Fishmeal Market to Attain US$ 17.6 Bn by 2032 - Persistence Market Research

The global fishmeal market is witnessing steady expansion, driven by the growing demand for high-protein animal feed in aquaculture, poultry, and livestock sectors. Fishmeal, a brown powder made from ground fish and fish by-products, is rich in essential amino acids, omega-3 fatty acids (EPA and DHA), vitamins, and minerals. This nutrient-dense composition makes it a preferred feed ingredient for farmed species that require high digestibility and superior feed conversion ratios. The global fishmeal market size is projected to grow from US$ 10.7 Bn in 2025 to US$ 17.6 Bn by 2032, representing an impressive CAGR of 7.4% over the forecast period.

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Asia Pacific holds the leading position in the global fishmeal market, accounting for over 30.2% of the global share in 2024. Countries like China, India, Vietnam, and Indonesia lead aquaculture production, driving robust demand for high-protein feed such as fishmeal. Among product types, steam-dried fishmeal dominates due to its enhanced nutrient retention, longer shelf life, and superior digestibility. Aquaculture remains the top end-use segment, with fishmeal essential in the diets of salmon, shrimp, and tilapia, contributing significantly to fish growth, immunity, and profitability.

Key Highlights from the Report

➤ Asia Pacific remains the largest market, driven by aquaculture expansion in China, Vietnam, and India.
➤ Steam-dried fishmeal dominates due to its superior digestibility and extended shelf life.
➤ The aquaculture feed segment accounts for the highest demand share globally.
➤ U.S. and Canada are expanding fishmeal exports, mainly to China and Norway.
➤ Peru and Chile lead global fishmeal production due to rich marine biodiversity.
➤ Global fishmeal production is increasingly shifting to by-products, reducing ecological impact.

Market Segmentation

The fishmeal market is segmented based on product type and end-use applications. By product type, the steam-dried segment leads due to its nutrient preservation capabilities and low moisture content, offering improved feed conversion ratios. Flame-dried and press-cake fishmeal serve niche applications but lag behind in digestibility and nutritional retention.

On the basis of end-use, aquaculture feed dominates the global fishmeal demand. This is largely due to its role in promoting growth, reproduction, and immunity in farmed fish species. Livestock and poultry segments also utilize fishmeal for improving fertility, bone strength, and general animal health. Fertilizers represent a minor but steadily growing segment, particularly in organic and sustainable farming practices.

Regional Insights

Asia Pacific
Asia Pacific commands the lion's share of the global fishmeal market. China, Vietnam, India, Indonesia, and Thailand drive this dominance with large-scale aquaculture operations. The rise of protein-rich diets among a growing middle class and the region's strong seafood export economies contribute significantly to fishmeal demand. Notably, Vietnam's shrimp exports surpassed USD 4 billion in 2024, with increasing demand for high-quality aquafeed.

Europe
Europe is focusing on sustainable fishmeal production, using by-products and sustainable fish stocks. Countries like Denmark, Norway, and Iceland lead the region's output. About 40% of Europe's raw material for fishmeal comes from trimmings, significantly reducing waste. Adherence to certifications such as MarinTrust and Marine Stewardship Council (MSC) ensures compliance with environmental regulations, bolstering Europe's reputation in sustainable feed.

North America
North America's fishmeal market is evolving through increased exports to Asia and Europe, particularly China and Norway. The U.S. and Canada are investing in local fishmeal production while expanding processing capacity. This shift is bolstered by rising domestic aquaculture initiatives and higher demand in the pet food sector. North American players are emphasizing sustainable sourcing and advanced processing technologies to stay competitive.

Market Drivers

The primary driver of the fishmeal market is its unmatched nutritional profile. Fishmeal offers a high concentration of essential amino acids, digestible proteins, and omega-3 fatty acids critical for the growth and immunity of fish, poultry, and livestock. With protein content above 65% and digestibility exceeding 90%, fishmeal surpasses plant-based alternatives in efficiency and animal performance. It also contains vital minerals like calcium and phosphorus and vitamins such as B-complex and D, essential for metabolic function and bone health.

The global rise in aquaculture production, supported by favorable government policies, is another key growth driver. Increasing seafood consumption, sustainability initiatives in farming, and a need for high-yield feed solutions are amplifying fishmeal demand. In addition, aquaculture operations aim for optimal feed conversion ratios (FCR), which fishmeal supports, ultimately improving profitability and yield.

Market Restraints

Despite its advantages, the fishmeal market faces considerable restraints from the emergence of alternative proteins. Microbial fermentation, insect meal, algae-based feeds, and lab-cultured proteins are being actively developed as sustainable and cost-effective alternatives. These innovations reduce dependency on wild-caught fish, address ecological concerns, and align with circular economy goals.

As investment in synthetic and fermented proteins grows, aquaculture and livestock industries are shifting their preferences. These alternatives offer better pricing structures and environmental sustainability, placing pressure on traditional fishmeal producers to innovate and adapt. Regulatory scrutiny over marine resource usage and overfishing concerns also add to the challenges for this sector.

Market Opportunities

Sustainability trends offer a significant opportunity for fishmeal manufacturers. There's a marked shift toward producing fishmeal from by-products such as fish trimmings, bones, and heads. This not only reduces waste and environmental impact but also increases raw material availability without stressing marine ecosystems. In 2022, 34% of fishmeal and 53% of fish oil were produced from by-products, and the trend has grown since.

Technological advancements in processing allow improved nutrient retention in by-product-based fishmeal, making it a viable competitor to traditional whole-fish-based meal. As circular economy practices become integral to global food production, this transition opens up new avenues for responsible growth and market expansion.

Reasons to Buy the Report

✔ Get detailed insights into current and future market size, value, and CAGR through 2032.
✔ Understand key regional dynamics shaping fishmeal production and consumption trends.
✔ Identify top-performing segments, including steam-dried fishmeal and aquaculture feed.
✔ Stay informed on regulatory, technological, and sustainability shifts impacting the industry.
✔ Gain competitive intelligence on leading companies and innovations shaping the global market.

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Company Insights

The competitive landscape of the fishmeal market features several major players emphasizing sustainability, product innovation, and geographic expansion. Companies are increasingly investing in certifications such as MSC and MarinTrust, as well as partnerships with aquaculture farms and feed manufacturers.

• 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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