Fishmeal and Fish Oil Market Size, Share, Growth, and Industry Analysis, By Types (Salmon & Trout, Marine Fish, Crustaceans, Tilapias, Carps, Other) , Applications (Fertilizer, Aquaculture, Pharmaceuticals, Other) and Regional Insights and Forecast to 2034

Fishmeal and Fish Oil Market Size

The Global Fishmeal and Fish Oil Market size was USD 10.84 Billion in 2024 and is projected to reach USD 11.37 Billion in 2025 and USD 17.07 Billion by 2034, growing at a CAGR of 4.62% during the forecast period from 2025 to 2034. The market is driven by rising demand for protein-rich aquafeed, increasing omega-3 supplement consumption, and innovations in sustainable sourcing. Over 72% of fishmeal is consumed in aquaculture, while fish oil applications in nutraceuticals exceed 26%. Advancements in alternative feed such as algae oil contribute to 12% of the market shift, enhancing sustainability in production.

In the U.S., the Fishmeal and Fish Oil Market is witnessing increased traction in the health and wellness segment, with over 32% of fish oil consumed through omega-3-enriched food products and dietary supplements. Nearly 18% of fishmeal use in North America is directed toward aquaculture, especially in states like Maine and Washington. U.S. manufacturers have also reported a 21% shift toward algae oil and enzyme-enhanced formulations, aligning with clean label and sustainable sourcing standards. Regional innovations contribute nearly 14% of new product developments within the global market footprint.

Key Findings

• Market Size: Valued at $10.84 Bn in 2024, projected to touch $11.37 Bn in 2025 to $17.07 Bn by 2034 at a CAGR of 4.62%.
• Growth Drivers: Over 72% fishmeal used in aquaculture and 26% fish oil in nutraceuticals boost global consumption rates.
• Trends: 35% use of by-products in fishmeal and 12% growth in algae oil alternatives drive sustainable transformation.
• Key Players: Daybrook Fisheries, Inc., TASA, Empresas Copec S.A., Triplenine Group, Omega Protein Corporation & more.
• Regional Insights: Asia-Pacific holds 42% share due to dominant aquaculture production; Europe follows with 22%, North America with 18%, and Middle East & Africa and others together account for the remaining 18% of the global market.
• Challenges: 38% dependency on overfished stocks and 21% rise in sustainability compliance costs challenge operations.
• Industry Impact: 44% market concentration among top five players and 48% investment focused in Peru, Chile, and China.
• Recent Developments: 27% algae oil integration and 19% growth in omega-3 emulsions drive product expansion and innovation.

The Fishmeal and Fish Oil Market stands at the intersection of aquaculture growth and human health innovation. With over 70% of fishmeal directed to aquafeed and nearly 26% of fish oil used in omega-3 supplements, the market is shaped by dual demand drivers. Companies are increasingly adopting sustainable fishing practices, and over 35% of fishmeal now comes from by-products. Innovations in algae oil, enzyme-enhanced formulations, and blockchain-based traceability are transforming sourcing, processing, and transparency, while enabling compliance with global standards. This multifaceted growth ensures robust potential across both feed and nutraceutical segments.

Fishmeal and Fish Oil Market Trends

The Fishmeal and Fish Oil Market is witnessing significant transformation due to increased aquaculture production and growing demand for omega-3 fatty acids. Around 68% of global fishmeal is consumed by aquaculture, with salmon and trout accounting for nearly 45% of this demand. Similarly, fish oil usage in aquafeed represents over 70% of total consumption. The demand for sustainable and high-protein feed is rising, pushing manufacturers to optimize yield and enhance extraction processes. As per industry data, more than 35% of fishmeal production now uses by-products instead of whole fish, reflecting a growing shift towards circular economy practices.

Increased awareness of the health benefits of omega-3 is driving fish oil consumption in nutraceuticals and functional foods. Approximately 26% of fish oil globally is now used in dietary supplements and pharmaceuticals. Moreover, countries like China and Peru collectively contribute more than 50% to the global fishmeal and fish oil production. Environmental regulations are also influencing operational practices, with over 40% of producers aligning with sustainable fishing certifications such as IFFO RS. The inclusion of alternative sources like algae oil and insect meal is rising, representing 12% of market substitution attempts. The combined effect of dietary trends, sustainability pressure, and regulatory compliance is reshaping global market dynamics.

Fishmeal and Fish Oil Market Dynamics

DRIVERS

Rising Aquaculture Industry Adoption

Aquaculture accounts for over 68% of the global fishmeal demand and more than 70% of fish oil consumption. Countries with extensive aquaculture systems like China, Norway, and Chile have significantly increased their imports of fishmeal and fish oil. The sector’s expansion is backed by an 80% dependency on high-protein feeds, particularly in the farming of salmon, tilapia, and shrimp. As per recent data, more than 30% of total animal protein consumed globally is now sourced from aquaculture, reinforcing the demand for fishmeal and fish oil-based nutrition.

OPPORTUNITY

Expansion in Nutraceutical and Functional Food Applications

The use of fish oil in human health supplements is gaining momentum, with around 26% of global fish oil now directed toward dietary applications. Omega-3-based functional foods and pharmaceutical-grade oils are witnessing a surge in popularity, especially in North America and Western Europe. Consumer preference for heart and brain health supplements has led to a 22% increase in demand from the nutraceutical segment. Additionally, advancements in microencapsulation technology are allowing nearly 18% of producers to enhance fish oil stability and taste, opening new opportunities in fortified beverages and bakery applications.

RESTRAINTS

"Volatility in Raw Material Supply"

One of the major restraints impacting the Fishmeal and Fish Oil Market is the inconsistency in raw fish availability. Over 38% of global fisheries are operating at biologically unsustainable levels, causing irregularity in raw material supply. Environmental phenomena such as El Niño affect more than 25% of fish catch volumes in major producing nations like Peru and Chile. Additionally, around 19% of the production units face seasonal shutdowns due to low fish stock levels. These disruptions in the fish harvesting cycle contribute to uncertain output, resulting in supply shortages and price fluctuations, limiting market stability and long-term planning.

CHALLENGE

"Rising Costs and Stringent Sustainability Regulations"

The market faces considerable challenges due to increasing operational costs and stricter environmental norms. Compliance with sustainable fishing standards now impacts over 44% of the industry, particularly among exporters targeting Europe and North America. Sustainability certification costs have risen by nearly 21%, putting pressure on small and medium-sized enterprises. Furthermore, over 30% of production costs are attributed to energy-intensive processes like fish oil extraction and drying. The challenge is compounded by a 17% increase in transportation and logistics expenses due to global shipping bottlenecks, affecting timely delivery and inflating end-product prices in international markets.

Segmentation Analysis

The Fishmeal and Fish Oil Market is segmented by type and application, each showing unique consumption patterns driven by aquaculture demand, industrial uses, and human health benefits. Fishmeal types vary depending on the fish species used, which influences the nutrient composition and feed efficiency. On the application front, aquaculture remains the dominant consumer, while growing usage in fertilizer and pharmaceuticals is reshaping the broader demand landscape. With over 72% of fishmeal directed to aquafeed and more than 26% of fish oil used in human consumption, segmentation trends underscore evolving supply chains and production technologies. The increasing utilization of by-products across all segments supports sustainability efforts and enhances value recovery from fish processing waste.

By Type

• Salmon & Trout: These species account for nearly 45% of global fish oil consumption, with fishmeal inclusion rates above 22% in formulated feeds. High dependency on protein-rich diets makes them major contributors to market demand.
• Marine Fish: Representing over 28% of fishmeal usage, marine species such as anchovy and mackerel are crucial for high-yield production. More than 60% of marine fishmeal is produced in Peru and Chile, reflecting strong regional concentration.
• Crustaceans: Crustaceans consume nearly 16% of global fishmeal, with shrimp farming being the leading segment. Feed conversion efficiency and rising aquaculture production in Southeast Asia contribute to increased demand.
• Tilapias: With an 18% share in fishmeal utilization, tilapia farming is expanding, particularly in China and Egypt. These species benefit from moderate protein requirements and growing middle-class consumption patterns.
• Carps: Carps utilize around 12% of fishmeal globally, and represent one of the most farmed freshwater species. India and Bangladesh lead production, where carp feed includes variable amounts of fishmeal depending on lifecycle stage.
• Other: This category includes species such as catfish and eels, which collectively make up 9% of fishmeal use. While smaller in share, their demand is growing steadily in niche markets across Southeast Asia and Africa.

By Application

• Fertilizer: Fishmeal is used as an organic nitrogen source in agriculture, contributing to nearly 8% of total market volume. Its adoption is growing by 13% in organic farming systems due to its slow-release nutrient profile and soil conditioning properties.
• Aquaculture: Aquaculture is the largest application, consuming approximately 72% of fishmeal and over 70% of fish oil. Species such as salmon, trout, shrimp, and tilapia heavily rely on fish-based feeds to meet their high protein and energy needs.
• Pharmaceuticals: About 26% of fish oil is used in health supplements and therapeutic formulations. The market for omega-3-rich APIs is growing rapidly, with over 19% of demand emerging from cardiovascular and neurological health segments.
• Other: This segment includes pet food, animal feed, and industrial applications, accounting for roughly 14% of fishmeal use. Pet nutrition alone has seen a 12% year-on-year rise in demand for fish protein and lipid-enriched formulations.

Fishmeal and Fish Oil Market Regional Outlook

The Fishmeal and Fish Oil Market showcases distinct regional variations driven by aquaculture intensity, fish species availability, and consumer demand for omega-3 supplements. Asia-Pacific dominates the global landscape with a share exceeding 42%, attributed to large-scale aquaculture operations in countries like China, India, and Vietnam. Europe and North America follow closely, accounting for over 36% collectively due to their high consumption of fish oil in pharmaceutical and dietary sectors. South America remains a vital production hub, especially Peru and Chile, which together contribute more than 30% of the global fishmeal supply. Meanwhile, the Middle East & Africa region is witnessing gradual uptake due to rising food security initiatives and animal feed investments. Regulatory alignment with sustainable fishing practices also varies, with Europe leading compliance while developing regions are still building capacity.

North America

North America accounts for nearly 18% of the global fish oil consumption, driven by the rising demand for dietary supplements and omega-3-enriched food products. Over 32% of fish oil usage in the region is directed toward human consumption, particularly in the United States. Canada, on the other hand, plays a growing role in aquaculture demand, accounting for about 7% of fishmeal use. Strict sustainability regulations have led over 45% of the industry players in this region to adopt certified fishing practices. The region also exhibits a strong inclination toward the adoption of alternative feed sources such as algae oil, contributing to nearly 11% of feed innovations.

Europe

Europe holds over 22% of the global fishmeal and fish oil market share, primarily due to its advanced pharmaceutical, nutraceutical, and aquaculture industries. Countries like Norway, Denmark, and the UK lead the region, with Norway alone accounting for more than 12% of total global fish oil usage. The region is a frontrunner in sustainability certification, with more than 62% of imported fishmeal and fish oil complying with IFFO RS or similar standards. European aquaculture, particularly salmon farming, contributes significantly to fishmeal demand, using over 40% of the region’s supply. Additionally, fish oil is used in nearly 30% of omega-3 supplement production in the region.

Asia-Pacific

Asia-Pacific dominates the global Fishmeal and Fish Oil Market with over 42% share, largely due to extensive aquaculture production in China, India, Vietnam, and Indonesia. China alone accounts for around 35% of global fishmeal consumption and nearly 22% of fish oil usage. The growing middle-class population and protein-rich diets are fueling aquafeed demand, especially in tilapia and carp farming. India and Vietnam also show rising trends, contributing to more than 14% of regional production. However, the region faces challenges in sustainability adoption, with only 27% of producers aligned with certified practices. Despite this, innovation in low-cost feed formulas is increasing by 19% year-on-year.

Middle East & Africa

Middle East & Africa represents a smaller but emerging segment of the Fishmeal and Fish Oil Market, contributing approximately 8% of global demand. Countries such as Egypt and South Africa are expanding aquaculture operations, with Egypt alone accounting for more than 5% of regional fishmeal consumption. Over 21% of the fishmeal used in this region is directed toward poultry and livestock feed, showing diversification beyond aquaculture. Omega-3 supplement consumption is also growing in urban centers, with nearly 12% annual growth observed in the GCC nations. However, sustainability adoption remains low, with only 16% of operations meeting international fishing standards.

List of Key Fishmeal and Fish Oil Market Companies Profiled

Investment Analysis and Opportunities

The Fishmeal and Fish Oil Market is undergoing active investment across sustainable production, feed innovation, and omega-3 supplement segments. Approximately 34% of producers are investing in energy-efficient processing units to cut down operational costs and reduce carbon emissions. Aquaculture feed manufacturers are redirecting nearly 22% of their R&D budget toward improving feed conversion ratios and nutrient retention. Moreover, about 17% of investments target expansion of fish oil refining capabilities to meet rising demand in the nutraceutical sector. Investors are also focusing on diversification, with 13% of market entrants exploring insect protein and algae oil as viable substitutes. Countries like Peru, Chile, and China are receiving over 48% of total global investment inflows due to established infrastructure and resource availability. The market also presents export-led growth opportunities, with over 26% of producers targeting EU and North American import markets where regulatory-certified fishmeal and fish oil are in high demand.

New Products Development

The Fishmeal and Fish Oil Market is experiencing rapid innovation in both feed and supplement categories. Over 21% of manufacturers have introduced enzyme-enhanced fishmeal to improve digestibility for aquaculture species. Functional blends with prebiotics and probiotics now make up around 11% of new fishmeal product launches. In the fish oil segment, nearly 19% of new product developments are centered around omega-3 concentrates tailored for human consumption, particularly EPA and DHA-enriched capsules. Microencapsulation technologies are gaining traction, with 14% of producers adopting these to mask odor and improve product stability in functional foods. Additionally, more than 9% of market players are developing fish oil-based emulsions for bakery and beverage formulations. By-product-based fishmeal, derived from trimmings and waste, now constitutes 35% of the total innovations, emphasizing sustainable sourcing. These advancements aim to enhance product performance, safety, and versatility across diverse applications while aligning with consumer trends and regulatory expectations.

Recent Developments

• Omega Protein’s Algae Oil Integration: In 2024, Omega Protein Corporation introduced a blend of fish oil and algae oil for use in high-value aquaculture feeds. The initiative targeted sustainability improvement, with the blend reducing dependency on wild-caught fish oil by nearly 27%. Trials in salmon feed showed comparable omega-3 retention, contributing to the company's efforts to reduce environmental footprint by approximately 18% across product lines.
• Empresas Copec Expands Production in Peru: In late 2023, Empresas Copec increased its fishmeal production capacity in Peru by 12%, leveraging abundant anchoveta stock and advanced processing facilities. The upgrade included energy-efficient dryers, which reduced fuel consumption by 21%, and boosted overall yield per metric ton by nearly 8%. This expansion also supported a 15% increase in export volumes to Europe and Asia-Pacific regions.
• Triplenine Group Launches Enzyme-Enhanced Fishmeal: In 2024, Triplenine Group developed and launched an enzyme-enhanced fishmeal product targeting improved feed digestibility for shrimp and tilapia. Field tests across Southeast Asian farms showed a 19% improvement in feed conversion ratio and a 14% increase in protein absorption. The product received rapid adoption, capturing 9% of the specialty feed ingredient market within six months of launch.
• TASA Implements Blockchain for Supply Chain Transparency: In 2023, TASA introduced blockchain-based traceability in its fishmeal and fish oil supply chain, covering 100% of its anchovy sourcing operations. The system ensures traceability from vessel to final shipment, improving compliance with EU sustainability requirements. Over 33% of its buyers reported enhanced trust and willingness to pay premiums for traceable batches.
• Austevoll Seafood Develops Omega-3 Emulsion Line: In 2024, Austevoll Seafood ASA unveiled a new line of omega-3 oil emulsions designed for functional beverage and dairy applications. These emulsions offer a 92% bioavailability rate and maintain stability in cold storage for up to six months. The launch marked a strategic entry into the functional foods sector, targeting a growing market of health-conscious consumers, especially in North America and Western Europe.

Report Coverage

The Fishmeal and Fish Oil Market report delivers a comprehensive overview of market dynamics, covering production trends, end-use segmentation, regulatory frameworks, and innovation pipelines. It analyzes data from over 15 countries, representing more than 85% of global trade volume. The SWOT analysis highlights major strengths, including the market’s high protein efficiency ratio and diverse application base—contributing to over 72% of aquaculture feeds and 26% of human health supplements. Weaknesses include supply chain volatility and over 38% reliance on ecologically sensitive marine stocks. Opportunities lie in alternative protein sources and omega-3 enrichment technologies, which currently represent around 14% of the innovation pool. However, challenges persist due to rising operational costs and regulatory fragmentation across emerging markets.

Coverage includes stakeholder analysis, where more than 44% of the market is held by the top five players, indicating a semi-consolidated structure. The report also examines pricing volatility, noting over 21% average fluctuation due to raw material variability. In addition, it offers strategic profiling of manufacturers and benchmarking across sustainability, product development, and geographical expansion. Key insights are supported with region-wise breakdowns and supply-demand equilibrium assessments, making the report valuable for strategic planning and investment decisions.