition, companies may succeed in maximizing their profit margins as well as meet the different nutritional needs by broadening their product portfolio and using fish meal in various kinds of feed applications except for aquaculture.

Key Insights

The report covers the following key insights:

• Key Players and Country of Origin
• Drivers, Restraints, Trends, and Opportunities
• Fish Meal Production by Region
• SWOT Analysis of Key Players
• Key Industry Developments (Mergers, Acquisitions, Partnerships)
• Aquaculture Growth by Region
• Fish Meal Price Trends
• Regulatory and Sustainability Practices
• Growth Projections by Segment
• Impact of Raw Material Costs on Profitability

Segmentation

Analysis by Source

By source, the market is divided into salmon, tuna, forage fish, anchovies, sardines, crustaceans, and others.

Due to their very plentiful stocks and high oil content, which promotes efficient fish meal extraction, the anchovies are projected to dominate the market share in fish meal. As a critical raw material in Peru and Chile, it supports large-scale production. The catch volume is stable, and so is the nutritional profile of anchovies, which affords their foremost status in the market.

In the foreseeable future, sardines are likely to experience considerable growth primarily due to the increase of raw materials for efficient fish meal production. It is a fast-reproducing species and is highly distributed, thus making it a sustainable and very eco-friendly supply for the industry's use. The segment is still gaining ground based on the areas that are focusing on sustainable sourcing.

Crustaceans are expected to see a considerable increase, mainly due to technology improvements regarding the use of waste for high-protein fish meal processing from shrimp and crab shell sources; not only does this contribute to the practices of the circular economy, but it also offers additional possibilities for value-added by-products. This makes the segment even more attractive.

Analysis by Application

By application, the market is divided into animal feed, poultry, swine, poultry, fertilizers, aquaculture, pet food, and others.

Aquaculture will dominate the segment in fish meal consumption owing to an ever-increasing demand for farmed fish and seafood worldwide. Due to its highly concentrated protein and nutrients desired for feed, fish meal is extensively used as a feed ingredient for the culture of various aquatic species. The aquaculture segment continues to grow due to the increasing number of aquaculture operations globally.

Poultry feed would likely realize a considerable boom with the manufacturers targeting high-quality protein sources for health and improved productivity in birds. According to the increased incorporation of fishmeal in intensive farming systems, fishmeal provides amino acids and micronutrients adequate for poultry diets that facilitate weight gain and egg production.

The pet food segment is showing considerable growth due to increasing premium pet nutrition demands. Fishmeal contains highly digestible proteins and omega-3 fatty acids beneficial for the health of pets. Manufacturers are adding it to formulations targeting those pet owners who are looking for natural and nutrient-rich products.

Regional Analysis

Based on geography, the market has been studied across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

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Asia-Pacific is considered to dominate the global fish meal market in aquaculture production, along with countries such as China and India. For this market to strengthen, government support should provide the yardsticks of favorable policies, along with infrastructure development. Rapid urbanization in the region and an awareness of food security are the two forces propelling the increasing demand for superior aquaculture feeds.

South America, with its vast sea resources, due to which country such as Peru stands as very prominent contributors, plays a vital role in the fish meal market. There is a healthy international demand in favor of the export-oriented fish meal production, which underlines South America's stronghold as one of the key suppliers in the global supply chain.

Europe shall continue to be strong concerning fish meal by promoting sustainable and environmentally friendly fishing practices. Special aquaculture systems in the region guarantee an ongoing demand for high-end nutritionally balanced fish-meal products. The constant support for regulatory compliance and innovations in feed technologies will drive the European fish meal market.

Key Players Covered

The report includes the profiles of the following key players:

• FF Skagen (Denmark)
• The Scoular Company (U.S.)
• Omega Protein Corporation (U.S.)
• Oceana Group Limited (South Africa)
• Pelagia (Norway)
• Pesquera Diamante SA (Peru)
• Pesquera Exalmar S.A.A (Peru)
• Austral Group S.A.A (Peru)
• Copeinca (Peru)
• Biomega AS (Norway)

Key Industry Developments

• In July 2023, the Kerala University of Fisheries and Ocean Studies entered into an agreement with Amala Eco Clean Private Limited to generate fish meal through organic waste. The concept will convert waste into a sustainable fish feed by black soldier fly larvae. This development highlights the promise of circular economy practices in reducing the dependence on marine-based imports.
• In November 2023, MicroHarvest opened a new pilot plant, based in Lisbon, Portugal, for the research and development of single-cell protein. The facility has been commissioned to test and optimize production processes for application in aquafeed. This initiative goes on to demonstrate the increasing interest in alternative proteins for the possible supplementation or substitution of fish meal.
• In February 2024, Innovafeed officially inaugurated its North American Insect Innovation Center, according to the officials in Illinois. The focus of the facility is really on scaling insect protein production up and providing a sustainable alternative to traditional fish meal in aquafeeding. Thus, it marks another step undertaken by the industry towards ecologically friendly and innovative protein sources.