Fishmeal market seen hitting $12.1B by 2034 as aquaculture demand rises

Fishmeal demand is set to grow as aquaculture expands, but tighter supply, climate disruption and sourcing risk are reshaping the market. Intel Market Research projects the market will reach $12.078 billion by 2034, up from $8.185 billion in 2025, with Asia Pacific driving demand and Peru remaining a key supply swing factor.

Why it matters: - Fishmeal is a core input for aquaculture and several animal-feed segments, so shifts in supply and pricing can ripple through seafood, livestock and pet food supply chains. - The market is moving from a volume story to a resilience story, with buyers weighing availability, traceability and sourcing reliability more heavily. - Aquaculture growth is outpacing the ability of wild fish-based supply to expand, which is pushing feed makers toward reformulation and tighter procurement strategies.

What happened: - Intel Market Research projects the global fishmeal market will rise to $12.078 billion by 2034 from $8.185 billion in 2025, equal to a 4.0% CAGR. - The market enters 2026 with tighter supply conditions than parts of the prior year, even as aquaculture demand continues to expand. - FAO said global aquaculture production of aquatic animals exceeded 100 million tonnes for the first time in 2024. - FAO's GLOBEFISH analysis said global fishmeal and fish-oil supplies were tighter in the first half of 2026 than at any point since the 2023 El Niño disruption. - IFFO reported in August 2026 that Coastal El Niño conditions were reducing raw-material availability in Peru and Chile and weakening availability in parts of Northern Europe and Asia. - Sample report insights are available online. - The full report is also available.

The details: - Steam-dried fishmeal remains the preferred type for premium feed formulations because controlled drying better preserves protein quality and nutritional value. - Flame-dried fishmeal is the other main product type. - Aquaculture feed is the fastest-growing application, followed by poultry feed, pig feed and pet food. - Commercial feed manufacturers are the largest end-user group because they need consistent quality, specifications and supply. - Integrated aquaculture producers and pet food companies are also important buyers. - Whole fish, fish by-products and trimmings are the main source materials. - Fish by-products are gaining share as processors convert seafood residues into feed ingredients and reduce waste. - Premium grade, standard grade and feed grade make up the main quality tiers. - Premium-grade fishmeal is drawing stronger demand in high-performance aquaculture because of its protein quality, amino-acid profile and suitability for sensitive growth stages. - Intel Market Research profiled companies including TASA, Diamante, Austevoll Seafood ASA, COPEINCA, Corpesca SA, Omega Protein, Coomarpes, KT Group, Cermaq, FF Skagen, Austral, Kodiak Fishmeal, Havsbrun, Hayduk and Exalmar. - FF Skagen operates a processing facility at the Skagen quayside and receives raw material from Danish and foreign fishing vessels. - Asia Pacific is the largest consumption region because it combines major aquaculture output with feed manufacturing capacity. - China accounted for 40% of global fishmeal imports in 2024, according to FAO. - IFFO estimated China's marine-ingredient production in 2025 could fall 20% to 30% below 2024 levels because of fishing restrictions and raw-material limits. - China is expected to keep relying more on imports from Peru, Vietnam and Chile. - Japan, Vietnam, Thailand and Indonesia also add demand through aquaculture and feed production. - South America remains the main supply base, with Peru playing an outsized role in global availability. - Peru's improved anchoveta catches helped lift cumulative fishmeal production across countries tracked by IFFO by 26% in 2024 versus 2023. - Chile is another major producer, and Ecuador is increasingly tied to the marine-ingredient ecosystem. - Europe competes on processing efficiency, traceability and access to diverse raw materials rather than sheer output. - North America relies on a mix of domestic marine-ingredient production and imports, with demand centered on aquaculture, pet food, livestock feed and specialty nutrition. - Latin America's demand growth is increasingly tied to shrimp and fish farming, especially in Ecuador and Brazil. - The Middle East and Africa are smaller markets, but aquaculture expansion in Egypt, Türkiye and several African coastal economies is expanding demand.

Between the lines: - The biggest tension in the market is geographic: production remains concentrated in a few fisheries, while demand is spread across major feed and aquaculture hubs. - IFFO estimates Asian countries produce about 35% of global fishmeal and fish oil but face an annual supply gap of about 1.2 million tonnes of fishmeal and 80,000 tonnes of fish oil. - That gap keeps import dependence high and gives sourcing strategy more value than simple spot buying. - Buyers are increasingly favoring suppliers that can prove responsible sourcing, traceability, consistent quality and supply-chain transparency. - Sustainability has shifted from a branding issue to a procurement requirement. - Alternative proteins such as soybean meal, insect protein, algae-derived ingredients and microbial proteins are growing, but they are more likely to complement fishmeal than replace it outright. - The OECD-FAO Agricultural Outlook 2026-2035 projects that 85% of fishmeal will be consumed by aquaculture feeds by 2035. - The same outlook says fishmeal use in aquaculture is expected to rise to 5.3 million tonnes, about 20% above the base period. - China is projected to account for 43% of global fishmeal consumption by 2035. - Feed makers are likely to focus more on precision blending and value per unit of inclusion than on maximizing fishmeal content.

What's next: - Climate-linked fishing volatility could make annual fishmeal supply more uneven. - China's feed production, farm profitability, inventories and restocking cycles will remain key demand signals. - Peru and other major producers will continue using quota-based supply management to shape global availability. - Feed formulation innovation may moderate fishmeal intensity while preserving animal performance. - Importers are likely to expand multi-origin sourcing, strategic inventories and long-term supply agreements to reduce risk. - The strongest producers should gain an edge if they can combine sustainable sourcing, nutritional consistency and dependable delivery.

The bottom line: - Fishmeal is still growing, but the market's real advantage now belongs to suppliers and buyers that can manage scarcity, climate risk and traceability better than competitors.