Fishmeal Market Size, Trends and Growth Analysis by 2027

The fishmeal market was valued at approximately US$ 8,153.6 million in 2020 and is anticipated to grow to US$ 15,264.6 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.

Fishmeal is derived from fish by-products generated during the food processing and filleting sectors. It serves primarily as a high-protein ingredient, containing between 60% and 72% protein, utilized in the feed for farmed animals and aquaculture species. The demand for fishmeal currently surpasses its supply, prompting significant alterations in the composition of fishmeal used in animal feed. The market has experienced growth over the historical period, largely due to the expansion of aquaculture driven by the increasing demand for seafood and the reliance of developing nations on aquaculture to address food shortages. Additionally, fishmeal is recognized for its sustainability, as it is produced from waste materials of other industries, making it a component of various environmental conservation initiatives. Consequently, the market is benefiting from sustainable practices, including organic farming.

The global fishmeal market is categorized by source into several segments: salmon, mackerel, anchovy, capelin, and others. In 2020, the anchovy segment dominated the market share. Anchovies are rich in DHA and EPA polyunsaturated fatty acids. While they are consumed as whole fish, a significant portion is processed into fish capsules or fishmeal. The limited human consumption of anchovies has led to their increased use in animal feed. Furthermore, due to their delicate nature, anchovies are challenging to transport and have restricted storage capabilities. Fishmeal derived from anchovies provides essential nutrition for carnivorous fish that cannot thrive on plant-based diets. Their high content of essential amino acids aligns well with feed requirements, thus propelling the growth of the anchovy segment in the market.

Regionally, the fishmeal market is divided into North America, Europe, Asia Pacific, South and Central America, and Middle East & Africa. In 2020, the Asia-Pacific region held the largest market share. This region includes rapidly industrializing and urbanizing economies such as India, China, Japan, South Korea, and Australia, which present significant opportunities for key players in the fishmeal sector. The increasing demand for fishmeal in aquaculture is expected to further drive market growth in this region in the coming years. Notably, China represents the largest share of the global fishmeal market, attributed to its leading position in aquaculture production worldwide. The growth of seafood processing industries in both India and China is also contributing to the rising demand for fishmeal. Additionally, the adoption of specialty organic farming techniques is increasingly incorporating fishmeal as an organic fertilizer. Therefore, the anticipated growth in seafood processing, aquaculture, and organic farming is expected to enhance the fishmeal market in the Asia-Pacific region during the forecast period.

The COVID-19 pandemic has adversely affected the fisheries sector, causing disruptions in supply chains. A decline in seafood demand has led to reduced fish production, which in turn has negatively impacted the availability of fish by-products, particularly fishmeal. However, with the global rollout of vaccination programs, economies are beginning to recover, and industries are experiencing a resurgence in product demand. Various governments are implementing measures to mitigate the losses faced by the fisheries sector due to the pandemic. As a result, the fishmeal market is projected to experience a growth trend in the forthcoming years.

Key players in the global fishmeal market include TripleNine, The Scoular Company, FF SKAGEN A/S, Pelagia AS, Soytex LTD, Pesquera Diamante S.A., TASA, Oceana Group Limited, Omega Protein Corporation, and COPEINCA, among others.

The overall size of the global fishmeal market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global fishmeal market.