Global Fish Meal Market Poised for Steady Expansion, Driven by Aquaculture Boom and Sustainable Innovation

The global fish meal market is on track for significant expansion, projected to grow from USD 46.62 billion in 2025 to USD 71.71 billion by 2035. With a forecast CAGR of 4.4%, the market's momentum is anchored in the accelerating aquaculture industry, the rising demand for high-protein animal feeds, and a steady shift toward sustainable production practices.

For manufacturers-both established multinationals and emerging players-the decade ahead presents opportunities to expand operations, invest in advanced processing technologies, and serve increasingly diverse end-use industries.

Quick Market Overview

In 2025, fish meal is expected to reach USD 46.62 billion, with wild-caught fish accounting for nearly 40% of production. The aquaculture sector dominates demand, consuming around 50% of global output. China stands out as the fastest-growing market, expanding at 6.3% CAGR, thanks to its aggressive investment in aquaculture and customized aqua feed formulations. Key players shaping the industry include Cargill, ADM, Bunge, TASA, and Omega Protein Corporation.

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Wild-Caught Fish Remains the Cornerstone

Despite ongoing exploration of alternatives, wild-caught fish continues to form the backbone of global fish meal production. Anchovies, menhaden, capelin, and sardines-largely sourced from Peru, Chile, and the North Atlantic-contribute more than 65% of total fish meal supply. Their high protein yield and rich omega-3 content ensure that wild fish meal remains unmatched in digestibility and feed conversion efficiency.

While by-products and insect proteins are entering the mix, certification initiatives such as MSC have made wild-caught sourcing more sustainable. Companies are balancing ecological responsibility with the rising demand for premium feeds used in farming salmon, shrimp, and other species.

Aquaculture: The Unrivalled Growth Driver

Aquaculture is set to remain the single largest consumer of fish meal, accounting for 70% of total usage. The industry's dependency stems from fish meal's optimal amino acid profile and its proven role in promoting superior growth rates, feed efficiency, and disease resistance.

In markets like China, Norway, and Southeast Asia, aquaculture expansion is propelling demand for high-quality fish meal formulations. Manufacturers are responding with enzyme-treated fish meals, which enhance nutrient absorption, reduce waste output, and comply with stricter environmental standards. This approach reflects a larger industry trend of focusing not only on volume but also on sustainable performance.

Emerging Innovations Reshaping the Market

The fish meal industry is undergoing a quiet transformation, with both established companies and new entrants investing in innovation to enhance quality and sustainability.

On one front, seafood processors are increasingly turning to by-products-such as trimmings, heads, and viscera-to reduce waste and create alternative sources of fish meal. At the same time, research into single-cell proteins, insect meals, and krill-based solutions is diversifying supply chains and helping stabilize raw material availability.

Another promising shift is the adoption of enzyme-treated fish meal, which boosts digestibility and reduces nitrogen and phosphorus emissions in aquaculture environments. These technologies not only support animal growth but also align with global sustainability goals.

Manufacturers are also extending fish meal applications beyond aquaculture. High-performance formulations are being integrated into early-stage poultry and swine diets, offering gut health benefits and superior growth performance.

Regional Growth Perspectives

China is expected to lead the market with a CAGR of 6.3%, as its aquaculture industry evolves toward customized feed solutions. Local producers are adding probiotics and marine peptides to fish meal, improving immunity and disease resistance in farmed fish.

Norway, home to some of the world's largest salmon producers, is pioneering hybrid fish meal solutions that integrate precision-fermented proteins with traditional marine sources. This innovation aligns with Norway's goal of reducing its carbon footprint in aquaculture while improving feed conversion efficiency.

Japan is advancing ultra-purified fish meal technologies, especially for tuna farming. By focusing on low ash content, controlled fatty acid profiles, and molecular fractionation, Japanese manufacturers are addressing consumer demand for premium sushi-grade fish.

Market Concentration and Competition

The fish meal market is moderately concentrated, with top-tier multinationals commanding significant influence. Cargill, ADM, and Bunge continue to lead globally, leveraging robust logistics and large-scale operations. Regional leaders such as TASA, Omega Protein Corporation, and Austevoll Seafood ASA have carved out strongholds in Peru, North America, and Europe.

Meanwhile, niche players like Nissui, Biomar Group, and Aker BioMarine are focusing on sustainable or specialty segments, including organic fish meal and functional additives. New entrants are experimenting with insect-based proteins and algae-enhanced meals, broadening the market's scope and appeal.

Semi-Annual Market Trends

Recent data highlights shifts in revenue performance across semi-annual cycles. The global fish meal market grew at 3.9% CAGR in the first half of 2024, accelerating to 4.7% in the second half. For 2025, growth slowed slightly to 4.2% in H1 but is projected to rebound to 4.8% in H2. These variations reflect changes in fishing conditions, regulatory landscapes, and demand surges from aquaculture.

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Recent Developments

In February 2025, IFFO reported a 26% rise in fishmeal production and a 12% increase in fish oil compared to 2023, driven largely by the recovery of anchovy landings in Peru. This rebound has helped stabilize supply and reassure aquaculture producers.

Industry players are also reporting robust growth. Austevoll Seafood ASA saw a 17% revenue increase in Q1 2025, supported by favorable anchovy quotas, while TASA reported a 265,817 MT increase in fishmeal output thanks to improved oceanographic conditions.

Outlook for Manufacturers

For established leaders, the decade ahead will be about strengthening sustainable sourcing practices and expanding into value-added products. For new entrants, opportunities lie in developing specialty formulations-such as organic, enzyme-treated, or alternative protein-based fish meals-that appeal to aquaculture producers under pressure to improve efficiency and reduce environmental impact.

As global seafood demand continues to rise, the fish meal market is positioned not just as a commodity-driven sector but as a hub of innovation where science, sustainability, and market dynamics converge. With aquaculture's steady climb and evolving consumer expectations, both large corporations and emerging innovators have the chance to define the future of high-performance, sustainable nutrition.

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