Fishmeal Global Market Report 2024

Fishmeal used as animal feed, aquafeed, livestock feed supplement, and fertilizer is valued for its high protein concentration, as well as its content of vitamins and minerals. This coarsely ground powder is primarily derived from small leftover pelagic or oceanic fish, including bones and organ flesh, which are pulverized into a meal. The resulting fishmeal is obtained in cake or powder form through the drying and milling of raw or trimmed fish.

The primary types of livestock benefiting from fishmeal include ruminants, poultry, swine, aquatic animals, and other livestock. Fishmeal is also utilized as fertilizer in various settings, such as vegetable gardens, flowerbeds, outdoor plants, trees, and shrubs. Fishmeal-based fertilizers are rich in nutrition, amino acids, and vitamins, serving as an excellent source of nitrogen and phosphorus to enhance root and leaf growth and improve soil structure. Different sources of fishmeal include salmon and trout, marine fish, carp, crustaceans, tilapia, and others, and these sources find applications in fertilizers, animal feed, and various other industries.

The fishmeal market research report is one of a series of new reports that provides Fishmeal market statistics, including fishmeal industry global market size, regional shares, competitors with fishmeal market share, detailed Fishmeal market segments, market trends, and opportunities, and any further data you may need to thrive in the fishmeal industry. This fishmeal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fishmeal market size has grown strongly in recent years. It will grow from $8.36 billion in 2023 to $8.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to several factors, including increased global demand for aquaculture and animal feed, growth in the livestock and poultry industries, a rise in awareness of the nutritional benefits of fishmeal, expansion of commercial fishing and processing activities, the need for high-protein and nutrient-rich animal feeds, and the demand for fishmeal in pet food and specialty feed industries. These factors collectively contributed to the growth experienced during the historic period.

The fishmeal market size is expected to see strong growth in the next few years. It will grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption of fishmeal as a source of omega-3 fatty acids in functional foods, a heightened emphasis on sustainable and responsible fishing practices, ongoing research and development in alternative protein sources for animal feed, the increasing need for nutrient-dense feeds in animal husbandry and farming, the expansion of fishmeal applications in the nutraceutical and pharmaceutical industries, and the growing demand for organic and non-GMO certified fishmeal products. Major trends expected in the forecast period encompass advanced processing technologies, a specific focus on omega-3 fatty acids, fortification of animal feeds, innovations in fishmeal quality assurance, and the incorporation of bioactive compounds and functional additives.

The anticipated growth of the aquaculture industry is set to drive the fishmeal market in the foreseeable future. Aquaculture involves the cultivation of fish, shellfish, and aquatic plants in various water environments. This practice serves multiple purposes, including providing food, replenishing endangered species, restocking natural fish populations, and restoring habitats for water-based species. Due to the surging demand for seafood and the decline in annual catches of wild fish, the aquaculture sector is expected to expand, subsequently increasing the demand for the fishmeal market. As reported by the Food and Agriculture Organization of the United Nations in 2022, global production of fisheries and aquaculture reached 214 million tons in 2020, with a total value of approximately USD 424 billion. The aquaculture production in the same year included 87.5 million tons of aquatic animals primarily for human consumption and 35.1 million tons of seaweed and other algae for both food and non-food applications. Consequently, the growth of the aquaculture industry emerges as a significant driver for the fishmeal market.

The rising consumption of dairy products is another factor expected to propel the fishmeal market. Dairy encompasses products derived from milk, such as cheese, yogurt, butter, and cream. Fishmeal, a nutrient-rich ingredient sourced from fish, is commonly utilized to enhance the protein content in animal feeds, including those for dairy animals. In 2022, the International Dairy Foods Association reported a notable increase in per capita dairy consumption in the USA, with a rise of 12.4 pounds compared to the previous year. The average American consumed 667 pounds of dairy on a milkfat basis in 2021. Consequently, the heightened consumption of dairy products is contributing to the demand for the fishmeal market.

A noteworthy trend in the global fishmeal market is the growing popularity of innovative fishmeal products. Major companies in the fishmeal sector are introducing new and nutrition-rich products to meet the rising demand for novel fishmeal options for animal feed. For example, in July 2022, Interpet, a UK-based company specializing in fish-keeping and aquarium care, launched Blagdon Fit & Wild Pond Sticks. This new recipe food for pond fish, under the Blagdon brand, is crafted from insects and small crustaceans, eliminating fishmeal. The protein sources include mealworm meal, daphnia, bloodworms, and black soldier fly larvae, closely resembling what fish would consume in the wild. The product is designed to offer fish a more natural and nutritious diet, promoting their fitness and overall health.

Major companies in the fishmeal market are focusing on the development of stress-combating fishmeal, exemplified by products such as Pro-Allo, which is designed to address environmental stress in fish. In 2023, Pelagia, a Norway-based producer of pelagic fish products, introduced Pro-Allo, a groundbreaking fishmeal specifically formulated to support allostasis in fish, aiding them in coping with environmental stressors. Pro-Allo aims to contribute to the development of significantly healthier and larger fish by fostering allostasis, a crucial biological process that enables fish to counteract stress induced by environmental changes or handling. Notably, Pro-Allo stands out for its enriched content of water-soluble components, comprising small proteins, free amino acids, and peptides.

In a strategic move in June 2022, Koppernaes Protein AS, a Norway-based marine and infrastructure business company, acquired TripleNine Group for an undisclosed amount. This acquisition aligns with Koppernaes Protein AS's long-term strategy to provide sustainable food options to consumers and actively develop this business sector in the coming years. TripleNine Group, based in Denmark, is a prominent feed ingredient manufacturer specializing in fish protein and oils, making it a valuable addition to Koppernaes Protein AS's portfolio.

Major companies operating in the fishmeal market include Aker Biomarine Antarctic AS, Alpha Atlantique, Animalfeeds International Corporation, Austevoll Seafood ASA, Biomega AS, Oceana Group Limited, Omega Protein Corporation, Pioneer Fishing (Pty) Ltd., Sarma Fish S.A.R.L, Pesquera Diamante S.A., Pesquera Exalmar S.A.A, Pesquera Hayduk SA, FF Skagen A/S, Pelagia AS, Orizon SA, Sardina D.O.O, Austral Group S.A.A, Corporacion Pesquera Inca S.A.C. Copeinca S.A.C., FMC Corporation, Croda International PLC, TASA Pvt. Ltd., Corpesca SA, Colpex International S.A., Triplenine Group A/S, Pescanova SA, Pilmifresh S.A.

Asia-Pacific was the largest region in the fishmeal market in 2023. The regions covered in the fishmeal market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the fishmeal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The fishmeal market consists of sales of pout, sand eel, sprat, sardine, pilchard, sauries, mackerels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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