Global Fishmeal and Fish Oil Market Report and Forecast 2024-2032

Global Fishmeal and Fish Oil Market Size

The global fishmeal and fish oil market reached approximately USD 12.61 billion in 2023. The market is estimated to grow at a CAGR of 6.9% between 2024 and 2032, reaching a value of around USD 23.0 billion by 2032.

Fishmeal and Fish Oil Market Growth

Fishmeal is a finely powdered substance that undergoes a meticulous process involving cooking, pressing, drying, and milling freshly caught raw fish. On the other hand, fish oil is a liquid extract obtained by pressing cooked fish. Both of these remarkable products exhibit extraordinary nutritional value, which is why they are widely recognised to provide significant health benefits to farmed animals.

One of the primary drivers aiding the growth of the fishmeal and fish oil market is the rapid expansion of the aquaculture sector. Aquaculture has emerged as a major source of fish production, driven by rising seafood consumption and the growing need for sustainable protein sources. Fishmeal and fish oil are crucial components in aquaculture feed formulations, providing essential nutrients for farmed fish, shrimp, and other aquatic species.

Fishmeal and Fish Oil Market Trends

Fishmeal and fish oil are well-known for their nutritional advantages, particularly their abundant levels of omega-3 fatty acids, namely EPA and DHA. Hence, the fishmeal and fish oil demand can be associated with the growing recognition of the positive impacts of omega-3 fatty acids among consumers.

Sustainability has become significant for many sectors due to the growing environmental awareness among consumers and stringent policies implemented by governments around the world. This is also an important global fishmeal and fish oil market trend. Overfishing and environmental concerns have led to the adoption of responsible sourcing practices, thus end-users are increasingly demanding certified and responsibly sourced fishmeal and fish oil.

Recent Developments

A study by a Japanese research team stated that some omega-3 polyunsaturated fatty acids such as eicosapentaenoic acid (EPA), which is found in fish oil can have a positive impact on cardiovascular health, which can boost the demand of fishmeal and fish oil market in long run.

Industry Outlook

Rising Fish Production and the Need for Animal Feed Support the Market Growth.

As per the fishmeal and fish oil industry analysis, in 2021, China led global fish production with 67.8 million tonnes. Indonesia followed with 16.7 million tonnes, driven by its extensive fish farming operations. India, with 10.9 million tonnes is a major player in aquaculture, increasing the need for fish meal and fish oil as essential components in fish feed to boost productivity. Vietnam and Bangladesh produced 6.4 million and 6.3 million tonnes of fish respectively. Norway's 4.9 million tonnes production and Chile, with 4.4 million tonnes demonstrate their rich marine resources. Japan's 3.1 million tonnes production reflects its reliance on both domestic aquaculture and imports of fish.

In 2022, global swine feed production decreased by 2.98% compared to 2021, totaling 319.383 million metric tons (MMT). The Asia-Pacific region, despite being the largest producer with 140.377 MMT in 2022, experienced a decline of 2.20%. This reduction impacts the demand for fish meal and fish oil, key ingredients in high-protein swine feed formulations as well as growth of the fishmeal and fish oil industry. Europe saw a significant decrease of 8.25%, producing 75.117 million metric tons in 2022. North America’s production fell by 0.97%, totaling 62.984 million metric tons. Latin America showed growth, increasing production by 2.02% to 36.167 million metric tons. This uptick signals a rising demand for fish meal and fish oil to support the expanding swine feed market in the region. Overall, regional trends in swine feed production directly influence the global demand for fish meal and fish oil, crucial for enhancing feed efficiency and swine growth performance, which can boost fishmeal and fish oil industry revenue.

The High Nutritional Value of Fishmeal and Adoption of Sustainable Production Practices, Strengthen the Global Market.

• Fishmeal and fish oil are rich in essential nutrients like omega-3 fatty acids, making them vital in aquaculture and animal feed.

• Strong demand from aquaculture, livestock, and pet food industries supports fishmeal and fish oil demand growth.

• Increasing adoption of sustainable fishing practices enhances market reputation and long-term viability.

• Used in various sectors, including pharmaceuticals, dietary supplements, and cosmetics, diversifying market applications.

Supply Chain Disruptions, Regulatory Challenges, and Presence of Alternative Feed Ingredients can Challenge the Growth of the Global Market.

• Reliance on wild fish stocks for production can lead to supply constraints and sustainability issues.

• The extraction and processing of fishmeal and fish oil are cost-intensive.

• Prices are highly volatile due to fluctuations in fish stock availability and global demand which impacts fishmeal and fish oil demand forecast.

• Strict environmental regulations and fishing quotas can limit production capabilities.

• Overfishing and climate change pose risks to fish stocks, impacting raw material availability.

• Development of alternative protein sources, like plant-based and insect-based feeds, could reduce market demand.

• Global economic instability can decrease consumer spending on premium products like fish oil supplements.

• Events like natural disasters, pandemics, or geopolitical tensions can disrupt supply chains, affecting production and distribution.

Aquaculture Growth, Rising Demand for Fish Oil in Supplements, and Innovation in Production Process, Provide Opportunities for the Market

• Rising global demand for seafood boosts the need for fishmeal and fish oil in aquaculture feed.

• Growing consumer awareness of the health benefits of omega-3 fatty acids drives demand for supplements and nutraceuticals rich in fish oil and enhances fishmeal and fish oil market opportunities.

• Enhanced focus on animal health and nutrition contributes to the demand for fishmeal and fish oil.

• Innovations in production processes can enhance yield and efficiency, reducing costs.

• Expanding aquacultural industries in emerging markets presents new growth opportunities.

Competitive Factors in the Global Fishmeal and Fish Oil Market

• Access to abundant and sustainably managed fish stocks is a critical factor. Proximity to rich fishing grounds reduces transportation costs and ensures fresher raw materials, enhancing competitiveness.

• Adherence to sustainability standards and certifications like the Marine Stewardship Council (MSC) attracts environmentally conscious buyers and provides market credibility that can aid fishmeal and fish oil market value.

• Innovations in processing technology that improve yield and reduce waste can lower production costs and increase profitability.

• Efficient management of operational costs, including labour, energy, and logistics, is crucial for maintaining competitive pricing.

• Offering a diverse range of products tailored to various industries, such as aquaculture, livestock, pet food, and nutraceuticals, can broaden market reach.

• Partnerships with research institutions, industry bodies, and other companies can drive innovation and market expansion.

• Navigating trade policies and tariffs effectively can provide a competitive advantage in global markets. 

• A strong brand reputation built on consistent product quality and reliability can attract and retain customers.

Key Price Indicators of the Global Fishmeal and Fish Oil Market

Raw Material Availability:

• As per the fishmeal and fish oil market dynamics and trends, the availability of fish stocks used in fishmeal and fish oil production significantly impacts prices.

Global Demand and Supply Balance:

• High global demand for fishmeal and fish oil, especially from growing aquaculture and livestock sectors, can drive prices higher if supply does not keep pace.

• Regional production capabilities and trade policies also influence the supply-demand balance and pricing.

Production Costs:

• Costs associated with fishing, processing, and transportation directly impact the price of fishmeal and fish oil.

• Technological advancements that improve production efficiency can help control costs and boost fishmeal and fish oil market revenue.

Regulatory Environment:

• Stringent environmental regulations and fishing quotas can limit production, affecting supply and pricing.

• Trade restrictions and tariffs imposed by major importing or exporting countries can also impact prices.

Key Demand Indicators of the Global Fishmeal and Fish Oil Market

Aquaculture Industry Growth:

• The expansion of the global aquaculture industry drives demand for high-quality feed, with fishmeal and fish oil being essential components for optimal fish growth and health.

Livestock and Pet Food Industry:

• Rising demand for high-protein animal feed in livestock and pet food markets boosts the fishmeal and fish oil industry expansion.

Nutraceutical and Supplement Market:

• Growing consumer awareness of the health benefits of omega-3 fatty acids found in fish oil drives demand in the nutraceutical and dietary supplement markets.

Sustainability and Certification:

• Increasing preference for sustainably sourced and certified fishmeal and fish oil products boosts demand, as consumers and businesses prioritize environmental responsibility.

• Certification programs like the Marine Stewardship Council (MSC) influence purchasing decisions.

Fishmeal and Fish Oil Industry Segmentations

Based on type, the market is segmented into fish meal and fish oil. On the basis of species, the market can be bifurcated into salmon and trout, crustaceans, marine fish, carp, and tilapias, among others. The global fishmeal and fish oil industry segmentation, based on application, include poultry, swine, and aquatic animal. The major regional markets for fish meal and fish oil are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global fishmeal and fish oil market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Corporacion Pesquera Inca S.A.C

• Colpex International S.A.C.

• Omega Protein Corporation

• Diamond Aqua Fishes Meal

• GC Rieber VivoMega AS

• Oceana Group Limited

• The Scoular Company

• FF SKAGEN A/S

• Sürsan A.S

• Pelagia AS

• Others

Fishmeal and Fish Oil Market Share by Species

According to the fishmeal and fish oil market analysis, salmon and trout represent a substantial market share as fishmeal is one of the primary nutritional ingredients for these fish. These fish species are extensively bred for their delectable meat, and the byproducts such as heads, bones, and trimmings are commonly utilised in the production of fishmeal and fish oil.

Competitive Landscape

The Scoular Company is an international agricultural business and commodity trading firm with its roots in the United States. Established in 1892 and headquartered in Nebraska, Scoular engages in diverse sectors within the agricultural sector, such as grain trading, feed ingredients, food ingredients, and animal nutrition. Scoular's expertise lies in procuring, storing, managing, processing, and promoting agricultural commodities and goods.

Omega Protein Corporation is one of the prominent companies in the food and supplement sector. The company was established in 1878 with the initial name Haynie Brothers and has since developed its portfolio to provide a wide range of nutritional products and animal feeds. The company’s main ingredients include Omega-3, which is procured from Menhaden.

Oceana Group Limited is one of the leading global fishing companies in fishmeal and fish oil industry, established in the year 1918. The company is headquartered in Cape Town, South Africa, and operates in the main business fields of harvesting, processing, and marketing of various marine products. The company has a wide array of frozen and canned products, which it supplies to regional and international markets.

Other market players include FF SKAGEN A/S, Sürsan A.Åž, GC Rieber VivoMega AS, Pelagia AS, Diamond Aqua Fishes Meal, Colpex International S.A.C., and Corporación Pesquera Inca S.A.C. among others.

Fishmeal and Fish Oil Market Regional Analysis

The Asia Pacific region accounts for a major portion of the market, primarily attributed to the increasing development of aquaculture. Furthermore, the regional fishmeal and fish oil market share is likely to expand during the forecast period due to the growing utilisation of fish meals and fish oil in various sectors as animal feed.

Europe, on the other hand, is projected to experience notable growth in the market, mainly due to ongoing transformations in the aquaculture sector. Additionally, the rising demand for aquatic feed additives is anticipated to further propel the market for fishmeal and fish oil in the region in the forthcoming years.

Key Highlights of the Report

Fishmeal and Fish Oil Market Report Snapshots

Fishmeal and Fish Oil Market Size

Fishmeal and Fish Oil Market Growth

Fishmeal and Fish Oil Market Trends

Fishmeal and Fish Oil Companies

Fishmeal and Fish Oil Market Regional Analysis