The global fish meal market is entering a phase of steady expansion, driven by surging demand from aquaculture and innovations in sustainable sourcing. According to the latest outlook, the market is expected to reach USD 46.62 billion in 2025, growing at a 4.4% CAGR to surpass USD 71.71 billion by 2035.
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Aquaculture Leads the Way
Aquaculture continues to dominate global demand, consuming about 70% of all fish meal produced. By 2025, aquaculture alone will account for 50% of total applications, with species such as salmon, shrimp, tilapia, and marine finfish depending on fish meal’s superior protein and omega-3 profile. Unlike plant-based alternatives, fish meal provides optimal amino acid balance and feed conversion efficiency, ensuring healthier and faster-growing seafood.
China remains the largest growth hub, expected to expand at 6.3% CAGR, as its aquaculture industry develops customized feeds enriched with probiotics, marine peptides, and precision nutrition solutions. Norway, with its advanced salmon industry, is investing in hybrid fish meal blends that integrate precision-fermented proteins, while Japan is focusing on ultra-purified fish meal tailored for premium tuna farming.
Wild-Caught Fish: The Backbone of Production
The wild-caught fish segment will continue to dominate supply, holding 40% share in 2025. Anchovies, menhaden, sardines, and capelin from Peru, Chile, and the North Atlantic remain the primary sources. With 65% of global fish meal derived from wild fish, the segment maintains its leadership due to unmatched digestibility and omega-3 content. Certification programs such as MSC are ensuring responsible sourcing, reinforcing the industry’s sustainability commitments.
Production Trends and Market Performance
According to IFFO – The Marine Ingredients Organisation – fishmeal production increased 26% in 2024, driven largely by Peru’s anchovy recovery, while fish oil production rose 12%. These gains demonstrate the critical role of stable oceanographic conditions in maintaining supply.
Semi-annual growth analysis also reveals interesting shifts: the industry’s CAGR stood at 3.9% in H1 2024, accelerating to 4.7% in H2. In 2025, growth slowed slightly in the first half (4.2%) but rebounded strongly in the second half (4.8%), highlighting revenue stabilization patterns and stronger market realization in later months.
Rising Innovation in Fish Meal Technologies
Manufacturers are increasingly embracing enzyme-treated fish meal, which enhances digestibility and reduces nitrogen and phosphorus waste in aquaculture – a key environmental concern. The integration of fish by-products, trimmings, and underutilized species is reducing waste while expanding raw material supply.
Emerging firms are also exploring single-cell proteins and insect-based ingredients as partial replacements, bringing cost efficiency and sustainability to the forefront. In parallel, established leaders are investing in advanced enzymatic processing and bioreactor technologies to improve amino acid availability and support precision nutrition.
Expanding Beyond Aquaculture
Although aquaculture remains the backbone of demand, fish meal is making a comeback in high-performance livestock diets. Early-stage poultry and swine nutrition is increasingly integrating fish meal, valued for its methionine and lysine richness that promotes gut health, disease resistance, and rapid growth.
Competitive Landscape: Established Leaders and New Entrants
The fish meal industry is moderately consolidated, with global leaders such as Cargill, Archer Daniels Midland (ADM), Bunge, Omega Protein Corporation, and TASA at the forefront. These companies leverage global sourcing networks, strong logistics, and advanced formulations to maintain leadership.
Second-tier regional specialists, including Austevoll Seafood ASA, Corpesca S.A., and Pesquera Diamante S.A., are building strong positions in local markets. Meanwhile, niche players such as BioMar Group, Skretting (Nutreco), and Aker BioMarine are innovating with sustainable and organic fish meal formulations, carving out specialized segments.
Emerging entrants are also gaining traction. Companies experimenting with insect protein integration, ultra-refined fish meals, and circular economy models are reshaping the landscape. For instance, smaller firms in China and Southeast Asia are actively developing customized aqua feed blends for shrimp and grouper farming, offering localized solutions to fast-growing producers.
Country-Specific Insights
- China: Driving innovation in customized aqua feeds, with antibiotic-free and immune-boosting formulations leading demand.
- Norway: Pioneering hybrid fish meals integrating precision-fermented proteins to enhance salmon feed efficiency.
- Japan: Leading development of ultra-purified fish meal for premium tuna farming, focusing on oxidation control and omega-3 retention.
Recent Industry Highlights
- Austevoll Seafood ASA reported a 17% revenue increase in Q1 2025, supported by anchovy quotas in Peru despite price fluctuations.
- TASA, Peru’s largest producer, achieved a production increase of over 265,000 metric tons in 2024, thanks to favorable fishing conditions.
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Outlook: Sustainability and Innovation Will Shape the Future
The global fish meal market is set for steady growth through 2035, fueled by the rising demand for protein-rich aquafeed and livestock diets. Both established multinationals and innovative newcomers are investing in sustainable sourcing, enzyme treatment, and alternative protein integration to strengthen market resilience.
As aquaculture consumption grows worldwide, the role of fish meal remains critical. Manufacturers focusing on technology, sustainability, and region-specific formulations will be best positioned to thrive in the next decade of transformation.
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