Fish Meal Price Trend and Forecast 2026-2027

China paid the most for fish meal in Q3 2026: USD 2,200/MT, up 1.4% from USD 2,170/MT in Q2. Import needs, freight costs and steady demand from feed and aquaculture makers keep Chinese prices above the other three markets. Worldwide, the average rose 1.4% to USD 2,025/MT from USD 1,998/MT, mostly because lower landings of fish and firm demand from feed and aquaculture makers led processors and importers to raise prices in all four markets. What about Q4 2026? We expect a global average somewhere in the USD 1,975-2,135/MT range, with anchovy landings and quotas, El Nino conditions, demand from aquaculture and pig feed makers and freight costs doing most of the work.

Fish meal is a protein-rich powder made by cooking, pressing and drying whole fish or fish trimmings. It is a key ingredient in feed for farmed fish and shrimp, pigs, poultry and pets. Prices in this report refer to prime grade fish meal with about 65 percent protein in bulk and are quoted per metric ton. They depend on fish landings, soybean meal prices and demand from feed makers.

Peru, Chile, Denmark, Norway, Iceland and Vietnam are large producers, and Peru is the largest exporter. Processors cook, press and dry the fish, and the resulting meal is ground and bagged. Supply depends on fishing quotas and weather, including the El Nino, which affects anchovy catches in Peru. China is the largest importer, followed by Norway, Japan and Vietnam.

Fish Meal Price Forecast for 2026

Prices should rise modestly through the rest of 2026. Landings are lower and demand from aquaculture feed makers is steady. Good catches in Peru limit the size of the increase. For reference, the Q3 2026 global average of USD 2,025/MT compares with USD 1,942/MT a year earlier, an increase of 4.3%.

The risks for Q4 are balanced, with no clear tilt either way. What could push prices higher? Lower landings, tighter quotas, El Nino events or stronger demand from aquaculture feed makers would lift prices. What could pull them lower? Higher landings, larger quotas, lower soybean meal prices or weaker demand from feed makers would lower prices.

For the Quarter Ending September 2026

Fish Meal Prices Q3 2026:

• Peru: USD 1,850/MT
• Chile: USD 1,950/MT
• Denmark: USD 2,100/MT
• China: USD 2,200/MT

Fish Meal Prices in Peru

In Q3 2026, the average price in Peru rose 1.5% to USD 1,850/MT, compared with USD 1,823/MT in Q2. Peruvian prices rose as the demand from feed and aquaculture makers improved. Measured against Q3 2025, when the average stood at USD 1,765/MT, the market is 4.8% higher. The price in Peru was 8.6% below the group average of USD 2,025/MT in Q3 2026.

Why did the price of Fish Meal change in Q3 2026 in Peru?

Peru rose. Demand from feed and aquaculture makers improved, fishing costs increased, and processors raised prices. The cumulative 2026 change for Peru is a 3.5% increase, from USD 1,787/MT to USD 1,850/MT, while the global average shows a 3.2% gain over the same period. For comparison, the global average moved 1.4% higher over the same quarter.

Fish Meal Prices in Chile

Chile's average moved up 1.3% in Q3 2026, to USD 1,950/MT from USD 1,925/MT in Q2. Chilean prices rose as the demand from aquaculture feed makers improved. In Q3 2025 the average was USD 1,873/MT, so the market is 4.1% higher on a yearly basis. The gap to the four-market average of USD 2,025/MT was 3.7% below for Chile.

Why did the price of Fish Meal change in Q3 2026 in Chile?

Chile rose. Demand from aquaculture feed makers improved, fishing costs increased, and processors raised offers. At USD 1,950/MT, Chile is 3.1% higher than in Q4 2025, when the average was USD 1,891/MT, and the global average is 3.2% higher over the same period. The global average shifted 1.4% higher in the same quarter.

Fish Meal Prices in Denmark

Prices in Denmark firmed 1.2% in Q3 2026 to USD 2,100/MT, compared with USD 2,075/MT in Q2. Danish prices rose as the demand from feed and pet food makers improved. This represents a 3.8% increase on the USD 2,023/MT recorded in Q3 2025. Relative to the four-market average of USD 2,025/MT, Denmark traded 3.7% above in Q3 2026.

Why did the price of Fish Meal change in Q3 2026 in Denmark?

Denmark rose. Demand from feed and pet food makers improved, energy costs increased, and processors raised prices. This leaves Denmark 2.8% higher than at the end of 2025, when the average was USD 2,042/MT, while the global average is 3.2% higher over the same period. Across the four markets the average was 1.4% higher on the quarter.

Fish Meal Prices in China

China recorded a 1.4% gain in Q3 2026, with the average reaching USD 2,200/MT against USD 2,170/MT in Q2. Chinese prices rose as the demand from feed and aquaculture makers improved. The year-on-year change is a 4.5% increase, from USD 2,106/MT in Q3 2025. This places China 8.6% above the four-market average of USD 2,025/MT for Q3 2026.

Why did the price of Fish Meal change in Q3 2026 in China?

China rose. Demand from feed and aquaculture makers improved, import costs increased, and importers raised prices. From USD 2,131/MT at the close of 2025 to USD 2,200/MT in Q3 2026, the price in China has risen 3.2%, and the global average has risen 3.2%. On the global measure the average was 1.4% higher over the quarter.

For the Quarter Ending June 2026

Fish Meal Prices Q2 2026:

• Peru: USD 1,823/MT
• Chile: USD 1,925/MT
• Denmark: USD 2,075/MT
• China: USD 2,170/MT

Fish Meal Prices in Peru

Peru recorded a 1.1% gain in Q2 2026, with the average reaching USD 1,823/MT against USD 1,803/MT in Q1. Peruvian prices rose as the demand from feed makers strengthened. Taking Q2 2025 as the base, at USD 1,731/MT, the latest quarter is 5.3% higher. The four markets averaged USD 1,998/MT in the quarter, so the price in Peru was 8.8% lower.

Why did the price of Fish Meal change in Q2 2026 in Peru?

Peru rose. Demand from feed makers strengthened, fishing costs went up, and processors lifted prices. After a 0.9% gain in Q1, the quarter closed 5.3% above the USD 1,731/MT recorded in Q2 2025. The same direction continued in Q3, with the price reaching USD 1,850/MT. On the global measure the average was 1.0% higher over the quarter.

Fish Meal Prices in Chile

The Q2 2026 average for Chile stood at USD 1,925/MT, an increase of 1.0% on the USD 1,906/MT recorded in Q1. Chilean prices rose as the demand from feed makers strengthened. Against the USD 1,844/MT recorded in Q2 2025, the current average represents a 4.4% increase. In comparison with the average of USD 1,998/MT across the four markets, the price in Chile was 3.7% lower.

Why did the price of Fish Meal change in Q2 2026 in Chile?

Chile rose. Demand from feed makers strengthened, energy costs went up, and processors lifted offers. This came on top of a 0.8% gain in Q1, and the average ended 4.4% above its level of a year earlier, when it stood at USD 1,844/MT. Q3 added to the change, with the price at USD 1,950/MT.

Fish Meal Prices in Denmark

Denmark registered a 0.9% increase in Q2 2026, taking the average to USD 2,075/MT from USD 2,057/MT in Q1. Danish prices rose as the demand from feed makers strengthened. The Q2 2025 average of USD 1,991/MT puts the current price 4.2% above its level a year earlier. Denmark ended the quarter 3.9% above the group average of USD 1,998/MT.

Why did the price of Fish Meal change in Q2 2026 in Denmark?

Denmark rose. Demand from feed makers strengthened, labor costs went up, and processors lifted prices. Q1 had brought a 0.7% gain, and by the end of Q2 the price was 4.2% above the Q2 2025 average of USD 1,991/MT. The move then extended in Q3, taking the price to USD 2,100/MT. The global average shifted 1.0% higher in the same quarter.

Fish Meal Prices in China

China gained 1.0% to USD 2,170/MT in Q2 2026, from USD 2,148/MT in Q1. Chinese prices rose as the demand from feed makers strengthened. Year on year, the average is 5.1% higher, against USD 2,065/MT in Q2 2025. The price in China was 8.6% above the group average of USD 1,998/MT in Q2 2026.

Why did the price of Fish Meal change in Q2 2026 in China?

China rose. Demand from feed makers strengthened, freight costs went up, and importers lifted prices. Coming after a 0.8% gain in Q1, the Q2 figure sits 5.1% above the USD 2,065/MT of Q2 2025. The same direction continued in Q3, with the price reaching USD 2,200/MT. Across the four markets the average was 1.0% higher on the quarter.

Quarterly Fish Meal Price Trends

Fish Meal prices rose through 2025 and the first half of 2026 and rose again in the third quarter in all four markets. The global average moved from USD 1,878/MT in Q1 2025 to 1,908 in Q2, 1,942 in Q3 and 1,963 in Q4, then 1,978 in Q1 2026, 1,998 in Q2 and 2,025 in Q3, a net gain of roughly 7.8% across the window. Higher fishing and energy costs, lower landings and steady demand from feed and aquaculture makers lifted prices for six quarters.

What was Fish Meal Price in 2025?

2025 was a year of gradual increases for fish meal, with prices rising in each quarter in all four markets. Starting near USD 1,878/MT in Q1, the global average finished the year at 1,963 in Q4, a gain of about 4.5%. Higher fishing and energy costs, lower landings and steady demand from feed and aquaculture makers supported processors throughout the year.

Fish Meal Prices in Peru in 2025

In Peru, prices moved from about USD 1,702/MT in Q1 2025 to USD 1,787/MT by Q4, up roughly 5.0%. Peruvian prices rose gradually as fishing costs and demand from feed makers increased. The Q4 2025 close of USD 1,787/MT compares with USD 1,850/MT in Q3 2026, a 3.5% increase. The quarterly sections above show how the annual average developed over the year.

Fish Meal Prices in Chile in 2025

In Chile, prices moved from about USD 1,818/MT in Q1 2025 to USD 1,891/MT by Q4, up roughly 4.0%. Chilean prices rose gradually as the energy costs and demand from feed makers increased. Relative to the end of 2025, the price in Chile is 3.1% higher at USD 1,950/MT. The quarterly breakdown above allows each stage of that path to be traced.

Fish Meal Prices in Denmark in 2025

In Denmark, prices moved from about USD 1,964/MT in Q1 2025 to USD 2,042/MT by Q4, up roughly 4.0%. Danish prices rose gradually as the labor costs and demand from feed makers increased. By Q3 2026 the average for Denmark had reached USD 2,100/MT, 2.8% above the Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.

Fish Meal Prices in China in 2025

In China, prices moved from about USD 2,030/MT in Q1 2025 to USD 2,131/MT by Q4, up roughly 5.0%. Chinese prices rose gradually as the freight costs and demand from feed makers increased. The latest quarter places China at USD 2,200/MT, which is 3.2% above the level at which 2025 ended. The quarterly sections above show how the annual average developed over the year.

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Expert Market Research: Your Source for Real-Time Fish Meal Price Intelligence

We keep a continuous eye on fish meal prices wherever it is produced or consumed at scale, tracing causation through fish landings, fishing quotas, El Nino, soybean meal prices, freight and demand from aquaculture and pig feed makers. Our forecasts draw on production data, trade flows, input cost trends and demand indicators across all reporting regions, so subscribers see why a price moved and not just that it did. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.