Fishmeal and Fishoil - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The fishmeal and fishoil market size is projected to expand from USD 10.52 billion in 2025 and USD 11.17 billion in 2026 to USD 16.13 billion by 2031, registering a CAGR of 7.63% between 2026 to 2031. This report is Segmented by Species Type (Salmon and Trout, Crustaceans, Marine Fish, Carps, Tilapias, and Others), by Application (Aquaculture, Poultry, Swine, Pets, and Others), and by Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Fishmeal And Fishoil Market Trends and Insights

Expanding Aquaculture Output in Asia-Pacific

China retained its position as the world's largest seafood producer in 2024, with production estimated at 74.1 million metric tons, up 4% from 2023. This growth was primarily driven by aquaculture, which rose by 4.5% year-on-year to reach 58.1 million metric tons. According to Vietnam Customs, the country’s total shrimp export turnover in 2025 amounted to USD 4.6 billion, representing a 19% increase compared to 2024 and marking the highest level ever recorded, and is accelerating the procurement of protein-dense diets for tilapia and seaweed juveniles. Juvenile fish and shrimp show limited tolerance for plant proteins, so marine amino acid profiles remain indispensable for optimal growth. India’s coast is piloting recirculating systems for pompano and cobia that require fishmeal inclusion, exacerbating regional tightness. Rising per-capita seafood intake across Southeast Asia, projected to increase by 2028, reinforces structural growth for the fishmeal and fish oil market.

Premiumization of Salmonid and Shrimp Feeds

Norwegian producers are reformulating diets to include combined EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), increasing the share of fishmeal in finishing rations. Ecuadorian exporters targeting United States retail price premiums are utilizing astaxanthin-rich oils derived from anchoveta and krill, driving specialty demand. This trend highlights the growing importance of high-value additives in aquaculture feed formulations. Chilean salmon farmers are shortening grow-out cycles by increasing marine protein density, achieving feed conversion ratios below 1.1. Scotland enforces low-phosphorus discharge limits, spurring uptake of enzymatically hydrolyzed meal that maintains performance while reducing effluent. These dynamics split the fishmeal and fish oil market into commodity grades for carp and tilapia versus high-specification concentrates that capture superior margins.

El Niño-Driven Volatility of Peruvian Anchoveta Landings

El Niño-Southern Oscillation (ENSO) events are the main factor contributing to fluctuations in Peruvian anchoveta (Engraulis ringens) landings, leading to significant and often abrupt changes in population biomass and fishing yields. In 2023, industrial anchoveta landings in Peru totaled 1.9 million metric tons, the lowest level recorded since 1999. The decline in landings and the poor condition of anchoveta that year led to the export value of fish meal and oil from Peru falling to USD 1.1 billion, the lowest in two decades, negatively impacting juvenile recruitment. Chinese buyers diverted to Morocco at premiums, squeezing feed-mill profitability. The Humboldt Current supplies roughly one-third of global fishmeal tonnage, so each quota shock reverberates through global pricing. National Oceanic and Atmospheric Administration models foresee more frequent moderate or strong El Niño events through 2035, locking volatility into the outlook. Strategic reserves and alternative-protein pipelines are becoming necessary hedges in the fishmeal and fish oil market.

Other drivers and restraints analyzed in the detailed report include:

• Carbon-Offset Premiums for Certified Sustainable Lots
• Rapid Uptake of High-Protein Concentrates from By-Products
• Surge of Insect and Single-Cell Proteins in Aquafeed Recipes

Segment Analysis

Salmon and trout were the largest species segment and accounted for 28.3% of the fishmeal and fishoil market share in 2025, reflecting their dependence on high-specification marine ingredients that secure premium fillet color and omega-3 density demanded by retailers in Europe and North America. Continued product differentiation raises functional protein requirements despite formulation advances. Norwegian, Chilean, and Scottish farms collectively consumed more than 1.3 million metric tons of fishmeal in 2025, sustaining price leadership for low-ash, enzyme-hydrolyzed grades. Feed conversion ratios below 1.1 underscore the economic case for maintaining marine inputs even as insect proteins advance through trial phases. Regulators tightening discharge limits spur uptake of concentrates that reduce waste while preserving growth metrics, a niche where vertically integrated renderers enjoy higher margins.

Crustaceans are projected to be the fastest-growing segment, expanding at an 8.5% CAGR between 2026 and 2031. Rising shrimp consumption in Asia and retail premiumization in the United States are driving inclusion rates, thereby elevating the size of the fishmeal and fish oil market for crustacean diets. Ecuadorian shrimp exporters use astaxanthin-rich fish oil to differentiate color, thereby sustaining price premiums over Indian-origin shrimp. Southeast Asian growers adopting super-intensive ponds raise feed frequency, compounding volume gains. Certification pressures parallel those seen in salmonids, embedding traceability as a ticket to market access and reinforcing demand for sustainably sourced marine proteins.

Complete Report Scope:

• By Species Type
  • Salmon and Trout
  • Crustaceans
  • Marine Fish
  • Carps
  • Tilapias
  • Others
• By Application
  • Aquaculture
  • Poultry
  • Swine
  • Pets
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Russia
    • Norway
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Vietnam
    • Indonesia
    • Rest of Asia-Pacific
  • South America
    • Peru
    • Brazil
    • Chile
    • Argentina
    • Rest of South America
  • Middle East
    • Saudi Arabia
    • United Arab Emirates
    • Turkey
    • Rest of Middle East
  • Africa
    • South Africa
    • Egypt
    • Nigeria
    • Rest of Africa

Geography Analysis

Asia-Pacific accounted for 45.2% of the fishmeal and fishoil market in 2025, bolstered by China’s significant output and Vietnam’s export-oriented shrimp expansion. Recirculating systems proliferate in Japan and India, raising per-kilogram fishmeal intensity as farmers prioritize water quality. Subsidies provided by the South Korean government and feed import initiatives in Taiwan continue to support growth. Certified supplies from Peru and Norway are increasingly preferred as retailers prioritize traceability, boosting demand for premium grades in Asia-Pacific.


The Middle East is projected to post a 7.9% CAGR through 2031, anchored by Saudi Arabia’s Vision 2030 plan, which allocates funds to marine cage projects along the Red Sea. The United Arab Emirates subsidizes fishmeal imports, lowering landed costs and igniting farm expansion in Abu Dhabi and Fujairah. Turkey’s sea bass and sea bream producers upgrade diets to meet European Union market standards, while Egypt pushes desert-based recirculating systems to tap premium Gulf markets. Regional protein security priorities buffer demand against global price swings, creating a relatively inelastic customer base for certified suppliers.

South America continues to be a key supplier, with Peru exporting despite quota restrictions, while Chile focuses on domestic consumption for salmon grow-out. Norway has used salmon by-products through recycling, redirecting materials that would otherwise have been sent to landfills. The European Union’s Farm to Fork strategy demands full traceability by 2027, channeling trade toward certified Peruvian, Icelandic, and Danish suppliers. In North America, consumption is primarily concentrated in salmon farms located in British Columbia and Maine. This region benefits from the United States Food and Drug Administration's streamlined approval process for enzymatic concentrates. Emerging African aquaculture in Nigeria, Egypt, and South Africa increases imports, but infrastructure and financing gaps still limit scale.

List of Companies Covered in this Report:

• Pelagia AS (Austevoll Seafood ASA / Kverva AS)
• Tecnológica de Alimentos S.A. (Grupo Brescia)
• Omega Protein Corporation (Cooke Inc.)
• TripleNine Group A/S
• FF Skagen A/S
• Pesquera Diamante S.A.
• Pesquera Exalmar S.A.A.
• Pesquera Hayduk S.A.
• Oceana Group Limited
• The Scoular Company
• Croda International Plc
• OLVEA Fish Oils (OLVEA Group)
• Empresas Copec S.A. (AntarChile S.A.)
• Austral Group S.A.A. (Austevoll Seafood)

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support