Global Fish Meal Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

Recent Developments

• In August 2023, Kufos, short for Kerala University of Fisheries and Ocean Studies, introduced an experimental project for producing fish meal from organic waste. The project aims to produce the protein used for fish feed production by utilizing black soldier fly larvae.
• In July 2023, Kufos tied up with Meridian Biotech to address important environmental issues.

The global fish meal market is poised for steady growth and diversification from 2024 to 2030, driven by several factors influencing various segments within the market. In terms of applications, fish meal continues to be a crucial ingredient in animal feed formulations due to its high protein content, essential amino acids, and omega-3 fatty acids, which contribute to improved animal health, growth, and feed efficiency. Additionally, the growing awareness of the nutritional benefits of fish meal has led to its expanded use in dietary supplements, especially for omega-3 supplementation, and in pharmaceuticals for animal health products and supplements targeting specific health conditions. The market also sees growth potential in the fertilizers segment, as fish meal-based fertilizers are recognized for enhancing soil fertility and crop yields in organic and sustainable agriculture practices.

On the sourcing side, different fish species contribute to the diverse range of fish meals available in the market. Salmon, trout, marine fish, crustaceans, and tilapia are prominent sources of fish meal, each offering unique nutritional attributes and functional properties suitable for various applications across industries. Additionally, innovative utilization of by-products from seafood processing operations and aquaculture residues further adds to the market's diversity and sustainability efforts.

Collaborations, technological advancements in processing methods, and regulatory initiatives focused on sustainability and quality assurance are expected to drive market growth and competitiveness. The market's expansion into diverse applications beyond traditional animal feeds and the utilization of a wide range of fish sources underscore the industry's adaptability to changing consumer preferences, market dynamics, and sustainability goals, positioning the global fish meal market for continued resilience and development in the forecast period.

Global Fish Meal Segment Analysis

In this report, the Global Fish Meal Market has been segmented by Application, Source and Geography.

Global Fish Meal Market, Segmentation by Application

The Global Fish Meal Market has been segmented by Application into Animal Feed, Dietary Supplements, Pharmaceutical and Fertilizers.

Animal Feed remains the largest and most prominent segment in the fish meal market. The high protein content, essential amino acids profile, and omega-3 fatty acids make fish meal an essential ingredient in animal feeds for livestock, poultry, and aquaculture species. It enhances animal growth rates, improves feed efficiency, and contributes to overall animal health, making it indispensable for maintaining productivity and quality in the livestock and aquaculture industries.

Dietary Supplements have witnessed growing demand in recent years due to increased consumer awareness about the health benefits of omega-3 fatty acids and proteins derived from fish meal. Omega-3 supplementation is linked to various health benefits, including cardiovascular health, brain function, and inflammation reduction. Fish meal-based dietary supplements provide a natural and bioavailable source of these essential nutrients, appealing to health-conscious consumers seeking nutritional supplements derived from sustainable sources.

Pharmaceuticals represent a niche yet growing segment in the fish meal market. Fish meal's bioactive compounds, vitamins, and minerals are utilized in pharmaceutical formulations, particularly in animal health products and supplements targeting specific health conditions. The pharmaceutical segment benefits from ongoing research on fish-derived bioactive peptides, functional ingredients, and their potential therapeutic applications in veterinary medicine and animal nutrition.

Fertilizers are an emerging application segment for fish meal, driven by the growing demand for organic and sustainable agriculture practices. Fish meal-based fertilizers provide a nutrient-rich source of nitrogen, phosphorus, potassium, and micronutrients essential for plant growth, soil fertility, and crop yields. These fertilizers are favored by organic farmers and environmentally conscious agriculture practices, contributing to soil health and sustainable crop production.

Global Fish Meal Market, Segmentation by Source

The Global Fish Meal Market has been segmented by Source into Salmon & Trout, Marine Fish, Crustaceans, Tilapia and Others.

Salmon & Trout are significant contributors to the fish meal market, providing high-quality protein and lipid content. Processing residues from salmon and trout fisheries and aquaculture operations are utilized to extract valuable nutrients, including essential amino acids and omega-3 fatty acids, which are essential components of fish meal. These nutrients make salmon and trout-derived fish meal highly desirable for animal feed, aquaculture feeds, and pet food formulations, driving demand in the market.

Marine Fish encompass a wide range of species harvested from marine environments, contributing to the diversity of fish meal sources. These species may include herring, mackerel, sardines, and anchovies, among others. Marine fish-derived fish meals are valued for their balanced amino acid profiles, digestibility, and nutritional benefits, making them suitable for various animal nutrition applications, especially in aquaculture diets and specialty feeds.

Crustaceans, such as shrimp and crab, also play a significant role in fish meal production. By-products and processing waste from crustacean fisheries and aquaculture activities are utilized to produce crustacean-based fish meals. These meals offer unique nutritional attributes and functional properties, contributing to their use in aquafeeds, pet foods, and specialty animal feeds.

Global Fish Meal Market, Segmentation by Geography

In this report, the Global Fish Meal Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Fish Meal Market Share (%), by Geographical Region, 2023

North America and Europe are major markets for fish meal, driven primarily by their well-established aquaculture industries and the consistent demand for high-quality animal feeds across various livestock and aquaculture sectors. These regions boast advanced processing technologies and stringent quality standards, ensuring the production of premium-grade fish meal sought after globally. Additionally, the pet food industry in these regions utilizes fish meal extensively, further bolstering market demand. Asia Pacific emerges as a rapidly growing market for fish meal, propelled by the exponential growth of the aquaculture industry in countries such as China, India, Vietnam, and Indonesia. These nations are key players in aquaculture production, particularly for species like carp, tilapia, and shrimp, leading to a substantial increase in the demand for protein-rich aquafeeds containing fish meal. Rising consumer awareness about the nutritional benefits of fish meal in animal diets also contributes to market expansion in the region. The Middle East and Africa (MEA) region show promising growth potential in fish meal consumption, driven by the increasing adoption of protein-rich feeds in aquaculture and livestock farming. Countries like Egypt, South Africa, and Saudi Arabia are witnessing a rise in fish meal utilization due to the growing focus on animal nutrition and productivity enhancement strategies. The region's favorable climatic conditions for aquaculture and ongoing investments in the agricultural sector further support market growth.

This report provides an in depth analysis of various factors that impact the dynamics of Global Fish Meal Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers:

• Growth in Aquaculture Industry
• Rising Demand for Animal Protein
• Nutritional Superiority

• Increasing Pet Food Industry - The rapid expansion of the pet food industry, driven by the increasing number of pet owners globally and the prevailing trend of humanization in pet care, represents a significant opportunity for the utilization of fish meal in premium pet food formulations. As more consumers view their pets as integral members of their families, they seek high-quality and nutritious diets similar to those they would choose for themselves. Fish meal, known for its rich protein content, essential amino acids, omega-3 fatty acids, vitamins, and minerals, aligns perfectly with the nutritional requirements for pets' health and wellness. The pet food sector's growth is evident across various segments, including dogs, cats, birds, and small mammals, with a notable shift towards premium and specialized pet food products. Premium pet foods often emphasize natural ingredients, balanced nutrition, and functional benefits, all of which can be enhanced by incorporating fish meal as a key ingredient. Fish meal's nutritional superiority and bioavailability make it an ideal choice for formulating pet foods that promote healthy skin and coat, joint health, cognitive function, and overall vitality in pets.
  
  The positive association of fish-based ingredients with brain health and shiny coat appearance resonates well with pet owners seeking optimal well-being for their furry companions. This drives demand for pet foods containing fish meal, especially in the premium and specialty pet food segments where consumers are willing to invest in higher quality and nutritionally rich diets for their pets. As the pet humanization trend continues to influence purchasing decisions, pet owners are more inclined to choose pet foods with recognizable, natural ingredients that offer health benefits. Fish meal's inclusion in pet food formulations not only meets these expectations but also aligns with sustainability and responsible sourcing preferences, further enhancing its appeal in the pet food market. Therefore, leveraging the opportunities presented by the growing pet food industry through innovative fish meal-based formulations can drive market growth, customer satisfaction, and brand differentiation in the dynamic and competitive pet care market landscape.

Restraints:

• Sustainability Concerns
• Alternative Protein Sources

• Price Volatility - Price volatility is a significant challenge faced by the fish meal market, influenced by various factors such as fluctuations in fish stocks, weather conditions impacting fishing activities, and shifts in market demand dynamics. These interconnected factors contribute to uncertainties in pricing, impacting both production costs for fish meal manufacturers and economic considerations for end-users across industries. Fluctuations in fish stocks, driven by natural variability and fishing pressures, directly influence the availability of raw materials for fish meal production. Overfishing, changes in marine ecosystems, and regulatory measures affecting fishing quotas can lead to supply shortages or surpluses, thereby impacting market prices. Additionally, the seasonal variability in fish migrations and spawning patterns further accentuates supply fluctuations, contributing to price instability in the market. Weather conditions play a crucial role in fishing activities and fish catch volumes. Events such as storms, El Niño/La Niña phenomena, and oceanic currents affect fishing fleets' operations, fishing yields, and overall catch quality. Unpredictable weather patterns can disrupt fishing schedules, limit fishing grounds accessibility, and impact fishery productivity, thereby influencing fish meal supply chains and pricing dynamics. Market demand dynamics, influenced by factors such as global economic conditions, dietary trends, and livestock production cycles, also contribute to price volatility in the fish meal market. Fluctuations in demand from key industries such as aquaculture, livestock feed, pet food, and dietary supplements can lead to sudden shifts in market prices based on supply-demand imbalances.
  
  The impact of price volatility extends beyond fish meal manufacturers to end-users such as aquaculture farms, livestock producers, and pet food manufacturers. Rapid price changes in fish meal directly affect production costs, formulation strategies, and profit margins for these industries. Price-sensitive markets may experience challenges in managing input costs, leading to adjustments in feed formulations, production planning, and overall operational strategies to mitigate cost impacts. Addressing price volatility requires collaborative efforts across the fish meal supply chain, including sustainable fisheries management practices to ensure consistent fish stocks, advanced forecasting tools to anticipate market trends, and strategic partnerships to manage supply chain risks effectively. Market diversification, alternative protein sourcing strategies, and risk management frameworks also play vital roles in navigating price fluctuations and maintaining market stability in the dynamic fish meal industry landscape.

Opportunities:

• Technology Advancements
• Expansion in Emerging Markets
• Product Diversification

• Sustainability Initiatives - Sustainability initiatives play a crucial role in shaping the future of the global fish meal market by addressing environmental concerns, ensuring responsible resource utilization, and meeting the growing demand for ethically sourced and sustainable products. Proactive adoption of sustainable fishing practices is essential to mitigate overfishing risks and preserve fish stocks for future generations. This includes implementing fishing quotas, seasonal closures, and selective fishing methods to reduce bycatch and minimize environmental impact on marine ecosystems. Responsible sourcing practices focus on traceability and transparency throughout the fish meal supply chain.
  
  By promoting responsible sourcing, stakeholders can track the origin of raw materials, ensure legal compliance, and verify sustainable fishing practices. Certifications such as Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) provide credibility to sustainably sourced fish meal products, enhancing consumer trust and market access globally. Eco-certifications, including eco-labels and sustainability certifications, signify adherence to environmental standards and ethical practices in fish meal production. These certifications validate sustainable sourcing, responsible processing methods, and social responsibility criteria, reinforcing the industry's commitment to environmental stewardship and ethical business practices. Collaborative efforts along the fish meal supply chain, involving fishers, processors, manufacturers, and retailers, are pivotal in promoting sustainability initiatives, sharing best practices, and driving continuous improvement across the industry.

Key players in Global Fish Meal Market include:

• Triplenine Group A/S
• Pesquera Diamante S.A.
• Ff Skagen A/S
• Biomega AS
• Sarma Fish S.A.R.L
• Aker BioMarine Antarctic AS
• Omega Protein Corporation
• Calysta, Inc.
• Novus International Inc.
• Alpha Atlantique
• Oceana Group Limited S.A.
• Empresas Copec S.A.

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis