The global Fishmeal Market continues to demonstrate steady growth, with its valuation reaching USD 6.89 billion in 2024. According to the latest industry analysis, the market is projected to grow at a CAGR of 3.3%, reaching approximately USD 8.97 billion by 2032. This growth is largely fueled by increasing applications in aquaculture feed, poultry diets, and pet food, particularly in emerging economies where demand for high-protein, nutrient-rich ingredients continues to rise to support expanding animal nutrition needs.
Fishmeal is a high-protein powder derived from processed fish and fish waste, essential for producing nutrient-dense feeds in aquaculture, livestock, and pet industries. Its rich content of proteins, omega-3 fatty acids, and minerals makes it highly desirable in sectors focused on sustainable animal health and growth. As sustainable sourcing and alternative proteins gain prominence, manufacturers and regulatory bodies are increasingly supporting innovation and circular economy initiatives to ensure long-term viability.
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Market Overview & Regional Analysis
South America dominates the global fishmeal market with significant production share, driven by strong output in Peru and Chile, key consumers and exporters in the supply chain. The region benefits from abundant pelagic fisheries, established processing infrastructure, and robust demand from international aquaculture sectors, fueling needs for both steam-dried and flame-dried variants.
Asia-Pacific’s growth is bolstered by massive aquaculture expansion and increasing investments in feed formulation. Europe leads with regulatory frameworks emphasizing sustainability certifications like IFFO RS for responsible sourcing. Emerging regions like North America and the Middle East & Africa show promising growth potential, despite challenges in raw material access and transportation logistics.
Key Market Drivers and Opportunities
The market is driven by the global expansion of aquaculture, rising demand in the livestock and pet food industries, and technological advancements in processing for better nutrient retention. Aquaculture feed accounts for the majority of global demand, followed by poultry and pet food segments. New applications in organic fertilizers and specialty feeds offer significant future opportunities as industries seek eco-friendly protein sources.
Opportunities also lie in the development of value-added fishmeal products like enzyme-treated variants and the integration of fishmeal in premium pet nutrition. The Asian aquaculture market and South American export sectors present untapped potential for producers focused on certified sustainable practices.
Challenges & Restraints
The fishmeal market faces challenges including raw material supply volatility due to climate impacts, sustainability concerns over wild fish stocks, and rising regulatory pressures on fishing practices. Fluctuations in pelagic fish availability continue to affect production stability, while inefficiencies in byproduct collection limit supply diversification. Trade barriers, such as import quotas in key markets, pose further risks to global flows.
Market Segmentation by Type
- Steam Dried (SD)
- Flame Dried (FD)
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Market Segmentation by Application
- Aquaculture Feed
- Poultry Feed
- Pig Feed
- Pet Food
Market Segmentation and Key Players
- TASA
- Austevoll Seafood ASA
- Omega Protein
- Corpesca SA
- Hayduk
- COPEINCA
- Cermaq
- FF Skagen
- Austral
- Kodiak Fishmeal
- Havsbrun
- Exalmar
- Nissui
- Iceland Pelagic
- Daybrook
Report Scope
This report presents a comprehensive analysis of the global and regional markets for Fishmeal, covering the period from 2024 to 2032. It includes detailed insights into the current market status and outlook across various regions and countries, with specific focus on:
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Sales, sales volume, and revenue forecasts
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Detailed segmentation by type and application
In addition, the report offers in-depth profiles of key industry players, including:
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Company profiles
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Product specifications
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Production capacity and sales
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Revenue, pricing, gross margins
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Sales performance
It further examines the competitive landscape, highlighting the major vendors and identifying the critical factors expected to challenge market growth.
As part of this research, we surveyed Fishmeal companies and industry experts. The survey covered various aspects, including:
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Revenue and demand trends
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Product types and recent developments
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Strategic plans and market drivers
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Industry challenges, obstacles, and potential risks
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