The Fishmeal and Fish Oil Market size was estimated at USD 8.5 billion in 2023 and is projected to reach USD 18 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2024-2030).

Fishmeal and Fish Oil Market

Market Summary

The fishmeal and fish oil market is a vital component of the global food and beverages industry, primarily serving as key ingredients in aquaculture feed, animal nutrition, and dietary supplements. Derived from small, oily fish species like anchovies, sardines, and mackerel, these products are rich in proteins, omega-3 fatty acids, and essential nutrients. The market is characterized by a well-established supply chain involving fishing, processing, and distribution, with significant production concentrated in regions abundant in pelagic fish stocks. Growing consumer awareness regarding the health benefits of omega-3s and the rising demand for high-quality animal protein are fundamental to market dynamics. Sustainability concerns and fluctuating raw material availability due to climatic events like El Ni?o also play a critical role in shaping production volumes and pricing. The industry is increasingly focusing on certifications and traceability to meet regulatory standards and consumer expectations for environmentally responsible sourcing.

Key Highlights

The fishmeal and fish oil market is distinguished by its critical role in supporting global aquaculture, which is the fastest-growing animal food production sector. Key highlights include the high nutritional profile of these products, making them indispensable for promoting healthy growth in farmed fish, livestock, and pets. Innovations in processing technologies have enhanced the quality and yield of outputs, allowing for better nutrient retention. The market is also witnessing a trend towards the use of by-products and trimmings from fish processing, contributing to waste reduction and improved sustainability. Major producing countries such as Peru, Chile, and Norway dominate supply, while Asia-Pacific, led by China, is the largest consumer due to its expansive aquaculture industry. Volatility in raw material catch, driven by environmental factors and fishing quotas, remains a persistent challenge, influencing global prices and supply consistency.

Drivers, Opportunities & Restraints

Several drivers propel the fishmeal and fish oil market, including the escalating demand for aquaculture products as a source of animal protein, driven by population growth and rising disposable incomes. The recognized health benefits of omega-3 fatty acids in human nutrition, particularly for cardiovascular and cognitive health, further stimulate consumption in dietary supplements and functional foods. Opportunities abound in the development of alternative sources, such as algae-based omega-3s, which can alleviate pressure on marine resources and cater to vegetarian preferences. Additionally, advancements in feed formulations that optimize the use of fishmeal and oil present avenues for efficiency gains. However, the market faces restraints like stringent environmental regulations governing fishing practices to prevent overexploitation, which can limit raw material availability. Price volatility and competition from plant-based proteins also pose significant challenges to market stability and growth.

Concentration Insights

The fishmeal and fish oil market exhibits a high degree of concentration in terms of production and supply, with a few key players and regions dominating the landscape. Companies such as FF Skagen, TripleNine Group, and Pesquera Diamante are prominent producers with extensive operations in prime fishing areas. Geographically, South America, particularly Peru and Chile, accounts for a substantial share of global production due to their rich anchoveta fisheries. Scandinavia, with Norway and Denmark, is another significant hub, leveraging advanced processing technologies. This concentration means that production levels in these regions heavily influence global availability and pricing. Market leaders are increasingly investing in sustainable practices and certifications to enhance their competitive edge and meet the growing demand for responsibly sourced products. Consolidation activities, including mergers and acquisitions, are common as companies strive to secure raw material access and expand their market reach.

Type Insights

In the fishmeal and fish oil market, products are categorized based on source and quality. Fishmeal is primarily classified into grades such as premium, standard, and feed grade, depending on protein content and purity, with premium grades containing over 60% protein used mainly in aquaculture feeds. Fish oil is differentiated by its refining level and omega-3 concentration, with categories including crude oil, refined oil, and concentrated omega-3 oils. The source species also influence type; for instance, oil from anchovies and sardines is rich in EPA and DHA fatty acids, making it highly valued. There is a growing segment of fishmeal and oil derived from fish trimmings and by-products, which supports sustainability efforts. Specialty products, such as organic or non-GMO certified variants, are emerging to cater to niche markets demanding higher quality and ethical standards.

Application Insights

Fishmeal and fish oil find extensive applications across multiple industries, with aquaculture being the largest consumer, utilizing these products as essential ingredients in feed for species like salmon, trout, and shrimp to ensure optimal growth and health. The animal nutrition sector employs fishmeal in feeds for poultry, swine, and pets due to its high protein digestibility and amino acid profile. In the human consumption segment, fish oil is widely used in dietary supplements and pharmaceuticals for its omega-3 benefits, addressing conditions like heart disease and inflammation. Functional foods and beverages fortified with fish oil are gaining popularity among health-conscious consumers. Industrial applications include use in lubricants, cosmetics, and even biofuels, though these represent smaller market segments. The versatility of these products underscores their importance across diverse sectors.

Regional Insights

Regionally, the fishmeal and fish oil market is influenced by geographic factors affecting production and consumption patterns. South America, led by Peru and Chile, is the foremost production region due to abundant pelagic fish stocks, particularly anchoveta, and favorable fishing conditions. Europe, with key players in Norway, Denmark, and Iceland, is a major producer and consumer, driven by a robust aquaculture industry and high demand for omega-3 supplements. The Asia-Pacific region, especially China, Thailand, and Japan, is the largest consumer, fueled by extensive aquaculture activities and growing health awareness. North America shows steady demand, primarily for animal feed and supplements, with significant imports from South America. Africa and the Middle East have smaller but emerging markets, with potential growth tied to developing aquaculture sectors and increasing health product adoption.

Company Insights

The competitive landscape of the fishmeal and fish oil market features several established companies and cooperatives that leverage strategic locations and advanced technologies. Major players include FF Skagen A/S, a Danish company known for high-quality fishmeal and oil production; TripleNine Group, which operates processing plants across Europe and South America; and Pesquera Diamante S.A., a Peruvian leader in anchovy processing. Other significant participants are Croda International Plc, focusing on omega-3 ingredients for human nutrition, and Oceana Group Limited, with operations in South Africa. These companies emphasize sustainable sourcing, often adhering to certifications like IFFO RS, and invest in R&D to improve product quality and application efficiency. Strategic partnerships and vertical integration are common tactics to secure raw material supply and enhance market presence amidst fluctuating fish stocks and regulatory pressures.

Recent Developments

Recent developments in the fishmeal and fish oil market reflect a strong industry focus on sustainability and innovation. Companies are increasingly adopting responsible sourcing practices, with many obtaining certifications like MarinTrust and ASC to meet consumer and regulatory demands. Technological advancements in processing, such as enzymatic hydrolysis and low-temperature drying, are being implemented to improve product quality and yield while reducing environmental impact. There is a growing trend towards utilizing fish by-products and trimmings, aligning with circular economy principles. Market players are also exploring alternative omega-3 sources, including algae and genetically modified crops, to diversify supply and address sustainability concerns. Collaborations between industry participants and research institutions are fostering developments in feed formulations that reduce reliance on fishmeal without compromising nutritional value, supporting long-term market resilience.

Report Segmentation

This market research report on the fishmeal and fish oil market offers a detailed segmentation to provide comprehensive insights. The report is segmented by type, covering various grades of fishmeal such as premium, standard, and feed grade, as well as categories of fish oil including crude, refined, and concentrated forms. Application segmentation encompasses aquaculture, animal nutrition, dietary supplements, pharmaceuticals, and other industrial uses. Geographically, the analysis is divided into key regions: North America, Europe, Asia-Pacific, South America, and the Middle East & Africa, with country-level analysis for major markets. Additionally, the report includes segmentation by source species, such as anchovy, sardine, mackerel, and capelin, and by production method, including traditional and advanced processing techniques. This structured approach enables a thorough understanding of market dynamics, trends, and opportunities across different segments.

FAQs

What is fishmeal and fish oil used for? Fishmeal and fish oil are primarily used as high-nutrient ingredients in aquaculture feed to promote the growth and health of farmed fish like salmon and shrimp. They are also utilized in animal feed for poultry and swine, and in human dietary supplements due to their rich omega-3 fatty acid content, which supports cardiovascular and cognitive health.

How is fishmeal produced? Fishmeal is produced through a process that involves cooking, pressing, drying, and grinding whole fish or fish trimmings. The cooking step coagulates proteins, followed by pressing to remove oil and water. The solid residue is then dried and ground into a meal, while the pressed liquid is further processed to extract fish oil.

What are the benefits of omega-3 fatty acids? Omega-3 fatty acids, found abundantly in fish oil, offer numerous health benefits, including reducing inflammation, lowering the risk of heart disease, supporting brain function, and improving eye health. They are essential nutrients that the human body cannot produce on its own, making dietary intake crucial.

Which countries are the largest producers of fishmeal and fish oil? Peru and Chile are the largest producers of fishmeal and fish oil, thanks to their extensive anchoveta fisheries. Other significant producers include Norway, Denmark, and Iceland in Europe, and countries like China and Thailand in Asia, which also have substantial processing capabilities.

Are there sustainable alternatives to fishmeal and fish oil? Yes, sustainable alternatives are being developed, such as plant-based proteins from soy or corn, insect meal, and single-cell proteins like algae and yeast. Algae-based omega-3 oils are particularly promising as they provide similar nutritional benefits without relying on marine resources, catering to environmental and vegetarian concerns.

The Global Fishmeal & Fish Oil Market size was valued at $XX billion in 2023, and is anticipated to reach $XX billion by 2030, growing at a CAGR of XX% during the forecast period. Citius Research has developed a research report titled “Fishmeal & Fish Oil Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Fishmeal and Fish Oil Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Fishmeal & Fish Oil Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Fishmeal and Fish Oil Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Fishmeal and Fish Oil Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Fishmeal & Fish Oil Market
• Research Methodology
• Executive Summary
• Market Dynamics of Fishmeal & Fish Oil Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Fishmeal & Fish Oil Market
• Cost and Gross Margin Analysis of Fishmeal & Fish Oil Market
• Fishmeal & Fish Oil Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Fishmeal & Fish Oil Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Fishmeal and Fish Oil Market Key Stakeholders

Below are the key stakeholders for the Fishmeal & Fish Oil Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Fishmeal & Fish Oil Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Fishmeal & Fish Oil Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Fishmeal & Fish Oil Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Fishmeal & Fish Oil Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

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