Market Overview

The Fish Meal and Fish Oil Market plays a crucial role in the global feed and nutrition industry, providing essential nutrients for livestock, aquaculture, and even human consumption. Fish meal is a high-protein feed ingredient made from the bones and offal of fish, while fish oil is rich in omega-3 fatty acids, widely used in aquafeed, pharmaceuticals, and dietary supplements.

Over the past decade, this market has grown significantly due to the expansion of aquaculture, rising awareness of nutritional health, and the increased demand for omega-3 enriched products. With growing sustainability concerns, however, the industry is now transitioning toward regulated harvesting practices, alternative sources, and advanced processing technologies to minimize environmental impact and meet global demand efficiently.

Meaning

Fish meal is a powdered substance made from whole fish, fish trimmings, or by-products after removing fish oil. It is widely used as a protein supplement in feeds for farm animals, especially poultry, pigs, and aquaculture species.

Fish oil is extracted from the tissues of oily fish and is a rich source of omega-3 fatty acids, primarily EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). It is commonly used in:

• Aquafeed to promote fish health and growth

• Animal feed supplements

• Dietary supplements for human consumption

• Pharmaceuticals for heart and cognitive health

These products are mainly derived from species such as anchovies, sardines, menhaden, and mackerel, with Peru, Chile, Norway, and China being key producers.

Executive Summary

The global Fish Meal and Fish Oil Market was valued at approximately USD 12.4 billion in 2024 and is projected to grow at a CAGR of 5.7% between 2025 and 2030. The increasing demand from aquaculture, pet food, pharmaceuticals, and dietary supplement industries is fueling growth.

Fish meal is particularly in demand in aquafeed, as the industry continues to expand in response to growing seafood consumption. Fish oil, on the other hand, has seen a surge in human health applications due to the rising awareness of omega-3’s role in heart, brain, and immune health.

Sustainability remains a core focus, with fishery certifications, recycling practices, and algae-based alternatives gaining traction. Key companies are investing in responsible sourcing, technology upgrades, and value-added product development to meet future demand responsibly.

Key Market Insights

• Aquaculture is the dominant consumer, accounting for over 65% of global fish meal and fish oil demand.

• Omega-3 supplements drive fish oil usage in the pharmaceutical and nutraceutical sectors.

• Latin America, particularly Peru and Chile, remains a major production hub, supplying over 30% of the global fish meal and fish oil.

• Sustainability certifications such as IFFO RS (Responsible Supply) are influencing purchasing decisions globally.

• Price volatility is a challenge, driven by raw material availability, weather patterns (e.g., El Niño), and fishing quotas.

Market Drivers

1. Expansion of Aquaculture Industry: Rising seafood demand has made aquaculture the fastest-growing animal food sector, requiring nutrient-rich feeds with fish meal and fish oil as key components.

2. Increasing Awareness of Omega-3 Benefits: Fish oil is gaining popularity in human diets and supplements due to its well-documented health benefits for cardiovascular, brain, and immune health.

3. Growing Demand for High-Protein Animal Feed: Livestock and poultry farmers prefer fish meal for its high protein content and amino acid profile.

4. Rising Pet Ownership and Premium Pet Foods: Fish meal and oil are used in high-end pet foods for dogs and cats, reflecting consumer preference for nutritious, omega-rich products.

5. Health and Wellness Trends: Increasing lifestyle-related diseases are driving demand for fish oil in nutraceuticals and pharmaceuticals.

Market Restraints

1. Sustainability Concerns and Overfishing: Unsustainable fishing practices have led to tighter quotas and regulations, limiting raw material supply.

2. Price Volatility and Seasonal Supply Fluctuations: Environmental events like El Niño can disrupt supply chains and cause price surges.

3. Availability of Alternatives: Soybean meal, rapeseed meal, and algae-based omega-3 oils are emerging as sustainable alternatives, potentially reducing reliance on fish-based products.

4. High Processing Costs: Advanced refining and deodorization processes for pharmaceutical-grade fish oil increase production costs.

5. Stringent Regulatory Framework: International regulations on marine conservation and food safety add complexity to operations and market entry.

Market Opportunities

1. Algae-Based Omega-3 Products: Sustainable and vegan-friendly, algae-based omega-3 oils present a growing market opportunity.

2. Value-Added Products and Functional Ingredients: Fortified fish oils and specialized fish meal blends are gaining interest in niche markets like infant nutrition and senior health.

3. Geographic Expansion into Emerging Markets: Rapid aquaculture development in Asia-Pacific and Africa offers new demand avenues.

4. Waste-to-Protein Technologies: Using fish processing waste to create high-quality fish meal reduces environmental footprint and cost.

5. Digitalization and Smart Fishing Practices: Adoption of digital tools in fisheries management can enhance sustainability and predictability of raw material supply.

Market Dynamics

Supply Side:

• Major Producers: Peru, Chile, Denmark, Iceland, and China lead global production.

• Processing Methods: Include wet pressing, solvent extraction, and enzymatic hydrolysis for improved nutrient retention.

• Sustainability Certifications: Demand for IFFO RS, MSC, and ASC certifications is rising.

Demand Side:

• Aquafeed and Livestock Feed: Primary applications, with aquaculture being the most significant.

• Human Health and Pharmaceuticals: Demand for purified and concentrated fish oil is increasing.

• Pet Nutrition: Fish oil and meal are key ingredients in high-end and specialized pet foods.

Economic Factors:

• Global Fish Supply Trends: Impacted by climate patterns and fishing quotas.

• Price Elasticity: Fish meal and fish oil are commodity-driven with significant fluctuations.

• Subsidies and Trade Policies: Affect exports and imports, especially in Asia and South America.

Regional Analysis

1. Latin America (Peru & Chile):

   • Largest production hubs globally.

   • Government-regulated fisheries with export-driven business models.

   • Key supplier to Europe, China, and the U.S.

2. Asia-Pacific:

   • Largest consumer region, driven by China’s massive aquaculture industry.

   • India, Vietnam, and Thailand are emerging consumption and production hubs.

3. Europe:

   • Significant demand from salmon farming in Norway and Scotland.

   • Strong focus on sustainability and traceability.

4. North America:

   • Demand driven by dietary supplements and pet food.

   • U.S. and Canada produce limited volumes (e.g., menhaden oil), with heavy reliance on imports.

5. Middle East & Africa:

   • Growing aquaculture activities in Egypt, Nigeria, and the Gulf region.

   • Reliance on imports for feed-grade fish meal and fish oil.

Competitive Landscape

The global fish meal and fish oil market is moderately consolidated, with a mix of large-scale producers and regional players. Key companies include:

• Oceana Group Limited (South Africa)

• FF Skagen A/S (Denmark)

• COPEINCA (Peru)

• TASA (Tecnológica de Alimentos S.A.) – Peru

• TripleNine Group (Denmark)

• Pesquera Diamante (Peru)

• Rongcheng Blue Ocean Marine Bio (China)

• Aker BioMarine (Norway) – Specializing in krill oil, a fish oil alternative

These companies focus on production capacity, sustainability certification, supply chain integration, and innovation in processing technologies to stay competitive.

Segmentation

By Type:

• Fish Meal

• Fish Oil

By Source:

• Anchovy

• Sardine

• Mackerel

• Menhaden

• Others (e.g., herring, krill)

By Application:

• Aquaculture Feed

• Livestock Feed (Poultry, Swine, Cattle)

• Pet Food

• Pharmaceuticals

• Nutraceuticals & Supplements

By Region:

• Latin America

• Asia-Pacific

• Europe

• North America

• Middle East & Africa

Category-wise Insights

• Aquaculture Feed: Dominant application; fish meal and oil are essential in salmon, shrimp, and trout farming.

• Pharmaceutical-Grade Fish Oil: High-purity DHA and EPA oils are in demand for heart health and cognitive supplements.

• Pet Nutrition: Fish-based products are marketed for skin, coat, and joint health in dogs and cats.

• Organic Fertilizers: A small but growing niche where fish meal is used in high-nutrient composts.

Key Benefits for Industry Participants and Stakeholders

1. High-Value, Diverse Applications: Fish meal and oil serve a wide range of profitable industries.

2. Export Potential: Producers can tap into global markets, especially Asia and Europe.

3. Sustainability Differentiation: Certified operations can command premium pricing.

4. Research-Driven Innovation: Opportunities in developing functional foods and omega-3 concentrates.

5. Growing Health Awareness: Rising consumer focus on wellness supports long-term fish oil demand.

SWOT Analysis

Strengths:

• Essential role in global food and health sectors

• Wide application across animal and human nutrition

• Established global supply chains and infrastructure

Weaknesses:

• Environmental concerns and dependence on wild-caught fish

• Volatile pricing linked to seasonal availability

• Limited consumer knowledge of sustainability standards

Opportunities:

• Innovation in algae-based alternatives and waste reuse

• Growth of functional foods and wellness markets

• Expansion into emerging aquaculture regions

Threats:

• Overfishing and climate impact on fish populations

• Regulatory tightening around marine conservation

• Growing competition from plant-based and synthetic alternatives

Market Key Trends

1. Sustainability and Traceability Focus: End users demand certified products with transparent sourcing.

2. Algae and Krill Oil Gaining Ground: Non-fish alternatives expanding omega-3 supply.

3. Functional Food Growth: Omega-3 fortified dairy, beverages, and infant formulas are becoming popular.

4. Automation in Fish Processing: Enhances yield, consistency, and safety in fish meal/oil production.

5. Personalized Nutrition: Fish oil used in custom supplement plans for heart, prenatal, and senior health.

Key Industry Developments

1. TASA’s Investments in Sustainable Fisheries: Peru-based TASA implements AI and satellite tracking for sustainable anchovy harvesting.

2. IFFO RS Certification Expansion: More plants achieving certification to meet export requirements.

3. Rise of Omega-3 Pharmaceutical APIs: Growth in EPA/DHA-based drugs for chronic inflammation and mental health.

4. Technology in Oil Refining: Use of molecular distillation to create ultra-pure fish oils.

5. Krill Oil Innovation: New delivery formats (gummies, emulsions) entering global health markets.

Analyst Suggestions

1. Diversify Raw Material Sources: Explore by-product utilization and underused species to reduce ecological pressure.

2. Invest in Sustainable Certification: Improve traceability and command higher premiums.

3. Capitalize on Omega-3 Trend: Develop advanced delivery formats and targeted nutrition products.

4. Support R&D in Alternatives: Hedge risk by investing in algae or microbial omega-3 production.

5. Strengthen Supply Chain Resilience: Mitigate risks from weather and political instability by diversifying suppliers.

Future Outlook

The global Fish Meal and Fish Oil Market is expected to surpass USD 18.7 billion by 2030, driven by the twin forces of aquaculture growth and rising omega-3 consumption across the world. As demand continues to rise, the focus will increasingly shift toward sustainable sourcing, innovation in processing, and expansion into high-value applications.

Digital transformation, sustainability practices, and breakthroughs in alternative feed and omega-3 production will shape the next phase of growth. Industry players that adapt to changing consumer expectations, regulatory frameworks, and environmental challenges will lead the way in this evolving market.

Conclusion

The Fish Meal and Fish Oil Market sits at the crossroads of food security, health, and sustainability. With its applications in aquaculture, livestock nutrition, and human health, the market holds strong long-term growth potential. However, balancing demand with responsible resource management will be critical to maintaining the ecological and economic viability of this industry.

Companies that lead with innovation, transparency, and sustainability will not only meet market expectations but also play a vital role in nourishing a growing global population.