According to the research report, the global fishmeal & fish oil market was valued at USD 13.87 billion in 2023 and is expected to reach USD 20.42 billion by 2032, to grow at a CAGR of 4.60% during the forecast period.
As demand for animal-derived protein surges globally, fishmeal and fish oil have become crucial components in feed production—offering rich, digestible nutrients essential for the growth and health of aquatic species, poultry, and other livestock. Innovation in feed formulations, sustainable fishing practices, and value-added uses in human nutrition continue to shape the trajectory of this market.
Market Overview
Fishmeal and fish oil are high-value products obtained primarily from small pelagic fish species like anchovies, sardines, and mackerel, as well as from marine by-products of fish processing. These commodities serve as concentrated sources of essential fatty acids, amino acids, and minerals.
Fishmeal is primarily used in the aquafeed market, where it provides critical proteins and nutrients to fast-growing aquatic species.
Fish oil is in high demand both for aquaculture and for formulating omega-3 supplements targeted at heart, brain, and joint health in humans.
Despite being a relatively niche segment in terms of volume, fishmeal and fish oil play an outsized role in the sustainability and efficiency of global food systems.
Market Segmentation
The fishmeal and fish oil market is segmented based on source, application, and end-use industry:
1. By Source:
Whole Fish
By-products (Trimmings and Waste)
A growing share of global production is derived from marine by-products, as companies seek to reduce pressure on wild fish stocks and improve sustainability. This trend supports circular economy practices in the seafood processing industry.
2. By Application:
Aquaculture Feed
Livestock Feed
Pet Food
Pharmaceuticals and Nutraceuticals
While aquaculture remains the dominant consumer, there is growing use in livestock feed and pet food due to its high digestibility and nutrient density. Fish oil, meanwhile, is finding increasing application in nutraceuticals, where purified omega-3s are used to combat chronic inflammation and cardiovascular disease.
3. By End-Use Industry:
Aquaculture (Fish and Shrimp Farming)
Agriculture (Poultry, Swine)
Pharmaceutical and Dietary Supplements
Pet Nutrition
Regional Analysis
The global fishmeal and fish oil market is geographically diversified, with distinct patterns of production and consumption in each region.
1. Asia-Pacific: Dominant Consumer Market
Asia-Pacific leads the market, driven by high aquaculture activity in countries such as China, India, Vietnam, Indonesia, and Thailand. These nations account for over 80% of global aquaculture output and rely heavily on fishmeal to sustain fish and shrimp farming.
China is both the largest producer and consumer of aquafeed and is significantly dependent on imports from South America.
India and Vietnam are rapidly scaling up shrimp farming, fueling the need for high-protein aquafeed.
Fish oil consumption is also rising in Asia’s human nutrition market, particularly in urban areas where health supplements are gaining popularity.
2. South America: Global Production Powerhouse
South America, especially Peru and Chile, stands out as the world’s largest producer of fishmeal and fish oil. Anchovy fisheries along the Peruvian coast contribute a significant portion of global output, and companies in the region are among the most advanced in sustainable sourcing practices.
Seasonal fish catch limits and environmental factors like El Niño significantly influence output and pricing.
The region exports most of its production to Asia and Europe, where demand for premium-quality feed ingredients is high.
3. Europe: Mature Market Focused on Sustainability
European countries such as Norway, Denmark, and Iceland are key consumers of fishmeal and fish oil, largely for use in salmon farming. Norway alone consumes a substantial share of global fish oil for its aquaculture sector.
Strict EU regulations encourage sourcing from certified sustainable fisheries and by-product recovery systems.
Europe is also a major market for omega-3 supplements, with health-conscious consumers driving demand.
Research initiatives across the region are promoting alternative feed ingredients, such as microalgae and insect meal, to reduce dependency on marine resources.
4. North America: Steady Demand from Feed and Nutraceutical Sectors
In the United States and Canada, demand for fishmeal and fish oil is balanced across aquaculture, livestock, and dietary supplement markets. The growth in pet nutrition and wellness trends has bolstered fish oil usage.
North America’s aquaculture industry is concentrated in salmon, catfish, and trout farming.
The human omega-3 supplement market continues to expand, aided by product innovation and health claims targeting aging populations.
5. Middle East & Africa: Emerging Market with Growth Potential
The Middle East and Africa (MEA) are experiencing growth in aquaculture as governments look to boost local protein production. Egypt and Nigeria, in particular, are increasing fishmeal imports to support tilapia and catfish farming.
Lack of domestic production capacity presents an opportunity for local fish processing industries to develop fishmeal from waste.
Fish oil usage in human nutrition remains low but is expected to rise with increasing income and urbanization.
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Key Companies
Several global and regional players are shaping the competitive landscape of the fishmeal and fish oil industry. These companies are emphasizing sustainable production, vertical integration, and expansion into new application areas.
1. TASA (Tecnológica de Alimentos S.A.) – Peru
As the largest producer of fishmeal and fish oil in the world, TASA leads in sustainability certifications and traceability systems. The company operates multiple plants and serves customers in Asia, Europe, and North America.
2. Oceana Group – South Africa
Oceana produces fishmeal and oil from both whole fish and by-products. It exports primarily to Europe and Asia and is committed to environmental stewardship and community development.
3. FF Skagen – Denmark
This Danish company processes a wide range of marine raw materials into high-quality fishmeal and fish oil, primarily serving European aquaculture operations.
4. TripleNine Group – Denmark
With operations in Denmark and Chile, TripleNine is a major supplier to the aquafeed and livestock industries. The company emphasizes innovation and responsible sourcing.
5. Austevoll Seafood ASA – Norway
Austevoll operates across the seafood value chain and is a major player in fishmeal and oil through its subsidiary, Pelagia. It caters to both feed and human nutrition markets.
6. The Scoular Company – United States
An agricultural commodity trading firm with a growing presence in fishmeal and oil distribution, particularly in North America.
These companies are continuously adapting to market dynamics, investing in technology, and expanding their product offerings beyond traditional applications.
Conclusion
The Fishmeal and Fish Oil Market is thriving due to the twin drivers of aquaculture expansion and the rising importance of nutrient-rich animal feed and human supplements. While sustainability concerns and raw material volatility remain significant challenges, innovations in processing and sourcing—particularly from marine by-products—are helping the industry transition to a more responsible model.
As global populations grow and dietary preferences shift toward healthier and more sustainable protein sources, fishmeal and fish oil are positioned to play a pivotal role in the global marine protein supply chain.
With growth opportunities in both established and emerging regions, and diversified applications ranging from livestock feed to omega-3 supplements, the fishmeal and fish oil market is poised for a robust future.
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