Fishmeal Market Size, Share, and Industry Analysis by Source (Salmon & Trout, Marine Fish, Tilapia, Crustaceans, Craps, and Others), By Application (Livestock {Pets, Poultry, Ruminants, and Aquatic Animals}, Agriculture, and Others), and Regional Forecast, 2026-2034

The global fishmeal market size was valued at USD 11.22 billion in 2025. The market is projected to grow from USD 12.20 billion in 2026 to USD 23.78 billion by 2034, exhibiting a CAGR of 8.70% during the forecast period.

The global fishmeal market has witnessed significant growth in recent years, driven by several key factors. Fishmeal has been a vital input into the rapidly expanding aquaculture industry that accounts for most of the world's seafood. With aquaculture continuing to grow to meet this seafood demand, the need for quality fishmeal is rising.

Fishmeal is a nutrient-rich product derived from dried and ground fish. The product renowned for its high protein content and balanced amino acid profile plays a crucial role in promoting the growth and health of farmed animals.

Fishmeal Market Driver

Growing Demand for Aquaculture and Livestock Feed to Drive the Market Growth

The global market mainly depends on the steadily rising demand for aquaculture and livestock feed. In particular, with the rise of the world's population comes the surge in protein requirements. Aquaculture alone has emerged as an essential source of seafood. Furthermore, fishmeal is considered as the most essential protein supplement used in farmed fish and shrimp. 

High protein content, an excellent essential amino acid profile, and digestibility make fishmeal a good ingredient for formulations of aquaculture feed. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), 41% of fishmeal consumed in China is for aquaculture feed and other Asian countries used nearly 28% of fishmeal for aqua-feed application in 2021. Thus, the global market is expected to continue its upward trajectory as long as these underlying factors persist.

Fishmeal Market Restraint

Overfishing and Declining Fish Stocks: A Major Constraint for the Market

Despite the high growth rate of the fishmeal market, there are still challenges and restraints. One of the major concerns is the fluctuation in the catch of fish, which can result in supply shortages and cause price fluctuations. Overfishing and a decline in fish stocks threaten the long-term sustainability of the fishmeal industry. In addition, regulations and environmental concerns about sustainable fishing practices can further reduce fishmeal production. 

Moreover, fishmeal producers are likely to be hurt by increasing input prices for fuel, labor, and feed ingredients. This would lead to erosion in profit margins. The fishmeal dominance in the feed industry is also threatened with growing competition from alternative sources of protein, such as plant-based proteins and insect meal. The industry should take up sustainable fishing practices, invest in technological development to improve efficiency, and come up with innovative feed formulations that do not rely much on fishmeal.

Fishmeal Market Opportunity

Growing Demand for Sustainable and High-Quality Fishmeal to Drive the Market in the Near Future

The expansion of the livestock production in Western countries including U.S., Europe, and Canada contributed to increased consumption of fishmeal. According to the Food and Agriculture Organization (FAO) reports that global aquaculture production volume has increased by 4.4% in 2022 over 2020. Increasing aquaculture production will positively drive the cost-benefitted meal option, especially fishmeal. 

In addition, the increasing demand for fishmeal in poultry and livestock feed to enhance feed efficiency offers further market prospects. The increasing population globally will continue to escalate animal protein consumption, which will continue to drive the upward trend of the fishmeal market.

Key Insights

The report covers the following key insights:

• Overview of the Parent Market
• Supply Chain Analysis
• Regulatory Analysis
• Industry SWOT Analysis
• Key Industry Developments
• Qualitative Analysis related to COVID-19

Segmentation

Analysis by Source 

Based on source, the market has been segmented into salmon & trout, marine fish, tilapia, crustaceans, craps, and others. 

The salmon & trout segment holds the leading market share owing to its availability, accessibility, and rich-nutrition factors. Fishmeal is indispensable in their diets due to its essential amino acids and high digestibility, ensuring rapid growth and superior quality. This segment is further driven by the increasing global demand for high-quality seafood and the growth in sustainable salmon farming. 

The tilapia segment is the fastest-growing segment, highly represented in emerging markets such as Africa and Latin America, where tilapia farming is on the rise due to the affordability and popularity of tilapia as a source of protein. Fishmeal is an essential input in tilapia diets, as it promotes growth rates and feed conversion efficiency. 

Analysis by Application 

Based on application, the market is divided into livestock {pets, poultry, ruminants, and aquatic animals}, agriculture, and others.

The livestock segment holds a prominent market share. Fishmeal is an essential ingredient in aquaculture, especially for shrimp, salmon, and tilapia, due to its richness in protein and other necessary nutrients. Fishmeal is highly palatable and relatively more affordable for livestock manufacturers. The extensive adoption of fishmeal by livestock producers will positively drive the segment growth. The government investments in sustainable aquaculture practices additionally drive the product sales from the segment. 

The agriculture segment is anticipated to grow at the highest CAGR during the forecast period. Increasing organic fertilizer popularity is primarily driving the global product demand. The product helps improve soil structure, promote plant growth, and support plant health. Additionally, fish meal improves soil permeability, which helps plant roots develop and makes nutrients more available to plants. 

Regional Analysis

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

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The global fishmeal market has significant regional variations, with leading and growing segments driven by distinct demand dynamics. Asia Pacific dominates as the largest consumer and producer, accounting for a significant share of the global fishmeal consumption. The regional demand is fuelled by its thriving aquaculture industry, particularly in China, which is the world's largest aquaculture producer. The market has been recorded to depict rapid expansion in the rest of Asia, due to high investment in both the aquaculture and the livestock sector. Moreover, an increase in disposable income and more protein-intensive diets are propelling further demand in the region. 

Europe is anticipated to emerge as one of the fastest growing markets for fishmeal. Increasing organic and sustainable agriculture practices in European countries including Germany, Italy, France, and Spain is likely to drive the product demand. Europe is one of the leading markets, which import fishmeal from developing countries such as Chile, Indonesia, Morocco, Peru, and Iceland. Thus, the regional market is anticipated to surge at the highest rate during the forecast period. 

Key Players Covered

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

Key Industry Development 

• In November 2024, Cooke Inc., a Canadian seafood company, acquired Corporación Pesquera Inca S.A.C. (Copeinca), a major Peruvian fishmeal and fish oil producer. This acquisition significantly strengthens Cooke's position in the global market.
• In June 2022, Koppernaes Protein AS, a Norwegian marine and infrastructure company, acquired TripleNine Group, a Denmark-based feed ingredient manufacturer specializing in fish protein and oils. This strategic acquisition aligns with Koppernaes Protein's long-term strategy to offer sustainable food to consumers and actively develop this business area in the near future.