Executive Summary

The global Semi-skimmed Fish Meal market was valued at approximately USD 9.45 Billion in 2025 and is projected to reach USD 23.85 Billion by 2036, growing at a robust Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period (2026-2036). This growth is driven by the rapid expansion of global aquaculture, increasing demand for high-quality protein in animal feed, and the growing utilization of fish processing by-products as a sustainable protein source.

Global Semi-skimmed Fish Meal Market Overview

The Global Semi-skimmed Fish Meal Market Report 2025 provides an extensive analysis of the industry's development components, structural patterns, and demand-supply dynamics. The report employs a robust methodology combining primary interviews with industry experts and secondary data analysis to forecast market potential from 2026 to 2036. Key parameters analyzed include government fisheries policies, sustainability regulations, fishing quota systems, competitive intensity, technological innovations in processing methods, and downstream demand from aquaculture and livestock sectors.

Semi-skimmed fish meal is a protein-rich ingredient produced by partially removing oil content from fish raw materials, typically containing 8-12% residual fat. It is manufactured from whole fish (typically small pelagic species) and fish processing by-products—including heads, frames, viscera, and trimmings—through cooking, pressing, drying, and grinding processes. Its balanced nutritional profile, high digestibility, and essential amino acid content make it a preferred protein source for aquaculture and livestock feed formulations.

Impact of COVID-19 on the Semi-skimmed Fish Meal Market

The COVID-19 pandemic caused significant disruptions to global seafood supply chains and processing operations in 2020, leading to temporary production halts and logistical challenges. However, the market demonstrated resilience as the essential nature of food supply chains was recognized globally. The pandemic also accelerated awareness of protein-rich diets and food security, contributing to steady recovery and sustained demand for high-quality feed ingredients in the post-pandemic period.

Market Segmentation

The global Semi-skimmed Fish Meal market is segmented in detail to provide a granular view of the industry landscape.

By Type (Processing Method & Quality Grade)

• Steam Dried (SD) Fish Meal: Produced using indirect steam drying at controlled temperatures (typically 80-100°C), preserving heat-sensitive nutrients, amino acids, and protein quality. This premium segment dominates the market due to superior nutritional profile and is preferred for aquaculture feeds, particularly for salmon, shrimp, and marine fish.

• Flame Dried (FD) Fish Meal: Produced using direct flame drying methods. This traditional approach is cost-effective but requires careful temperature control to prevent protein denaturation and quality degradation. Primarily used in poultry, swine, and ruminant feeds where ultra-high protein quality is less critical.

• Low-Temperature (LT) Fish Meal: A specialized premium grade produced at even lower temperatures (<70°C) to maximize protein digestibility and preserve heat-labile nutrients. Increasingly demanded for high-value aquaculture species and starter diets.

• Organic Certified Fish Meal: Produced from sustainably sourced fish and processed according to organic certification standards, commanding premium pricing in specialized markets.

By Application (End-Use Industry)

• Aquaculture Feed: The largest and fastest-growing segment, accounting for approximately 55-60% of market share. Semi-skimmed fish meal is essential in formulated feeds for farmed fish (salmon, trout, tilapia, carp, seabass, seabream) and shrimp, supporting optimal growth, health, and feed conversion ratios.

• Poultry Feed: Significant application in broiler and layer diets, providing highly digestible protein, essential amino acids (lysine, methionine), and growth factors for meat and egg production.

• Pig Feed: Used in swine nutrition, particularly for weanling, starter, and growing pigs requiring highly digestible protein sources for optimal development and gut health.

• Ruminant Feed: Applied in dairy and beef cattle diets, especially for young stock (milk replacers) and high-producing animals, providing bypass protein and essential nutrients.

• Pet Food: Growing application in premium and super-premium pet food formulations, leveraging the nutritional benefits, palatability, and omega-3 fatty acid content for companion animals (dogs, cats).

• Fur Animal Feed: Used in nutrition for farmed mink, fox, and other fur animals requiring high-protein, high-fat diets.

• Fertilizers & Soil Amendments: Organic fertilizer applications utilizing lower-grade material or by-products.

• Others: Includes aquaculture hatchery feeds, ornamental fish feeds, and specialty animal nutrition applications.

By Source (Raw Material Origin)

• Whole Fish Meal: Produced from whole small pelagic fish species specifically harvested for reduction purposes.

  • Anchovy/Anchoveta: Dominant species in Peruvian and Chilean production.

  • Menhaden: Primary species in US Gulf of Mexico and Atlantic fisheries.

  • Sardine/Sardina: Significant in various global regions.

  • Mackerel: Important in Northern European and Asian production.

  • Herring/Capelin: Key species in North Atlantic and Northern European fisheries.

  • Blue Whiting: Growing importance in North Atlantic fisheries.

  • Sand Eel/Pout: Utilized in European reduction fisheries.

• By-Product Fish Meal: Produced from trimmings, frames, heads, viscera, and other by-products of fish processing for human consumption. This segment is growing rapidly due to sustainability initiatives and circular economy principles.

  • Salmon By-Product: Increasingly important in Norway, Chile, and Scotland.

  • Tuna By-Product: Significant in tropical regions with tuna canning operations.

  • Whitefish By-Product: From cod, haddock, pollock, and other groundfish processing.

  • Mixed Processing By-Products: From diverse fisheries and processing operations.

By Form

• Powder/Granular: Standard form for bulk incorporation into animal feeds.

• Pelletized: Agglomerated form for improved handling, reduced dust, and specific application requirements.

Regional Analysis

• Asia-Pacific (China, Japan, India, Vietnam, Indonesia, Thailand, South Korea): The dominant regional market, accounting for approximately 45% of global consumption. China leads as the world's largest consumer (25%+ share), driven by massive aquaculture production (shrimp, tilapia, carp, marine fish), growing livestock sector, and established fish processing infrastructure. Japan maintains significant demand for high-quality fish meal in premium aquaculture. Southeast Asian nations are rapidly expanding aquaculture production and fish meal processing capacity.

• South America (Peru, Chile, Ecuador, Brazil, Argentina): The leading production region globally, particularly Peru and Chile as dominant fish meal exporting nations. Peru accounts for approximately 20-25% of global fish meal production, primarily from anchoveta. Chile is a major producer and consumer for its salmon farming industry. Growing aquaculture sectors in Ecuador (shrimp) and Brazil drive regional consumption.

• Europe (Norway, Denmark, Iceland, Spain, France, UK, Germany, Russia): A mature market with strong emphasis on sustainability certifications, traceability, and stringent quality standards. Norway's massive salmon farming industry drives substantial demand for premium LT and certified fish meal. Denmark and Iceland are significant producers from North Atlantic fisheries. Russia has growing production capacity and domestic aquaculture demand.

• North America (USA, Canada, Mexico): Established market with major menhaden-based production in the US Gulf of Mexico region (Omega Protein, Daybrook). Growing demand from salmon farming in Canada (British Columbia, New Brunswick) and expanding aquaculture in the US and Mexico. Increasing focus on by-product utilization from seafood processing.

• Africa (Morocco, Mauritania, South Africa, Namibia, Egypt): Emerging production region, particularly Morocco and Mauritania with significant sardine and small pelagic fisheries. Growing domestic aquaculture and livestock sectors drive consumption. South Africa and Namibia have established fish meal industries.

• Middle East (Saudi Arabia, UAE, Oman, Iran): Developing market with increasing aquaculture investments (Saudi Arabia's RAS operations, UAE's aquaculture initiatives) and growing livestock production driving fish meal imports and limited local production from local fisheries.

Key Market Players

The market features a mix of global agribusiness conglomerates, specialized fish meal producers, fishing industry cooperatives, and regional processors across major fishing nations.

Global Agribusiness & Trading Companies:

• Cargill, Incorporated (USA) - Global animal nutrition leader

• Archer Daniels Midland Company (ADM) (USA) - Major feed ingredient supplier

• Bluestar Adisseo (China/France) - Animal nutrition specialties

• Nutreco N.V. (Netherlands) - Aquaculture feed giant (Skretting)

South American Producers:

• TASA (Technology of Fishing Supplies S.A.C.) (Peru) - World's largest fish meal producer

• Pesquera Diamante S.A. (Peru) - Major Peruvian producer

• Austevoll Seafood ASA (Norway/Peru/Chile) - Global seafood and fish meal group

• Copeinca ASA (Norway/Peru) - Significant Peruvian operations

• Corpesca SA (Chile) - Leading Chilean producer

• Pesquera Exalmar S.A.A. (Peru) - Major Peruvian exporter

• Pesquera Hayduk S.A. (Peru) - Established Peruvian producer

• Orizon S.A. (Chile) - Chilean fish meal and oil producer

• Blumar S.A. (Chile) - Diversified Chilean fishing company

• Camposol S.A. (Peru) - Diversified agribusiness with fishing operations

European Producers:

• FF Skagen A/S (Denmark) - Major North Sea producer

• Triplenine Group A/S (Denmark) - Danish fish meal and oil specialist

• Iceland Pelagic (Iceland) - Icelandic pelagic processing leader

• Havsbrún P/F (Faroe Islands) - Faroese fish meal producer

• Pelagia AS (Norway) - Norwegian pelagic processing giant

• Ervik Havfisk AS (Norway) - Norwegian fish meal and oil producer

• Cermaq Group AS (Norway) - Salmon farming with feed operations

• Biomega AS (Norway) - Innovative by-product processor

• Sopropêche (France) - French fish meal producer

• Compagnie des Pêches Saint-Malo (France) - French fishing and processing

• Strel Nikova (Russia) - Russian fish meal producer

• Russian Fishery Company (RFC) (Russia) - Growing Russian operator

North American Producers:

• Omega Protein Corporation (USA) - Leading US menhaden producer

• Daybrook Fisheries, Inc. (USA) - Major US menhaden processor

• Kodiak Fishmeal Company (USA) - Alaskan fish meal producer

• Pacific Fishing, LLC (USA) - Pacific Northwest operations

• Cooke Aquaculture Inc. (Canada) - Integrated aquaculture with feed interests

• Ocean Brands (Canada) - Canadian seafood processor with by-product utilization

Asian Producers:

• Nissui Corporation (Nippon Suisan Kaisha, Ltd.) (Japan) - Japanese seafood giant

• Maruha Nichiro Corporation (Japan) - Major Japanese seafood company

• KT Group (Korea Tuna Association) (South Korea) - Korean fish meal interests

• Coomarpes (Costa Rica) - Central American producer

• Mukka Proteins Limited (India) - Leading Indian fish meal exporter

• Sandhya Marines (India) - Indian fish meal processor

• China National Fisheries Corporation (CNFC) (China) - State-owned fishing enterprise

• Rongcheng Blue Ocean Marine Bio Co., Ltd. (China) - Major Chinese processor

• Hisheng Feeds Co., Ltd. (China) - Chinese feed and fish meal producer

• Chishan Group Import And Export Co., Ltd. (China) - Established Chinese exporter

• Dalian Longyuan Fishmeal Co., Ltd. (China) - Northeastern Chinese producer

• Fengyu Halobios Co., Ltd. (China) - Chinese marine biotechnology company

• Hainan Fish Oil & Fish Meal Co., Ltd. (China) - Southern Chinese processor

• Shandong Zhonglu Oceanic Fisheries Company (China) - Large Chinese operator

• Zhejiang Industrial Group Co., Ltd. (China) - Diversified Chinese processor

African Producers:

• Oceana Group Limited S.A. (South Africa) - Major South African fishing company

• Sea Harvest Corporation (South Africa) - South African fishing and processing

• Pêcheries du Maroc (Morocco) - Moroccan state-owned fishing company

• Mauritanian Fish Meal Company (Mauritania) - Mauritanian producer

• Etosha Fisheries (Namibia) - Namibian fish processing company

Analytical Frameworks

Porter's Five Forces Analysis

• Threat of New Entrants (Moderate): Access to raw material (fish stocks) is regulated through fishing quotas and licensing, creating significant barriers. Capital requirements for processing facilities are substantial. However, opportunities exist in by-product processing and emerging aquaculture regions with developing fisheries.

• Bargaining Power of Buyers (Moderate to High): Large feed manufacturers (Cargill, Nutreco, Charoen Pokphand) and integrated aquaculture operations purchase in significant volumes, exerting pricing pressure. However, quality-certified and sustainably sourced products command premium positioning and have less elastic demand.

• Bargaining Power of Suppliers (High): Fishing quota holders, vessel operators, and fishing cooperatives control raw material supply. Fluctuations in fish stock availability due to El Niño events, climate variability, and regulatory catch limits significantly impact supply and pricing. Fishery management decisions directly influence raw material availability.

• Threat of Substitutes (Moderate to High): Alternative protein sources compete aggressively on price:

  • Plant Proteins: Soybean meal, corn gluten meal, rapeseed meal

  • Terrestrial Animal Proteins: Meat and bone meal, poultry meal, blood meal

  • Novel Proteins: Insect meal (black soldier fly larvae), single-cell proteins (bacteria, yeast), algal proteins

  • However, fish meal's unique nutritional profile (balanced amino acids, omega-3 fatty acids, palatability factors, unknown growth factors) maintains demand in premium applications where performance justifies premium pricing.

• Intensity of Rivalry (High): Competitive landscape includes global agribusiness giants and numerous regional players, with competition based on protein quality, nutritional consistency, sustainability certifications (MSC, IFFO RS, Friend of the Sea), supply reliability, pricing, and technical service support for feed formulators.

SWOT Analysis

• Strengths:

  • Superior nutritional profile (essential amino acids, highly digestible protein, omega-3 fatty acids, vitamins, minerals)

  • Essential for aquaculture feeds, particularly for marine fish, shrimp, and salmonids

  • Established global supply chains with decades of trading relationships

  • Utilizes whole fish and processing by-products, supporting circular economy principles

  • High palatability and feed intake enhancement in animal diets

• Weaknesses:

  • Price volatility linked to fish stock fluctuations, El Niño events, and global commodity markets

  • Dependence on finite marine resources with ecological limits

  • Seasonal availability variations requiring inventory management and storage

  • Perishable raw material requiring efficient cold chain logistics

  • Quality variation based on species, freshness, and processing conditions

• Opportunities:

  • Aquaculture expansion in emerging economies (Africa, Southeast Asia, Latin America)

  • Growing demand for sustainably certified products with traceability

  • Technological advancements in by-product processing and quality preservation

  • Development of species-specific and life-stage-specific formulations

  • Integration of digital traceability and blockchain for supply chain transparency

  • Rising premium pet food market demanding high-quality ingredients

• Threats:

  • Overfishing concerns and stricter fishing quota reductions

  • Climate change impacts on fish stocks and ocean productivity

  • Competition from alternative protein sources (plant, insect, microbial)

  • Stringent environmental regulations on processing operations

  • El Niño Southern Oscillation (ENSO) events causing dramatic supply fluctuations

  • Trade disputes and tariff barriers affecting international trade

Key Market Trends

• Sustainability Certification: Increasing adoption of Marine Stewardship Council (MSC) certification for wild fisheries, IFFO RS (Responsible Supply) certification for fish meal production facilities, and Friend of the Sea certification to meet buyer requirements, access premium markets, and demonstrate environmental responsibility.

• By-Product Utilization Expansion: Growing focus on converting fish processing waste (trimmings, frames, heads, viscera) into high-quality fish meal, reducing environmental impact, improving resource efficiency, and creating additional revenue streams for seafood processors.

• Traceability and Transparency: Integration of digital technologies, blockchain, and QR code systems for supply chain traceability, enabling verification of sustainable sourcing, species identification, and quality control throughout the value chain.

• Species-Specific and Functional Formulations: Development of tailored fish meal products optimized for specific aquaculture species (salmon, shrimp, tilapia, seabass, carp) at different life stages, and functional ingredients with enhanced nutritional properties.

• Processing Technology Advancements: Adoption of enzyme-assisted extraction, low-temperature drying (LT technology), antioxidant preservation, and advanced quality control systems (near-infrared analysis, rapid protein testing) to enhance nutritional preservation, product consistency, and shelf life.

• Circular Economy Integration: Positioning fish meal as a circular economy solution that valorizes by-products and reduces waste, aligning with sustainability goals and ESG (Environmental, Social, Governance) reporting requirements for food companies.

• Omega-3 Preservation: Enhanced processing techniques to retain EPA and DHA omega-3 fatty acid content, adding value for applications where these nutrients are critical (salmon feed, pet food, functional foods).

• Regional Supply Chain Development: Development of local fish meal production capacity in emerging aquaculture regions (Africa, Middle East, Southeast Asia) to reduce import dependence and support local industry growth.

Market Drivers & Challenges

• Drivers:

  • Aquaculture Industry Expansion: Global aquaculture production growth (projected 15% increase by 2030) to meet rising seafood demand is the primary driver for fish meal consumption, particularly in Asia, Latin America, and Africa.

  • Protein-Rich Diet Trends: Increasing consumer preference for high-protein diets (meat, eggs, farmed seafood) translates to demand for quality animal protein, driving feed ingredient requirements across livestock sectors.

  • Sustainability Focus: Utilization of fish processing by-products aligns with circular economy principles, waste reduction goals, and corporate sustainability commitments.

  • Technological Advancements: Improved processing technologies enhance product quality, nutritional preservation, and production efficiency while reducing environmental footprint.

  • Aquafeed Formulation Innovation: Ongoing research into optimal dietary inclusion levels and species-specific requirements maintains fish meal's essential role in aquaculture nutrition.

• Challenges:

  • Raw Material Availability: Fluctuations in fish stocks due to El Niño events, climate change impacts, overfishing concerns, and regulatory quota adjustments create supply uncertainty and price volatility.

  • Price Volatility: Raw material cost fluctuations (fish prices, energy costs, transportation) create uncertainty for manufacturers and buyers, complicating feed formulation economics and long-term planning.

  • Competition from Alternatives: Plant-based and novel protein sources compete aggressively on cost, particularly in less demanding applications and when fish meal prices spike.

  • Regulatory Compliance: Stringent environmental regulations (emissions, wastewater treatment), food safety standards (heavy metals, dioxins, histamine), and traceability requirements require ongoing investment in compliance systems.

  • Climate Change Impacts: Warming oceans, acidification, and changing marine ecosystems affect fish stock distribution, abundance, and productivity, creating long-term uncertainty for supply.

  • Perception Issues: Concerns about overfishing and marine resource depletion can create negative perceptions, requiring proactive sustainability communication.

Value Chain Analysis

1. Fishery Management & Regulation: Government authorities set catch quotas, fishing seasons, and technical measures based on scientific stock assessments (e.g., IMARPE in Peru, NOAA in USA, ICES in Europe). International commissions manage shared stocks.

2. Harvesting/Fishing Operations: Fishing vessels (purse seiners, trawlers) capture small pelagic fish or fishing vessels/processing plants supply by-products. Vessel technology (fish finding, efficient capture) impacts raw material quality and quantity.

3. Raw Material Transport & Handling: Rapid transport from fishing grounds to processing facilities (often within hours). Vessel-to-plant pumping systems, refrigerated seawater (RSW) tanks, and ice preservation maintain freshness and quality.

4. Processing Plant Operations:

   • Cooking: Raw material is cooked to coagulate proteins and liberate oil and water.

   • Pressing: Cooked material is pressed to separate liquid (oil + water) from solid press cake.

   • Liquid Separation: Liquid stream is centrifuged to separate fish oil from stick water (aqueous phase).

   • Stick Water Concentration: Stick water is evaporated to create fish solubles (concentrated protein).

   • Drying: Press cake (with or without added solubles) is dried using steam or flame drying to produce fish meal with controlled moisture content (6-10%).

   • Cooling & Grinding: Dried meal is cooled, ground to uniform particle size, and possibly treated with antioxidants (ethoxyquin or natural alternatives).

   • Quality Control & Analysis: Testing for protein content (typically 62-72%), fat, moisture, ash, amino acid profile, histamine, and contaminants.

5. Storage & Inventory Management: Bulk storage in silos or bagged storage in warehouses, with inventory management systems tracking quality parameters and traceability.

6. Logistics & Distribution: Transport to domestic customers (feed mills) or export through containerized shipments or bulk vessels to international markets.

7. Feed Manufacturing: Feed mills formulate and incorporate fish meal into complete feeds for aquaculture, poultry, swine, and other species, often blending with other protein sources.

8. Animal Production: Feeds are delivered to farms (aquaculture, poultry, livestock) where fish meal contributes to animal growth, health, and product quality.

9. Retail & Consumption: End products (farmed fish, meat, eggs, milk) reach consumers, with increasing interest in sustainable and responsibly produced food.

10. Recycling & Circular Economy: Fish processing by-products from human consumption re-enter the value chain, closing the loop on resource utilization.

Quick Recommendations for Stakeholders

• For Fish Meal Producers:

  • Invest in sustainability certifications (MSC, IFFO RS) to access premium markets and meet buyer requirements

  • Develop processing capabilities for by-product streams to diversify raw material sources

  • Implement advanced quality control systems (real-time NIR analysis) for consistent product quality

  • Build traceability systems to document sustainable sourcing and quality parameters

  • Explore value-added products (functional fish meals, species-specific formulations) for premium positioning

  • Invest in energy-efficient and environmentally compliant processing technologies

• For Fishing Companies & Vessel Operators:

  • Maintain raw material quality through rapid handling, refrigeration, and careful storage

  • Participate in sustainable fishery management and certification programs

  • Explore vertical integration or partnerships with processing facilities

  • Document fishing practices and origin data to support traceability requirements

• For Feed Manufacturers:

  • Develop strategic relationships with multiple fish meal suppliers to ensure supply security

  • Optimize formulation strategies to manage fish meal inclusion rates based on price and availability

  • Qualify alternative protein sources while maintaining fish meal for critical applications

  • Provide feedback to suppliers on quality parameters and performance requirements

  • Support certification and sustainability initiatives throughout the supply chain

• For Aquaculture Producers:

  • Understand the nutritional value of fish meal in your production systems and species

  • Work with feed suppliers to optimize feeding programs and feed conversion

  • Support sustainable sourcing through purchasing policies favoring certified products

  • Explore opportunities for local or regional fish meal supply development

• For Investors:

  • Focus on companies with diversified sourcing (multiple species, by-product capabilities) and strong sustainability credentials

  • Evaluate exposure to Peruvian production and El Niño risk

  • Consider investments in by-product processing technologies and novel protein alternatives as complementary positions

  • Monitor aquaculture growth trends and regulatory developments affecting fishing quotas

  • Assess vertical integration (fishing to processing to feed) as a risk mitigation strategy

• For Policymakers & Regulators:

  • Implement science-based fishery management to ensure long-term stock sustainability

  • Support development of fish processing by-product utilization through incentives or infrastructure

  • Facilitate certification and traceability systems to enhance market access

  • Invest in research on alternative protein sources to complement fish meal availability

  • Balance conservation objectives with industry economic viability through stakeholder engagement

• For Technology Providers:

  • Develop advanced processing equipment for improved efficiency, quality preservation, and environmental compliance

  • Create digital traceability solutions for supply chain transparency

  • Innovate in quality analysis tools (rapid testing, online monitoring)

  • Design energy recovery and waste reduction systems for processing plants

  • Offer automation and control systems for consistent product quality

• For Sustainability Organizations & NGOs:

  • Continue developing robust certification standards for reduction fisheries

  • Support capacity building for sustainable fishery management in developing regions

  • Promote by-product utilization as a circular economy solution

  • Facilitate multi-stakeholder dialogue on sustainable protein sources for aquaculture

  • Communicate the role of responsible fish meal in sustainable food systems