Fishmeal And Fishoil Market Size
Market Overview
| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 9.27 Billion |
| Market Size (2030) | USD 16.28 Billion |
| Growth Rate (2025 - 2030) | 11.93% CAGR |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Fishmeal And Fishoil Market Analysis
The Fishmeal And Fishoil Market size is estimated at USD 9.27 billion in 2025, and is expected to reach USD 16.28 billion by 2030, at a CAGR of 11.93% during the forecast period (2025-2030).
The fish meal and fish oil industry is experiencing significant transformation driven by sustainable sourcing practices and technological advancements in production methods. According to the International Fish Oil and Fish Meal Organisation (IFFO), global fishmeal production reached 2.4 million metric tons in 2021, marking a 3.6% increase from the previous year. This growth has been accompanied by an increased focus on responsible fishing practices, with many producers implementing advanced sonar systems and echo-sounding technology to ensure efficient and sustainable resource utilization. The industry is also witnessing substantial investments in research and development, particularly in improving procurement practices and enhancing extraction processes for omega-3 fatty acids.
International trade dynamics and regulatory frameworks are reshaping the market landscape, with several strategic partnerships emerging to strengthen export capabilities. A notable example is the 2022 collaboration between Greenland and the Danish government to update feed regulations and enhance marine ingredients export opportunities. The industry is also seeing an increased emphasis on quality standards, with producers implementing sophisticated quality control measures throughout the production chain. These developments are particularly significant as standard fish meal contains 64-67% crude protein with up to 12% fat, according to IFFO data, making it a crucial ingredient for various applications.
Product innovation and technological advancement are driving market evolution, with companies introducing specialized products to meet specific industry needs. In 2023, Pelagia launched Pro-Allo fishmeal, specifically formulated to create optimal conditions for fighting stress in fish, demonstrating the industry's move toward more specialized solutions. Manufacturing facilities are increasingly adopting automated systems and advanced processing technologies to improve production efficiency and product quality. This trend is exemplified by the expansion of production capabilities, such as Scoular's 2023 opening of a new fishmeal facility in Myanmar to serve Asian markets.
The industry is witnessing a significant shift toward vertical integration and supply chain optimization. According to FAO data, global fish production increased to 178.1 million metric tons in 2021, highlighting the growing importance of efficient resource utilization and processing capabilities. Companies are increasingly investing in modern processing facilities equipped with cutting-edge technology for processing high-quality marine protein and oil. This vertical integration strategy helps ensure consistent quality control, traceability, and efficient resource utilization throughout the production process, while also enabling producers to better respond to market demands and maintain competitive advantages in the global marketplace.
Fishmeal And Fishoil Market Trends
Rising Fish Meal and Fish Oil Production
The production of fish meal and fish oil is experiencing substantial growth due to improved utilization of by-products from the fish processing industry and the rapid development of alternative raw material sources, including krill, algae, and insects. The expansion of production facilities by major companies is also contributing significantly to market growth. For instance, in 2022, The Scoular Company launched a new fish meal facility in Myanmar to increase its production capacity and meet the rising demand for fish meal in Myanmar and other Asian countries. This strategic expansion demonstrates the industry's commitment to addressing growing market demands through increased production capabilities.
The capture fisheries sector has emerged as a major source of fish meal and oil production, with notable growth observed across various nations, particularly in Europe and Asia. According to the Organization for Economic Co-operation and Development (OECD), the volume of fish oil produced in the European Union increased from 120.7 thousand metric tons in 2021 to 128.4 thousand metric tons in 2022, indicating a positive trend in production capacity. Additionally, several research papers and studies have shown that approximately 35% to 50% of the total fish trimmings produced are now being utilized in the production of fish meal and fish oil, demonstrating improved resource utilization and sustainable practices in the industry.
Growing Demand for Quality Animal Feed
The increasing global population and rising awareness regarding the importance of nutrition have led to a surge in demand for meat and meat-derived products, consequently driving the need for high-quality animal feed. This trend is particularly evident in the growing consumption of seafood and other protein sources. For instance, the average per capita seafood consumption in urban households in China increased from 14.3 kg in 2018 to 16.2 kg in 2021, according to the National Bureau of Statistics of China. This rising consumption pattern has created a strong demand for nutrient-rich feed options such as ingredients for fish feed like fish meal and fish oil, which are considered premium protein sources for aquatic species.
The demand for high-quality animal feed is particularly driving the fish meal market as it serves as a valuable protein source for animal feed, helping create nutrient-dense diets for livestock and promoting their growth. According to the OECD-FAO, global poultry meat production in 2022 was 138.8 million metric tons, representing a marginal increase of 0.6% from 2021. This growth in livestock production has led feed manufacturers to expand their business into fish meal production. For example, in 2021, Scoular launched a new brand known as Encompass for its growing fish meal business, demonstrating the industry's response to the increasing demand for quality ingredients for aquaculture feed.
Benefits of Fish Meal and Fish Oil as Animal Feed
Fish meal and fish oil offer exceptional nutritional benefits as animal feed ingredients, with fish meal containing an average of 60-72% protein from fish, 10-20% ash, and 5-12% fish oil. The nutritional profile is further enhanced by the presence of EPA and DHA, often referred to as 'omega-3s', with concentrations of 1,200 mg and 2,000 mg per 100g respectively, according to European Fish Meal and Fish Oil Producers. These nutritional qualities make them particularly attractive as protein supplements in feed for aquaculture and various animal husbandries, including poultry, piglets, young calves/lambs, furred animals, and pets.
The benefits of including fish meal and fish oil in animal feeds are driving companies to launch new products with high Omega-3 content for various animals. In 2023, Pelagia, a leading producer of pelagic fish products, launched a new fish meal for aquafeed known as Pro-Allo fishmeal, specifically formulated to create optimal conditions to support allostasis in fish. This innovative product helps fight stress caused by factors such as environmental changes and handling, demonstrating the industry's commitment to developing specialized products that leverage the natural benefits of fish meal and fish oil. Additionally, fish meal is particularly popular in aquaculture feeds due to its high protein content and optimal amino acid balance, making it an essential ingredient for promoting healthy growth and development in farmed fish species.
Segment Analysis: By Species Type
Marine Fish Segment in Fish Meal and Fish Oil Market
Marine fish dominate the global fish meal and fish oil market, commanding approximately 86% of the total market share in 2024. This substantial market presence is primarily attributed to the segment's high fish protein content and oils, making marine fish species like anchovies, sardines, and menhaden ideal for processing into fishmeal and fish oil. The segment's dominance is further strengthened by the abundant availability of these species and their extensive use in livestock and aquatic industrial purposes. Marine fishmeal offers several benefits for aquatic animals, including enhanced survival and development, improved disease immunity, and reduced occurrences of deformities. The segment's growth is supported by major producing countries, including Peru, China, Thailand, Vietnam, the United States, Chile, and Japan, which have encouraged the production of marine fish for fishmeal and fish oil applications.
Tilapia Segment in Fish Meal and Fish Oil Market
The tilapia segment is projected to experience the highest growth rate of approximately 5% during the forecast period 2024-2029. This growth trajectory is attributed to tilapia's versatility as a freshwater fish and its significant potential in the global fishmeal market due to its adaptability and suitability for aquaculture in developing countries. The segment's expansion is further supported by tilapia's high fish protein content and its increasing adoption in various parts of the world. The rising awareness regarding the health and nutrition of pets and livestock in countries like Indonesia, China, India, Australia, Vietnam, Taiwan, and Korea has significantly contributed to the segment's growth. Additionally, scientific research has shown that supplementing animal feed with tilapia-derived fish oil enhances milk yield and effectively increases long-chain fatty acids in dairy products.
Remaining Segments in Fish Meal and Fish Oil Market by Species Type
The other segments in the market include salmon & trout, crustaceans, carps, and other species, each playing distinct roles in the market dynamics. The salmon & trout segment is particularly notable for its high content of fishmeal and fish oil, derived from breeding operations and byproducts like bones, heads, and trimmings. Crustaceans contribute significantly as a source of dietary protein, while the carp segment is gaining importance due to its role in meeting the increasing demand for animal protein and aquaculture feed. These segments collectively enhance the market's diversity and cater to specific requirements in various applications, from aquaculture to livestock feed, contributing to the overall market growth and the development of sustainable protein sources.
Segment Analysis: Application
Aquatic Animals Segment in Fish Meal and Fish Oil Market
The aquatic animals segment continues to dominate the global fish meal and fish oil market, commanding approximately 84% of the total market share in 2024. This substantial market share is primarily driven by the expanding aquaculture industry worldwide, particularly in Asia-Pacific regions like Thailand and Vietnam, which are significant producers of shrimp and have rapidly growing aquaculture sectors. The segment's dominance is further reinforced by the increasing adoption of sustainable aquaculture practices and the rising demand for protein-rich aquafeed ingredients in fish farming. Fish meal and fish oil supply essential proteins, amino acids, and omega-3 fatty acids that farmed fish and prawns require for optimal growth, development, and health. The segment's growth is also supported by increasing environmental concerns regarding chemical-based feed additives, leading to a higher preference for naturally sourced alternatives like fish meal and fish oil in aquaculture applications.
Poultry Segment in Fish Meal and Fish Oil Market
The poultry segment is emerging as the fastest-growing application segment in the fish meal and fish oil market, projected to grow at approximately 6% during the forecast period 2024-2029. This remarkable growth is attributed to the increasing requirement for protein and other nutrients in the poultry sector, driving the adoption of fish meal and fish oil feeds to enhance animal protein content in chicken meat and their by-products. The segment's growth is further fueled by the rising awareness among producers regarding the importance of high-quality feed ingredients for improved poultry health and productivity. Additionally, the growing consumer preference for protein-rich diets has led to increased meat consumption, particularly poultry products, creating a stronger demand for nutrient-rich feed options such as fish meal and fish oil, which are considered high-protein feed supplements.
Remaining Segments in Application Segmentation
The remaining segments in the fish meal and fish oil market include swine, pets, and other applications, each serving distinct market needs. The swine segment plays a crucial role in the market due to its range of desirable health benefits in swine breeding and the increasing global pig population. The pets segment is gaining significant traction with the rising pet humanization trend, contributing to increased spending on health-focused feed ingredients. Other applications encompass various industrial uses, including pharmaceuticals, human consumption, and biofuel applications, where fish meal and fish oil are valued for their rich nutritional content and versatile applications. These segments collectively contribute to the market's diversity and overall growth, though their individual market shares remain smaller compared to the dominant aquatic animals segment.
Fishmeal And Fishoil Market Geography Segment Analysis
Fish Meal and Fish Oil Market in North America
The North American fish meal and fish oil market demonstrates robust growth driven by increasing demand across multiple sectors, including aquaculture, livestock feed, and pet nutrition. The United States leads the regional market, followed by Mexico and Canada, with each country contributing significantly to the overall market dynamics. The region's growth is supported by advanced manufacturing capabilities, strong research and development initiatives, and increasing awareness regarding the benefits of marine ingredients in animal feed. The presence of major market players and their continuous focus on product innovation further strengthens the market position in North America.
Fish Meal and Fish Oil Market in United States
The United States dominates the North American fish meal and fish oil market, holding approximately 59% of the regional market share. The country's market leadership is attributed to its extensive marine resources, particularly in the Exclusive Economic Zone spanning 220 nautical miles, where the US maintains complete control over marine resources. The American market benefits from advanced fishing technologies, well-established processing facilities, and a strong distribution network. The country's robust aquaculture sector, combined with increasing demand from the pet food industry, continues to drive market growth. The presence of key market players and their focus on sustainable fishing practices further strengthens the United States' position in the regional market.
Fish Meal and Fish Oil Market in Canada
Canada emerges as the fastest-growing market in the North American region, with a projected growth rate of approximately 6% during 2024-2029. The country's market growth is driven by its expanding aquaculture industry, particularly in salmon farming, and increasing demand for high-quality animal feed products. Canadian manufacturers focus on sustainable fishing practices and maintain high-quality standards in fish meal and fish oil production. The country's vast coastline and rich marine resources provide a strong foundation for market expansion. Additionally, growing awareness about the nutritional benefits of marine ingredients in animal feed continues to drive market growth in Canada.
Fish Meal and Fish Oil Market in Europe
The European fish meal and fish oil market showcases significant development with strong contributions from Norway, the United Kingdom, Germany, France, Russia, and Spain. The region's market is characterized by advanced processing technologies, strict quality standards, and sustainable fishing practices. European manufacturers focus on producing premium quality marine ingredients, catering to diverse applications across aquaculture, livestock feed, and pet food industries. The region's strong emphasis on research and development, coupled with increasing demand for natural feed ingredients, continues to drive market growth.
Fish Meal and Fish Oil Market in Norway
Norway stands as the largest market in Europe, commanding approximately 28% of the regional market share. The country's leadership position is supported by its advanced fishing fleet, state-of-the-art processing facilities, and strong focus on sustainable fishing practices. Norway's expertise in salmon farming and aquaculture significantly drives the demand for high-quality fish meal and fish oil products. The country's strategic location and rich marine resources, combined with stringent quality control measures, make it a key player in the European market.
Fish Meal and Fish Oil Market in Spain
Spain emerges as the fastest-growing market in Europe, with an expected growth rate of approximately 6% during 2024-2029. The country's market growth is driven by its expanding aquaculture sector and increasing demand for premium quality fish-based feed ingredients. Spanish manufacturers focus on product innovation and sustainable production practices, catering to both domestic and international markets. The country's strategic location and well-developed fishing industry provide a strong foundation for continued market expansion.
Fish Meal and Fish Oil Market in Asia-Pacific
The Asia-Pacific region represents a significant market for fish meal and fish oil products, with major contributions from China, Japan, India, and South Korea. The region's market is characterized by the rapid industrialization of the aquaculture sector, increasing demand for protein-rich animal feed, and growing awareness about the benefits of fish-based nutrients. The presence of major fishing industries, coupled with advancing processing technologies, supports market growth across the region.
Fish Meal and Fish Oil Market in China
China dominates the Asia-Pacific market as the largest consumer and producer of fish meal and fish oil products. The country's market leadership is driven by its extensive aquaculture industry, which utilizes a significant portion of the available fish meal and fish oil stock. Chinese manufacturers focus on expanding production capabilities and improving product quality to meet growing domestic and international demand. The country's strategic investments in fishing fleet modernization and processing facilities further strengthen its market position.
Fish Meal and Fish Oil Market in South Korea
South Korea emerges as the fastest-growing market in the Asia-Pacific region. The country's market growth is driven by increasing demand from its expanding aquaculture sector and growing awareness about the benefits of fish-based nutrients in animal feed. South Korean manufacturers focus on technological advancement and product innovation to meet evolving market demands. The country's strong emphasis on quality control and sustainable production practices supports its market growth trajectory.
Fish Meal and Fish Oil Market in South America
The South American fish meal and fish oil market demonstrates significant potential with Brazil and Argentina as key contributors. The region benefits from rich marine resources and well-established fishing industries. Brazil emerges as the largest market in the region, while Argentina shows the fastest growth potential. The region's market is supported by increasing demand from the aquaculture sector, growing livestock production, and rising awareness about the benefits of fish-based nutrients in animal feed.
Fish Meal and Fish Oil Market in Middle East & Africa
The Middle East & Africa market for fish meal and fish oil shows promising growth potential, with contributions from the United Arab Emirates, Saudi Arabia, South Africa, and Egypt. The region's market is driven by increasing aquaculture activities, growing livestock production, and rising demand for high-quality animal feed. Saudi Arabia represents the largest market in the region, while South Africa demonstrates the fastest growth potential. The region's focus on modernizing fishing fleets and processing facilities supports continued market expansion.
Fishmeal And Fishoil Industry Overview
Top Companies in Fishmeal and Fish Oil Market
The fishmeal and fish oil market is characterized by the strong presence of established players like The Scoular Company, Pelagia AS, and Pesquera Exalmar S.A.A, leading the industry. Companies are increasingly focusing on sustainable production practices and certification programs to meet growing consumer demand for responsibly sourced products. Strategic expansions through new facility openings, particularly in Asia-Pacific and North America, demonstrate the industry's commitment to increasing production capacity and market reach. Market leaders are strengthening their positions through vertical integration, controlling everything from fishing fleets to processing facilities, while also investing in research and development for product innovations. The emphasis on partnerships and acquisitions, particularly evident in companies like Pelagia AS acquiring regional players, showcases the industry's drive toward consolidation and market share growth.
Fragmented Market with Regional Supply Dominance
The fishmeal and fish oil (FMFO) industry exhibits a fragmented structure with numerous regional players operating alongside global conglomerates. The industry landscape is characterized by a mix of specialized fishmeal producers, particularly concentrated in South America, and diversified marine product companies with broader portfolios. The market's structure is heavily influenced by geographic proximity to fishing grounds, with Peru and Nordic countries hosting many of the dominant players. The presence of multiple small to medium-sized enterprises, especially in emerging markets, contributes to intense competition and price sensitivity in the industry.
Market consolidation is gradually increasing through strategic acquisitions and partnerships, though regional players maintain significant market influence due to their established local supply chains and relationships with fishing communities. Large multinational companies are expanding their presence through targeted acquisitions of regional players, particularly in high-growth markets. The industry's competitive dynamics are further shaped by the increasing focus on sustainable fishing practices and the need for certified supply chains, which creates barriers to entry for smaller players while providing opportunities for established companies to differentiate their offerings.
Innovation and Sustainability Drive Future Growth
Success in the marine ingredients market increasingly depends on companies' ability to balance sustainability commitments with operational efficiency. Market leaders are investing in advanced processing technologies and sustainable fishing practices to maintain their competitive edge, while emerging players are focusing on niche markets and value-added products. The industry's future belongs to companies that can effectively manage supply chain relationships, implement traceability systems, and adapt to evolving environmental regulations while maintaining product quality and consistency.
Companies looking to gain market share must focus on developing strong relationships with aquaculture and animal feed manufacturers, who represent the primary end-users. The threat of substitution from plant-based alternatives and synthetic proteins necessitates continuous innovation in product development and application. Success factors for market participants include investment in research and development, establishment of robust distribution networks, and adoption of sustainable practices that align with increasingly stringent environmental regulations. Companies must also consider vertical integration strategies and strategic partnerships to secure raw material supply and enhance market presence.
Fishmeal And Fishoil Market Leaders
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Pelagia
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The Scoular Company
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Pesquera Exalmar S.A.A
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Copeinca
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Triple Nine Group
- *Disclaimer: Major Players sorted in no particular order
Fishmeal And Fishoil Market News
- January 2023: IDB, a multilateral development bank, invested up to USD 40 million with an eight-year tenor to Pesquera Exalmar. This investment in the company helps to carry out sustainable fishing production, which further helps produce fish meal and fish oil.
- March 2022: Scoular, one of the world's largest and most diverse fishmeal and fish oil merchandisers, opened a new fishmeal facility in Myanmar. This facility is a hub for high-quality, consistent products and just-in-time shipment to Asian feed markets.
- March 2022: Pelagia purchased 100% of the shares in Norsk Fiskeindustri Invest AS (NFI) on 28 March 2022. NFI owns 51,05% of Karmsund Protein AS, a fish meal producer, and fish oil.
Fishmeal And Fishoil Industry Segmentation
Fishmeal is grounded fish used as fertilizer or animal feed for farmed fish. Fish oil is extracted from the tissue of oily fish and contains mainly Omega-3, which is widely used in the pharmaceutical and cosmetic industries due to its significant benefits.
The fishmeal and fish oil market has been segmented based on source (salmon & trout, crustaceans, marine fish, carps, tilapias, and others), application (aquatic animals, poultry, swine, pets, and others), and geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa).
The report offers market estimation and forecasts in value (USD) for the abovementioned segments.
| Species Type | Salmon & trout | ||
| Crustaceans | |||
| Marine fish | |||
| Carps | |||
| Tilapias | |||
| Others | |||
| Application | Poultry | ||
| Swine | |||
| Pets | |||
| Aquatic animals | |||
| Others | |||
| Geography | North America | United States | |
| Canada | |||
| Mexico | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Russia | |||
| Spain | |||
| Norway | |||
| Rest of Europe | |||
| Asia Pacific | China | ||
| Japan | |||
| India | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle East and Africa | United Arab Emirates | ||
| Saudi Arabia | |||
| South Africa | |||
| Egypt | |||
| Rest of Middle East and Africa | |||
| Salmon & trout |
| Crustaceans |
| Marine fish |
| Carps |
| Tilapias |
| Others |
| Poultry |
| Swine |
| Pets |
| Aquatic animals |
| Others |
| North America | United States |
| Canada | |
| Mexico | |
| Rest of North America | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Russia | |
| Spain | |
| Norway | |
| Rest of Europe | |
| Asia Pacific | China |
| Japan | |
| India | |
| South Korea | |
| Rest of Asia-Pacific | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle East and Africa | United Arab Emirates |
| Saudi Arabia | |
| South Africa | |
| Egypt | |
| Rest of Middle East and Africa |
Fishmeal And Fishoil Market Research FAQs
How big is the Fishmeal And Fishoil Market?
The Fishmeal And Fishoil Market size is expected to reach USD 9.27 billion in 2025 and grow at a CAGR of 11.93% to reach USD 16.28 billion by 2030.
What is the current Fishmeal And Fishoil Market size?
In 2025, the Fishmeal And Fishoil Market size is expected to reach USD 9.27 billion.
Who are the key players in Fishmeal And Fishoil Market?
Pelagia, The Scoular Company, Pesquera Exalmar S.A.A, Copeinca and Triple Nine Group are the major companies operating in the Fishmeal And Fishoil Market.
Which is the fastest growing region in Fishmeal And Fishoil Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Fishmeal And Fishoil Market?
In 2025, the North America accounts for the largest market share in Fishmeal And Fishoil Market.
What years does this Fishmeal And Fishoil Market cover, and what was the market size in 2024?
In 2024, the Fishmeal And Fishoil Market size was estimated at USD 8.16 billion. The report covers the Fishmeal And Fishoil Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Fishmeal And Fishoil Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
