Zero Fishmeal Feed Market to Reach USD 16,689 Million by 2031 Top 20 Company Globally

Zero-fishmeal feed describes aquafeed and related animal feeds formulated without any marine animal ingredients (no fishmeal, no fish oil), using plant proteins, single-cell proteins, insect meals, algae and other alternative ingredients to meet nutritional targets. The industry is driven by sustainability pressures, feed-security concerns, regulatory scrutiny of fishmeal sourcing, and retailers and consumers demand for lower-marine-impact seafood. Zero-fishmeal formulations require advanced formulation and ingredient processing to match the amino acid, lipid and micronutrient profiles traditionally provided by fishmeal, and that technical complexity shapes costs, supply chains and adoption curves across regions.

In 2024 the global zero-fishmeal feed market size is USD 10,179 million. An average selling price of USD 1,100 per ton, the market implies roughly 9.254 million tons sold globally in 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 7.31% through 2031, reflecting both substitution of marine ingredients and steady growth in aquaculture production that prioritizes sustainability. Using a representative industry gross margin observed in recent aquafeed reporting, this translates to an approximate cost of goods sold of USD 1,000 per ton, a factory gross profit of about USD 100 per ton, and a factory gross margin of 9%. Typical an industry-realistic practical full-utilization throughput of roughly 369,600 tonnes/production when accounting for standard operating windows.
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Latest Trends and Technological Developments
The industry has seen a rapid acceleration in commercial partnerships and scale-ups around insect protein, single-cell and algal ingredients as fishmeal alternatives, and leading feed producers are publicly rolling out sustainability-first value propositions and new product lines through 2024 to 2025. On May 22, 2025, investigative reporting highlighted supply-chain pressures and social impacts tied to conventional fishmeal sourcing, increasing reputational risk for feed buyers and accelerating interest in zero-fishmeal solutions. In May 2025 IFFO reported a modest year-on-year decline in cumulative fishmeal production, reinforcing the business case for substitution. Industry market intelligence and analyst reports published in 2025 to 2025 also document an expanding product pipeline and investor interest in novel ingredient producers (plants, insects, single-cell) and strategic partnerships between legacy feedmills and ingredient innovators. These trends both raise near-term ingredient costs for formulators and widen long-term opportunity as scale and formulation expertise improve.
Asia is the largest geographic market for zero-fishmeal feed overall because Asia hosts the bulk of global aquaculture production and many of the feed manufacturers. China, Vietnam, India, and Thailand lead in aquaculture volume and local feed production, and they are where most near-term demand for lower-marine-impact feeds is concentrated. Manufacturers in Asia face pressure from rising input prices (soy, corn, vegetable oils), logistics bottlenecks and variable regulatory frameworks; at the same time, several Asian producers are investing in formulation labs and ingredient R&D to localize plant-based and insect options. Market adoption in Asia is uneven: higher adoption tends to cluster in export-oriented sectors (salmonids, shrimp for premium markets) and in feed OEMs supplying large commercial farms; smaller, price-sensitive pond farmers often remain dependent on lower-cost, mixed formulations until ingredient prices and availability improve. Regional feed players are increasingly forming partnerships with ingredient firms and technology providers to secure alternative protein volumes and to co-develop performance-assured zero-fishmeal diets.

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Zero Fishmeal Feed by Type:
Mash Feed

Pellets Feed

Crimbles Feed

Extruded Feed

Others

Zero Fishmeal Feed by Application:
Poultry Feed

Aquaculture Feed

Swine Feed

Ruminant Feed

Others

Global Top 20 Key Companies in the Zero Fishmeal Feed Market
Cargill inc

BioMar Group

ADM

Geen Plains

Calysta

Innovafeed

Protix

Ynsect

Corbion

Nutreco N.V.

Alltech

KnipBio

Veramaris

Menon Renewable Products

Star Milling Co

Austevoll Seafood ASA

Omega Protein Corporation

NovoNutrients

Guangdong Evergreen Feed Industry Co

Jiangsu Fuhai Biotech Co.

Regional Insights
Within Southeast Asia (ASEAN), Indonesia, Thailand, Vietnam, and the Philippines are priority markets. Indonesia has large shrimp and tilapia sectors and is an important growth market for zero-fishmeal formulations because of export demand for sustainably certified seafood and local policy attention to fishery resource management. Southeast Asian adoption is being driven by three forces: (1) feed mill consolidation and modernisation enabling more complex formulations; (2) investor interest in insect-meal and plant-protein startups scaling in the region; and (3) buyer requirements from Western and East Asian retailers and processors. Indonesia specifically is seeing rising interest from forward-integrated feedmakers and aquaculture integrators to trial zero-fishmeal feeds for high-value species; however, cost sensitivity at the farmer level and supply variability for alternative ingredients remain limiting factors to rapid, broad adoption. Recent announcements by BioMar and others about insect-meal partnerships and regional collaborations suggest growing commercial momentum in ASEAN.
The principal challenges are ingredient cost and availability, technical formulation complexity (matching essential amino acids, digestibility and palatability), variable regulatory and certification landscapes, and scale economics. Substituting fishmeal often raises raw-material costs in early commercial runs; until alternative ingredients reach scale and processors improve digestibility, zero-fishmeal diets can underperform if not carefully formulated. There is also reputational and regulatory risk tied to how fishmeal is sourced (e.g., social impacts reported in 2025), which can complicate market messaging and compliance for global suppliers. Finally, smallholder adoption remains constrained by price sensitivity and limited access to formulated products and technical extension.
Feed companies should prioritize ingredient security by contracting with scalable alternative-protein suppliers, invest in formulation R&D and feed-trial pipelines that prove parity in growth and FCR (feed conversion ratio) for target species, and pursue certification pathways (or transparent sourcing claims) that resonate with global buyers. Vertical collaboration equity or long-term supply contracts with insect, single-cell or algal ingredient producers can de-risk costs and provide first-mover advantage. For ASEAN and Asian players, there is strategic value in modularising product lines: premium zero-fishmeal diets for export/contract farms and lower-cost transitional diets for domestic smallholders. Equipment investment to increase pellet quality (and hence feed efficiency) is a differentiator because processing can compensate for some ingredient shortcomings.
Product Models
Zero fishmeal feed is an innovative alternative to traditional aquafeed, designed to reduce dependence on marine resources while supporting sustainable aquaculture. These feeds replace fishmeal with plant proteins, insect meal, algae, and other alternative sources.
Mash Feed a finely ground, unprocessed feed mixture mainly used in hatcheries and for very young fish or shrimp, as its easy to consume and digest. Notable products include:
Skretting Protec® Extruded Skretting: High-digestibility extruded feed with no fishmeal.
Aller Aqua Extruded Feed Aller Aqua: Sustainable extruded feed for intensive aquaculture.
Tongwei Mash Feed Tongwei Co., Ltd.: Mash-based aquafeed for hatcheries with plant proteins.
Grobest Aqua Mash Grobest Group: Zero-fishmeal mash feed for sustainable aquaculture operations.
Biomin Aqua Mash Biomin: Functional mash feed enriched with probiotics and yeast extracts.
Pellets Feed compressed feed in uniform pellet form, widely used for grow-out stages; offers consistent nutrition, less wastage, and easy handling. Examples include:
Skretting MicroBalance® Pellets Skretting: Plant and insect-based pellet feed for various aquaculture species.
Cargill EWOS Zero FM Pellets Cargill: Pellet feed designed for salmonids using fishmeal alternatives
Veramaris Sustainable Pellets Veramaris (DSM & Evonik JV): Algae-oil-based pellets rich in omega-3, completely fishmeal-free.
Calysta FeedKind® Pellets Calysta: Extruded protein-rich microbial pellets as a sustainable fishmeal alternative.
Innovafeed Insect Protein Pellets Innovafeed: Black soldier fly protein pellets tailored for aquaculture
Crumbles Feed pellet feed broken down into smaller particles; ideal for fry and juvenile stages, bridging the gap between mash and full pellets. Notable products include:
Ridley Aqua Crumbles Ridley Aquafeed: Zero-fishmeal crumble feed for juvenile aquaculture species.

Cargill Aqua Crumbles Cargill: Specialized crumbles feed for larval fish development.
Avanti Crumbles Feed Avanti Feeds: Small-size crumble feed enriched with alternative proteins.
Tongwei Crumbles Feed Tongwei Co., Ltd.: Hatchery-focused crumble feed for freshwater fish.
Adisseo Crumbles Adisseo: Crumbles with microalgae proteins for larval nutrition.
Extruded Feed produced under high heat and pressure, making it more digestible, water-stable, and suitable for floating or sinking diets in intensive farming. Examples include:
BioMar ORBIT Extruded BioMar Group: Designed for high-performing species like salmon and trout.
Cargill EWOS Infinity Cargill: Fishmeal-free extruded feed for robust growth.
Ridley Aqua Extruded Feed Ridley Aquafeed: Provides stable performance under different farming conditions.
Tongwei Extruded Feed Tongwei Co., Ltd.: Large-scale extruded fishmeal-free aquafeed for Asia.
Veramaris Algae-Based Extruded Feed Veramaris: Uses algae oils and proteins as fishmeal alternatives in extruded feeds

The zero-fishmeal feed market is a growth segment within the broader aquafeed market driven by sustainability, supply-risk mitigation and buyer preferences. In 2024 the market reached USD 10,179 million at an average price around USD 1,100/ton, implying roughly 9,2 million tonnes of volume; with gross margins around industry reported levels, per-ton gross profit is modest today while opportunities for margin improvement exist as alternative ingredients scale. Asia and Southeast Asia are both core demand centers and critical battlegrounds for innovation; there the market case is strongest where exporters, aggregated feedbuyers and large commercial farms demand traceable low-marine-impact feeds. Near-term performance depends on ingredient scale and formulation outcomes, while mid-term upside depends on the ability of industry players to lower COGS through partnerships, technology and localized supply chains.

Investor Analysis
Investors should view the zero-fishmeal opportunity through three lenses: ingredient scalability (what to watch: insect, single-cell, algal capacity buildouts), commercial adoption (how to watch: feed trial outcomes, buyer procurement policies, certification uptake) and margin improvement paths (why it matters: current per-ton gross profit is narrow, so scale or cost breaks materially affect returns). The reports market sizing and per-ton economics show where revenue pools are and how sensitive profitability is to ingredient cost and pellet processing efficiency; this helps investors prioritize equity or strategic partnership targets (ingredient producers, feed mill modernisation, or integrated aquaculture players). Geographic focus on Asia/ASEAN highlights where deployment speed and market access are highest, enabling more targeted capital allocation. Finally, understanding the regulatory and reputational tailwinds (and risks) helps investors assess policy and consumer demand shocks that could accelerate adoption or create headwinds.
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5 Reasons to Buy This Report
To obtain a quantified 2024 baseline and volume estimate that translate market size to tonnage and per-ton economics.
To gain a regionally detailed outlook for Asia and ASEAN where demand is largest and adoption patterns differ from Western markets.
To understand ingredient, processing and margin dynamics (price/ton, COGS/ton, gross profit/ton) that determine profitability.
To review the latest news and industry moves that affect sourcing risk and reputational drivers for buyers and suppliers.
To identify top strategic partners and acquisition targets with cited market intelligence.
5 Key Questions Answered
What was the size of the global zero-fishmeal feed market in 2024 in USD and tonnes?
What are representative per-ton economics (price, COGS, gross profit, margin) for zero-fishmeal feed today?
Which regions (Asia, ASEAN, Indonesia) offer the fastest adoption and why?
What recent news and production data (dates and sources) materially affect fishmeal supply, cost and substitution incentives?
Who are the leading companies and technology partners shaping commercialization and scale-up of zero-fishmeal solutions?
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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