Fishmeal Market Projected to Flourish, Reaching US$ 17.6 Bn by 2032 - Persistence Market Research

The global fishmeal market is witnessing robust growth, fueled by rising demand across aquaculture, poultry, and livestock feed industries. According to Persistence Market Research, the market is projected to expand from US$ 10.7 Bn in 2025 to US$ 17.6 Bn by 2032, reflecting a strong CAGR of 7.4% during the forecast period. Fishmeal, derived from processing whole fish and fish by-products, is prized for its high protein content, essential omega-3 fatty acids, vitamins, and minerals that promote optimal animal health and performance.

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Leading the charge in market expansion is the aquaculture segment, where species like salmon, tilapia, and shrimp depend on protein-rich diets for rapid growth and disease resistance. Steam-dried fishmeal is the preferred type due to its superior nutrient retention and digestibility. Geographically, Asia Pacific dominates the global fishmeal market with over 30.2% share, driven by booming aquaculture industries in China, India, Vietnam, and Indonesia.

Key Highlights from the Report

➤ Asia Pacific leads with 30.2% share due to rising aquaculture in China, India, and Vietnam.
➤ Steam-dried fishmeal dominates for its superior shelf life and amino acid preservation.
➤ Fishmeal enhances animal immunity, growth, and feed conversion in aquaculture and livestock.
➤ North America boosts exports to China and Norway amid rising seafood demand.
➤ Peru and Chile remain top producers due to advanced processing and fish stock access.
➤ 34% of global fishmeal now comes from sustainable by-product sources.

Market Segmentation

The fishmeal market is segmented based on product type and end-use. Among product types, steam-dried fishmeal is expected to maintain dominance, owing to its high digestibility and nutritional integrity. This segment is projected to grow at a CAGR of 7.9% through 2032. Other types include flame-dried and press-cake fishmeal.

In terms of end-use, aquaculture feed remains the largest segment. Fishmeal supports optimal growth in species such as shrimp, tilapia, and salmon, especially in Asia Pacific. The livestock segment, especially poultry and pigs, also drives demand due to fishmeal's fertility and immunity benefits. Additional uses include fertilizers and niche applications.

Regional Insights

Europe Fishmeal Market Trends

Europe is witnessing steady growth in fishmeal demand, with a strong emphasis on sustainability and marine resource efficiency. Approximately 40% of raw material input is sourced from trimmings and fish processing waste. The region is also compliant with MarinTrust and MSC certifications, ensuring eco-friendly production. Pig and poultry feed industries, alongside aquaculture, fuel ongoing demand.

Asia Pacific Fishmeal Market Trends

Asia Pacific commands the largest share of the global fishmeal market. With rapid aquaculture expansion in China, India, and Vietnam, demand continues to rise. Shrimp exports from Vietnam surpassed USD 4 billion in 2024, further highlighting the region's heavy reliance on fishmeal. Moreover, regional production and import volumes are rising to meet high-protein dietary needs in farmed fish.

North America Fishmeal Market Trends

North America is focusing on expanding fishmeal exports and domestic production. The U.S. and Canada are targeting Asian markets, particularly China, for exports. With China importing 4.6 million metric tons of seafood in 2024, the opportunity for North American suppliers is significant. The U.S. is also investing in fishmeal for pet food and livestock, strengthening its local market presence.

Market Drivers

The primary driver of fishmeal demand is its exceptional nutritional profile. Rich in omega-3 fatty acids (EPA & DHA), high-quality protein, and essential minerals like calcium and phosphorus, fishmeal promotes robust animal growth and feed efficiency. It is easily digestible and enhances reproductive health and immunity. The high feed conversion ratio (FCR) translates to lower feed costs and higher profitability for farmers.

Fishmeal also supports faster muscle development in aquaculture species, improves weight gain in livestock, and promotes enzyme activity through selenium and vitamins. These characteristics make it indispensable in sustainable food production.

Market Restraints

The growth of alternative protein sources such as insect-based meals, algae, and fermented microbial proteins is challenging the fishmeal market. These substitutes offer cost-effective, eco-friendly options and reduce dependency on marine resources. As industries adopt circular economy strategies, fishmeal producers face pressure to innovate and match the sustainability of alternative proteins.

The shift to these proteins aligns with global conservation efforts, reducing the environmental impact of wild-caught fish. If the fishmeal industry fails to modernize and offer sustainable solutions, it risks losing market share to newer entrants.

Market Opportunities

Rising interest in sustainable fishmeal production from by-products presents a significant opportunity. Leveraging fish trimmings and bones reduces marine resource dependency and aligns with circular economy principles. In 2022, 34% of global fishmeal and 53% of fish oil were produced from by-products. In 2024, this transition accelerated, supported by FAO and IFFO data.

This shift offers long-term benefits: reducing waste, improving profit margins, and meeting regulatory requirements. Technological advancements have further improved nutrient retention from by-product fishmeal, making it a viable replacement for traditional sources. This trend is poised to redefine industry practices.

Reasons to Buy the Report

✔ Offers in-depth market size forecasts and CAGR analysis through 2032
✔ Provides insight into regional trends and dominant end-use applications
✔ Tracks sustainability initiatives and their market impact
✔ Features detailed segmentation by type and application
✔ Includes company profiles, innovations, and competitive benchmarks

Company Insights

• COPEINCA SAC
• PESQUERA DIAMANTE
• Omega Protein Corporation
• Medikonda Nutrients
• FF SKAGEN A/S
• The Scoular Company
• Oceana Group
• Pelagia
• Austral Group S.A.A
• Shireen Exports
• Blueline Foods (India) Pvt Ltd
• CAMANCHACA
• A & S Thai Works Co., Ltd.
• Pattani Fish Meal Co., Ltd.

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