Fishmeal and Fishoil Market Size, Trend

Fishmeal and Fishoil Market Overview

Global fishmeal and fishoil market size is anticipated to be worth USD 7802.87 million in 2024 and is expected to reach USD 9221.43 million by 2033 at a CAGR of 1.9%.

The global fishmeal and fishoil market has become an essential component of the aquaculture and animal feed industries. Fishmeal is a high-protein substance derived from the bones and offal of fish, while fishoil is extracted from the tissue of oily fish. Globally, more than 15 million metric tons of raw fish are processed annually to produce approximately 5 million metric tons of fishmeal and around 1 million metric tons of fishoil. Anchovy remains the most widely used species, especially in Peru and Chile, which together contribute over 50% of global fishmeal production. The increasing demand from aquafeed producers has resulted in fishmeal being used in over 70% of fish and shrimp feed formulations. Moreover, fishoil, rich in omega-3 fatty acids, is essential for aquatic health and is increasingly used in functional food products. In 2023, over 60% of fishoil was consumed by the aquaculture industry, while approximately 25% was utilized in pharmaceuticals and dietary supplements. Demand from China alone accounted for 30% of the total fishmeal imports worldwide. This market is vital for sustaining global protein supplies, particularly in aquaculture, which is responsible for more than 50% of fish consumption globally.

Key Findings

Top Driver reason: Surging demand for aquaculture feed, especially in Asia-Pacific.

Top Country/Region: China leads with the highest fishmeal and fishoil consumption, exceeding 1.4 million metric tons annually.

Top Segment: Aquatic animals account for over 70% of global fishmeal and fishoil applications.

Fishmeal and Fishoil Market Trends

A major trend in the fishmeal and fishoil market is the sustained expansion of the aquaculture industry. In 2023, global aquaculture output reached 130 million metric tons, with fishmeal and fishoil playing a central role in diet formulations. Nearly 75% of fishmeal produced globally is consumed by aquafeed manufacturers, particularly for salmonids, shrimp, and marine finfish.

There is also a marked shift toward sustainability. Leading fishmeal producers are increasingly certified by bodies such as IFFO RS, and over 45% of the global supply now comes from certified sustainable fisheries. The use of trimmings and by-products has increased as well, accounting for over 35% of fishmeal raw material inputs in 2024, reducing dependence on whole fish.

Furthermore, the inclusion of fishoil in human dietary supplements continues to rise. In 2023, over 120,000 metric tons of fishoil were used in nutraceuticals, driven by rising awareness of omega-3 health benefits. Simultaneously, producers are investing in refining technologies to boost fishoil quality—especially DHA and EPA concentration.

Technological innovation has allowed the optimization of oil and protein extraction processes. For example, modern centrifuge systems are achieving up to 96% extraction efficiency for fishoil and 93% protein recovery for fishmeal.

Another trend is the diversification of species used for raw material sourcing. While anchovy remains dominant, species such as menhaden, sardine, and jack mackerel now contribute over 30% to the raw fish pool used for processing, particularly in countries like Morocco, the U.S., and Mauritania.

Fishmeal and Fishoil Market Dynamics

DRIVER

Rising demand for aquafeed in aquaculture.

With aquaculture now supplying over 52% of fish consumed globally, the demand for high-protein and digestible feeds has surged. Fishmeal is considered one of the most nutrient-rich protein sources, containing around 60–72% crude protein. In China alone, aquafeed production exceeded 22 million metric tons in 2023, with fishmeal forming a core component. Similarly, fishoil, containing more than 30% omega-3 fatty acids, is vital for fish health and immune function. As salmon farming grows in Norway, Chile, and Canada—crossing over 3 million metric tons in combined production in 2023—fishmeal and fishoil demand will continue to climb.

RESTRAINT

Fluctuating raw material availability due to climatic variations.

One of the major restraints of the fishmeal and fishoil market is its dependency on fish landings, which are influenced by climatic phenomena like El Niño. For instance, Peru’s fishery output declined by more than 35% in the first half of 2023 due to warming waters, affecting anchovy stocks. These climatic impacts directly reduce fishmeal and fishoil production volumes, leading to supply instability. Moreover, increased regulations in fishing zones, such as Total Allowable Catch (TAC) limits, further constrain the raw material base.

OPPORTUNITY

Growth of omega-3 based health supplements.

The fishoil segment is experiencing increased demand from the pharmaceutical and nutraceutical industries. In 2024, over 28% of fishoil was directed toward omega-3 dietary supplements. Europe and North America lead this consumption, with the U.S. using over 45,000 metric tons for encapsulated omega-3 supplements. This presents a profitable opportunity for value-added fishoil products. Moreover, the rise of health-conscious consumers in Asia-Pacific is fueling market entry by regional fishoil capsule manufacturers.

CHALLENGE

Sustainability pressures and overfishing concerns.

Overfishing and sustainability remain key challenges in the fishmeal and fishoil market. Over 30% of global fish stocks are fished at biologically unsustainable levels, raising environmental and regulatory concerns. Moreover, NGOs and consumer groups are pressuring manufacturers to switch to traceable, certified sources. To comply, producers are required to invest in monitoring systems, traceability infrastructure, and sustainability audits, which increase production costs.

Fishmeal and Fishoil Market Segmentation

The fishmeal and fishoil market is segmented by type of species used and application. Major species include salmon and trout, crustaceans, marine fish, carps, and tilapias. These segments vary based on dietary protein requirements and feed conversion ratios. Applications cover poultry, swine, aquatic animals, and others. Aquatic animals dominate the consumption patterns due to high reliance on fishmeal and fishoil for rapid growth and disease resistance. Poultry and swine use fishmeal for its high lysine and methionine content, though at lower percentages compared to aquaculture.

By Type

Salmon & Trout: This segment relies heavily on high-quality fishmeal. In 2023, over 2.4 million metric tons of fishmeal were used for salmon and trout, particularly in Norway, Chile, and Scotland. These species require protein levels above 45%, and fishmeal supplies that efficiently.
Crustaceans: Shrimp and prawn farming utilized over 1.6 million metric tons of fishmeal in 2023. Countries like Vietnam, Thailand, and Ecuador are major consumers. Crustaceans demand high levels of digestible protein and specific amino acids, making fishmeal indispensable.
Marine Fish: Marine species such as cobia, amberjack, and seabass use around 1.2 million metric tons of fishmeal globally. These species benefit from fishoil's lipid content, aiding buoyancy and immune functions.
Carps: Carps remain a dominant species in freshwater aquaculture, particularly in India and Bangladesh. While plant-based feeds are prominent, fishmeal use exceeds 850,000 metric tons due to its impact on growth rate and palatability.
Tilapias: This segment consumes approximately 700,000 metric tons of fishmeal annually. While tilapia is omnivorous and adaptable to plant-based feeds, inclusion of 5-10% fishmeal improves feed efficiency and disease resistance.
Others: This category includes ornamental and emerging species. Combined, they account for 300,000+ metric tons of fishmeal and 40,000 metric tons of fishoil usage, with rising adoption in high-value species aquaculture.

By Application

Poultry: Poultry feed accounts for around 900,000 metric tons of fishmeal usage, driven by its amino acid content and digestibility. In Brazil and India, poultry integrators utilize fishmeal to boost feed efficiency ratios.
Swine: Swine nutrition includes fishmeal for piglets and lactating sows. Around 750,000 metric tons were used in 2023, especially in the U.S., China, and Germany, due to the protein quality and palatability of fishmeal.
Aquatic Animals: This application dominates with over 70% share. More than 4.5 million metric tons of fishmeal and nearly 600,000 metric tons of fishoil are used annually for finfish and crustacean farming.
Others: Other applications include pet food and fertilizer. Combined, they consumed over 300,000 metric tons of fishmeal and 60,000 metric tons of fishoil in 2023.

Fishmeal and Fishoil Market Regional Outlook

The global fishmeal and fishoil market demonstrates notable regional variations due to climatic, regulatory, and aquaculture trends.

North America

The U.S. and Canada together produced over 350,000 metric tons of fishmeal in 2023, mostly from menhaden. The region also consumed nearly 150,000 metric tons of fishoil, with 45% used in pharmaceuticals. Omega Protein and Scoular are major players. Aquaculture production in North America surpassed 600,000 metric tons, boosting demand.

Europe

Europe remains a significant consumer and innovator. Norway, the U.K., and Denmark imported over 1.2 million metric tons of fishmeal in 2023. Fishoil usage in salmon farming alone topped 180,000 metric tons. EU sustainability standards have led to 70% of imports coming from IFFO RS-certified sources.

Asia-Pacific

China, Vietnam, India, and Indonesia drive demand in this region. China imported over 1.4 million metric tons of fishmeal in 2023, primarily from Peru and Vietnam. The region’s aquaculture output exceeded 90 million metric tons, accounting for more than 70% of global aquaculture. Fishoil demand continues rising in functional foods.

Middle East & Africa

This region shows emerging growth. Morocco and Mauritania together exported over 400,000 metric tons of fishmeal in 2023. Nigeria, Egypt, and Iran are expanding their aquaculture sectors, pushing regional fishmeal demand above 600,000 metric tons.

List of Top Fishmeal and Fishoil Market Companies

Royal DSM
FF Skagen
Sursan A.S.
BASF SE
GC Rieber Oils
Croda International PLC
The Scoular Company
Omega Protein Corporation
Oceana Group Limited
Pelagia
GC Rieber Oils

Top 2 Companies by Market Share

Pelagia: Produced over 450,000 metric tons of fishmeal and 90,000 metric tons of fishoil in 2023. Major supplier to Europe and Asia-Pacific.

Omega Protein Corporation: Processed 350,000+ metric tons of menhaden annually, contributing over 80,000 metric tons of fishoil, mainly for North American aquaculture and supplements.

Investment Analysis and Opportunities

The fishmeal and fishoil market is witnessing significant capital inflows, particularly in sustainable fishing operations, advanced processing technologies, and aquafeed expansion. In 2023, over 40 new processing plants were either upgraded or newly commissioned globally to increase extraction efficiencies and ensure product traceability. Notably, investments exceeding USD 800 million were channeled into value chain improvements, including fishing vessel modernization and on-site storage facilities across South America and Asia-Pacific.

Emerging economies, especially in Southeast Asia and West Africa, are attracting investments in infrastructure to boost local fishmeal production capacity. For instance, Ghana and Senegal collectively added 100,000 metric tons of production capacity through foreign direct investments in 2023 alone. These facilities aim to meet both regional and export demands for aquafeed inputs. Additionally, local governments in India and Indonesia are offering subsidies for fish processing plants, which are expected to raise fishmeal output by over 10% in 2024.

In the nutraceuticals segment, increasing fishoil demand from omega-3 supplement manufacturers is prompting significant investment in refining capabilities. More than 25 companies globally have expanded fishoil purification units to achieve higher EPA/DHA concentration levels, enabling them to target premium pharmaceutical and functional food markets.

The ongoing shift toward sustainable and certified products is opening investment opportunities in certification infrastructure and blockchain-based traceability. Over 55% of all fishmeal producers now seek IFFO RS certification or equivalent, leading to a 20% annual increase in spending on compliance and traceability technology.

Furthermore, alternative raw material sourcing is being explored. Several companies are investing in fish trimmings utilization to reduce dependency on wild-caught whole fish. In Norway and Chile, trimming-based fishmeal production rose by 18% year-on-year in 2023, making this an area of opportunity for investors seeking environmental and regulatory alignment.

New Product Development

Innovation in the fishmeal and fishoil industry has accelerated as manufacturers aim to increase product value, sustainability, and application range. A major development in 2023 was the launch of high-concentration omega-3 fishoil tailored for nutraceutical applications. These new formulations contain over 90% combined EPA and DHA content, significantly higher than traditional oils, which average 30–35%. These products cater to the pharmaceutical-grade omega-3 segment, where demand grew by 12% globally in 2023.

Another area of innovation is enzymatic hydrolysis of fishmeal, producing peptide-rich feed ingredients with enhanced digestibility. These hydrolysates are particularly beneficial for juvenile aquaculture species and piglets. In Vietnam and Norway, pilot programs using enzymatically modified fishmeal showed a 15–18% improvement in feed conversion ratios and up to 10% higher growth rates in shrimp and salmon, respectively.

Producers have also developed odor-neutral and taste-enhanced fishmeal variants for pet food and poultry applications. These improvements have increased fishmeal inclusion rates in pet nutrition by over 20% in the past two years. Leading companies like Pelagia and FF Skagen introduced deodorized fishmeal lines with maximum total volatile nitrogen levels below 80 mg/100g, enhancing shelf stability and palatability.

Fishoil encapsulation technologies have advanced, enabling manufacturers to deliver omega-3 fatty acids in microencapsulated forms suitable for powdered and bakery applications. In 2023, encapsulated fishoil sales grew by over 15%, particularly in the U.S. and Europe, driven by functional food trends. These innovations reduce oxidation risks, extending product shelf life by over 8 months in controlled storage conditions.

Five Recent Developments

Pelagia: launched enzymatically treated fishmeal for juvenile shrimp, improving digestibility by 18% in test farms across Vietnam and Ecuador.
Omega: Protein Corporation completed a USD 100 million facility upgrade in Louisiana, increasing fishoil purification capacity by 35,000 metric tons annually.
GC Rieber: Oils introduced a pharma-grade DHA-rich fishoil in 2023, containing over 55% DHA concentration for cardiovascular supplement formulations.
Sursan A.S.: partnered with Turkish aquaculture firms to develop fishmeal derived entirely from processing trimmings, with over 40,000 metric tons produced in 2023.
The Scoular Company: launched a traceability platform for its fishmeal products, enabling full supply chain tracking from Peruvian fisheries to Chinese aquafeed manufacturers.

Report Coverage of Fishmeal and Fishoil Market

This comprehensive report on the fishmeal and fishoil market spans all critical aspects of the industry, including species utilization, production volumes, trade dynamics, application trends, and regional outlook. It thoroughly analyzes the market's core drivers, such as rising aquaculture production, which surpassed 130 million metric tons globally in 2023, directly fueling demand for fishmeal and fishoil. The report captures shifts in sourcing strategies, with trimmings now accounting for over 35% of global fishmeal inputs—an indicator of growing sustainability.

Market segmentation is covered extensively, distinguishing between usage in salmonids, crustaceans, marine fish, carps, and tilapias. Application-wise, the report evaluates poultry, swine, aquatic animals, and emerging sectors like pet food and human health supplements. The growing demand for omega-3 fishoil in pharmaceuticals is highlighted, with more than 120,000 metric tons consumed globally for health-related products in 2023.

The report also delves into regional dynamics, including Asia-Pacific's dominance, accounting for over 60% of fishmeal consumption, and Latin America's role as the top supplier, especially Peru and Chile. It features production and trade figures, such as Peru’s 1.5 million metric tons of anchovy landings in 2023, and China’s import volume of 1.4 million metric tons.

Top company performances are assessed, including Pelagia and Omega Protein, which collectively processed over 800,000 metric tons of raw material in 2023. Investment trends are analyzed, covering more than 40 facility expansions, certification programs, and mergers.

Recent developments, like high DHA fishoil, hydrolyzed fishmeal, and blockchain-based traceability platforms, are captured to provide a real-time understanding of innovation and compliance trends. In addition, market challenges such as climate-driven supply volatility and pressure for sustainability are examined.

This report provides detailed quantitative data on species-wise consumption, feed usage percentages, and trade volumes, ensuring fact-based insights throughout. It is tailored for stakeholders in aquafeed, pharmaceuticals, nutraceuticals, and policymakers focused on marine resource management.