Fishmeal And Fish Oil Market By Product Type (Fishmeal, Fish Oil), Species (Anchovy, Menhaden), Application (Aquaculture, Animal Feed), & Region for 2024-2031

Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Fishmeal And Fish Oil Market By Product Type (Fishmeal, Fish Oil), Species (Anchovy, Menhaden), Application (Aquaculture, Animal Feed), & Region for 2024-2031

Fishmeal And Fish Oil Market Valuation – 2024-2031

Increasing global demand for seafood boosts the need for fishmeal and fish oil as vital aquaculture feed ingredients are propelling the adoption of fishmeal and fish oil. High protein content in fishmeal and omega-3 fatty acids in fish oil promote their use in animal and human nutrition is driving the market size surpass USD 11.39 Billion valued in 2024 to reach a valuation of around USD 20.29 Billion by 2031.

In addition to this, growing pet ownership and the trend towards premium pet food is spurring up the adoption of fishmeal and fish oil. Rising consumer awareness about the health benefits of omega-3 supplements is enabling the market to grow at a CAGR of 7.48% from 2024 to 2031.

Fishmeal And Fish Oil MarketDefinition/ Overview

Fishmeal is a high-protein feed ingredient made from the bones and offal of fish, while fish oil is a fatty oil extracted from the tissues of oily fish. Both products are by-products of the fish processing industry and are valued for their high nutrient content, including essential amino acids and omega-3 fatty acids.

Fishmeal is primarily used in aquaculture as a high-quality protein source for fish and shrimp feed. It is also utilized in livestock feed to enhance growth and health. Fish oil is widely used in animal feeds and human supplements due to its rich omega-3 fatty acid content, which supports cardiovascular health, brain function, and overall wellness. Additionally, fish oil finds applications in pharmaceuticals, cosmetics, and functional foods.

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How will Rising Global Demand for Seafood Increase Adoption of Fishmeal And Fish Oil?

We're eating more seafood than ever! This has really given the aquaculture industry a shot in the arm, but it also means we need tons of fishmeal and fish oil to feed all those farmed fish. With the world population still growing and everyone adding seafood to their plates, the demand for good aquaculture feed is only going up, which is driving the market for fishmeal and fish oil. The Food and Agriculture Organization (FAO) of the United Nations says that global aquaculture production hit 87.5 million tons in 2023 – that’s a 3.2% jump from the year before! Fishmeal and fish oil are still super important for feeding farmed fish; as of 2023, about 70% of all fishmeal and 75% of all fish oil produced goes straight into aquaculture feed.

Fishmeal and fish oil? They're like superfoods for animals and even us! Think of them as packed with all the good stuffproteins, those essential amino acids, and of course, the famous omega-3s. Because of all that nutrition, fishmeal's a favorite for feeding livestock – it helps them grow strong and healthy. And speaking of healthy, remember all the buzz about omega-3s being great for your heart and brain? That's why more and more people are popping fish oil supplements! All this demand is driving the market wild. The Global Organization for EPA and DHA Omega-3s (GOED) says the omega-3 market was already worth $4.8 billion in 2023 and is expected to hit $6.5 billion by 2027. That's a growth rate of about 7.8% per year!

The pet food industry is also contributing to the growth of the fishmeal and fish oil market. With rising pet ownership and a growing trend towards premium, nutrient-rich pet foods, there is an increasing demand for high-quality ingredients like fishmeal and fish oil. These products help improve the health and well-being of pets, making them popular choices among pet owners. The American Pet Products Association (APPA) reported that U.S. pet industry expenditures reached $136.8 billion in 2023, with pet food and treats accounting for $58.1 billion.

Sustainability efforts and technological advancements are playing a crucial role in the market’s expansion. Innovations in processing and extraction technologies have improved the quality and efficiency of fishmeal and fish oil production. Moreover, advancements in sustainable fishing practices and the development of alternative raw materials are attracting environmentally conscious consumers and industries, supporting the market’s growth and ensuring a steady supply of these essential products.

Will High Costs of Fishmeal And Fish Oil Restrain Its Application?

One significant restraint of the fishmeal and fish oil market is the overfishing of wild fish stocks, which can lead to environmental degradation and depletion of marine resources. As demand for fishmeal and fish oil increases, unsustainable fishing practices can strain ecosystems, resulting in stricter regulations and potential limitations on raw material availability.

The high cost of fishmeal and fish oil production is another challenge. The process involves complex extraction and refining techniques, which can be expensive. Additionally, fluctuations in fish catch volumes due to seasonal variations and environmental factors can lead to price volatility, making it difficult for producers to maintain consistent supply and pricing.

Competition from alternative protein sources is also a growing concern for the fishmeal and fish oil market. Plant-based proteins, insect meal, and synthetic alternatives are being developed to reduce reliance on marine resources. These alternatives are often more sustainable and can be produced at a lower cost, posing a significant threat to traditional fishmeal and fish oil products.

Also, consumer awareness and preferences are shifting towards more sustainable and ethically sourced products. As consumers become more environmentally conscious, there is increasing scrutiny on the environmental impact of fishmeal and fish oil production. This shift in consumer behavior can lead to reduced demand for these products unless the industry adopts more sustainable practices and transparent sourcing methods.

Category-Wise Acumens

Will Rise in Adoption of Fish Oil Drive Fishmeal And Fish Oil Market Growth?

Fish oil is increasingly dominating the fishmeal and fish oil market due to its recognized health benefits and broad range of applications. The rising awareness of omega-3 fatty acids, which are abundant in fish oil, has significantly boosted its demand in the human nutrition sector. According to the National Institutes of Health (NIH), omega-3 fatty acid supplement use among U.S. adults increased from 18.8% in 2023 to 20.3% in 2024. Omega-3 supplements are popular for their positive effects on cardiovascular health, brain function, and overall wellness, making fish oil a highly sought-after product in the dietary supplement industry.

The pharmaceutical and nutraceutical industries also drive the dominance of fish oil in the market. Fish oil is used in the formulation of various medications and health supplements due to its anti-inflammatory properties and ability to support heart health. Additionally, the cosmetic industry incorporates fish oil in skincare products for its nourishing and anti-aging properties, further expanding its market reach. For instance, In February 2024, Amarin Corporation announced positive results from a Phase 3 clinical trial of its prescription fish oil drug, Vascepa, in treating patients with severe hypertriglyceridemia, potentially expanding its market reach.

Technological advancements in extraction and processing techniques have enhanced the quality and purity of fish oil, making it more appealing to consumers and manufacturers. These improvements, coupled with the growing demand for functional foods and fortified products, have solidified fish oil’s position as a dominant player in the market. As consumer health consciousness continues to rise, fish oil’s prominence is expected to grow, outpacing the demand for fishmeal. The U.S. Department of Energy reported that in 2023, new extraction technologies improved fish oil yield by 15% compared to traditional methods, while reducing energy consumption by 20%.

Which Factors Enhance the Use of Fishmeal And Fish Oil in Dietary Supplements and Functional Food?

More and more, you're seeing dietary supplements and functional foods take over the fishmeal and fish oil scene. Why? People are just way more clued in to taking care of their health! We all know omega-3 fatty acids, found in fish oil, are amazing. They're good for your heart, your brain, and can even help fight inflammation. Because of all these benefits, everyone's grabbing fish oil supplements these days – they're like a must-have in the health and wellness world. Actually, the International Food Information Council (IFIC) found that in their 2024 Food and Health Survey, a whopping 68% of Americans said they're really trying to get more omega-3s into their diet, up from 62% just the year before!

The functional food sector is also driving the dominance of fish oil in the market. Manufacturers are incorporating fish oil into a variety of food products, such as fortified dairy, beverages, and snack bars, to enhance their nutritional profile. This trend is fueled by consumers seeking convenient ways to improve their diet and health through everyday foods, thereby increasing the market penetration of fish oil.

Technological advancements in the encapsulation and stabilization of fish oil have further propelled its use in dietary supplements and functional foods. These innovations ensure that the nutritional benefits of fish oil are preserved and its taste and odor are minimized, making it more palatable and appealing to consumers. As the trend towards health-conscious eating continues to grow, the dominance of dietary supplements and functional foods in the fishmeal and fish oil market is expected to strengthen further.

Gain Access into Fishmeal And Fish Oil Market Report Methodology

Country/Region-wise Acumens

Will Early Adoption of Technologies in North America Mature Fishmeal And Fish Oil Market?

North America is dominating the fishmeal and fish oil market due to its advanced aquaculture industry and strong demand for high-quality animal feed. The region’s well-established aquaculture practices, particularly in countries like the United States and Canada, drive the need for nutritious feed ingredients, making fishmeal a crucial component. This robust aquaculture sector ensures a steady demand for fishmeal, supporting the market’s growth in North America. The National Institutes of Health (NIH) reported that funding for omega-3 related research in the U.S. increased by 12% in 2024 compared to the previous year, reaching USD 180 Million.

North America's dietary supplement scene? It's a big player driving the whole fishmeal and fish oil thing. People are way more into health these days, and they love their omega-3s. Fish oil has become the go-to for keeping your heart happy, your brain sharp, and just feeling good in general. Because so many folks in North America are popping those fish oil pills, it's really making the market bigger. Good news on the sustainability front, thoughthe Marine Stewardship Council (MSC) says that, as of December 2024, 45% of the wild-caught fish used for fishmeal and fish oil in North America was MSC certified. That's up from 40% in 2023, so things are heading in the right direction!

Additionally, North America’s strong research and development capabilities in biotechnology and food sciences have led to innovations in fishmeal and fish oil production. Advances in extraction techniques and sustainable sourcing practices have enhanced the quality and environmental sustainability of these products. These technological advancements, coupled with supportive regulatory frameworks and consumer demand for high-quality, sustainable products, solidify North America’s leading position in the global fishmeal and fish oil market.

Will Rising Industrialization Enhance Adoption of Fishmeal And Fish Oil in Asia Pacific?

The Asia Pacific region is experiencing rapid growth in the fishmeal and fish oil market, driven by its expanding aquaculture industry. According to the Food and Agriculture Organization (FAO), Asia Pacific accounted for 88% of global aquaculture production in 2023, with China alone contributing 58% of the world’s total. Countries such as China, India, and Vietnam have seen significant investments in aquaculture to meet the rising demand for seafood. This surge in aquaculture activities has led to an increased need for high-quality feed ingredients, with fishmeal being a critical component, thus propelling market growth in the region.

Consumer health awareness is also on the rise in the Asia Pacific, boosting the demand for fish oil. The benefits of omega-3 fatty acids in fish oil, known for supporting cardiovascular health, cognitive function, and overall wellness, are increasingly recognized by consumers. This has led to a growing market for dietary supplements and functional foods enriched with fish oil, further driving the market’s expansion. For instance, In February 2025, Amway, a global leader in nutrition and wellness products, launched a new range of fish oil supplements specifically formulated for the Asian market, targeting heart and brain health.

Also, the Asia Pacific region benefits from advancements in processing and production technologies for fishmeal and fish oil. Innovations in extraction and refining processes have improved product quality and sustainability. Coupled with supportive government policies and growing investments in the sector, these technological advancements are enabling the region to become a major player in the global fishmeal and fish oil market. In April 2025, Thai Union Group, a major seafood producer, unveiled a new state-of-the-art fish oil refining facility in Thailand, capable of producing high-purity omega-3 concentrates for the nutraceutical market.

Competitive Landscape

The fishmeal and fish oil market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the fishmeal and fish oil market include

  • Oceana Group Limited
  • TASA
  • TripleNine Group
  • Copeinca AS
  • Pesquera Diamante S.A.
  • FF Skagen A/S
  • Austevoll Seafood ASA
  • Cermaq Group AS
  • China Fishery Group Limited
  • Croda International Plc
  • The Scoular Company
  • Omega Protein Corporation
  • Sürsan A.S.
  • Rongcheng Blue Ocean Marine Bio-Tech Co., Ltd.
  • Kodiak Fishmeal Company
  • Pioneer Fishing Pty Ltd.
  • Calysta, Inc.
  • GC Rieber Oils
  • United Fishmeal & Oil Producers Ltd.
  • Marvesa Holding N.V.

Fishmeal And Fish Oil Market’s Latest Developments

  • In June 2023, BioMar Group launched a sustainable aquafeed line made with novel protein sources, reducing dependency on traditional fishmeal.
  • In August 2023, DSM and Evonik announced the expansion of their joint venture, Veramaris, to increase production of algae-based omega-3 oil as a fish oil alternative.
  • In September 2023, Norel S.A. introduced a new fish oil concentrate for aquaculture, enriched with essential fatty acids to enhance fish health and growth.
  • In November 2023, China’s Ministry of Agriculture released new guidelines promoting sustainable fishery practices to ensure long-term supply of fishmeal and fish oil.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~ 7.48% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Species
  • Product Type
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Oceana Group Limited, TASA, TripleNine Group, Copeinca AS, Pesquera Diamante S.A., FF Skagen A/S, Austevoll Seafood ASA, Cermaq Group AS, China Fishery Group Limited, Croda International Plc, The Scoular Company, Omega Protein Corporation, Sürsan A.S., Rongcheng Blue Ocean Marine Bio-Tech Co., Ltd., Kodiak Fishmeal Company, Pioneer Fishing Pty Ltd., Calysta, Inc., GC Rieber Oils, United Fishmeal & Oil Producers Ltd., Marvesa Holding N.V.

Customization

Report customization along with purchase available upon request

Fishmeal And Fish Oil Market, By Category

Species

  • Anchovy
  • Menhaden
  • Salmon

Product Type

  • Fishmeal
  • Fish Oil

Application

  • Aquaculture
  • Animal Feed
  • Pet Food

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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