US poultry meal prices near historic highs as tight fishmeal supply drives alternative protein demand

US poultry meal prices surged toward record levels in early September 2026, with market participants linking the rally to persistently tight global fishmeal supplies and robust demand from the aquaculture sector.

According to price reporting agency Fastmarkets, poultry by-product meal for pet food (14 ash, 64 protein, fob Mid-South) was assessed at $975 per short ton on 9 September 2026, up sharply from $925 per short ton the previous day and 18.7% above the $835 per short ton recorded on 10 August. The latest price nonetheless fell short of the June 2023 all-time high of $1,012.50 per short ton, which Fastmarkets attributed at the time to smaller-than-expected slaughter volumes and strong domestic and international demand.

Fastmarkets reported that buyers have increasingly turned to poultry by-product meal, chicken by-product meal, and chicken meal as replacements for fishmeal, which has become progressively harder to secure. Market sources told the agency that growing use of poultry meal in aquafeed formulations has supported both domestic and export demand for US poultry proteins. One participant noted that constrained fishmeal availability has encouraged additional fish farming activity in some regions, further intensifying demand for alternative feed ingredients.

Not all buyers were willing to follow prices higher, however. Fastmarkets noted that some market participants reported resistance at upper price levels, while others expected fishmeal availability to improve later in 2026.

The International Fishmeal and Fish Oil Organisation (IFFO), in its latest market assessment cited by Fastmarkets, said China's domestic marine ingredient production remained subdued in early 2026 and that fishmeal imports declined year on year. At the same time, aquaculture and aquafeed output increased, supported by elevated overwintering farmed fish stocks, with fishmeal demand in southern China expected to stay strong.

Separately, the Food and Agriculture Organization (FAO) reported that global fishmeal markets tightened during the first half of 2026 following lower fishing quotas in Peru and Chile. The FAO noted that China remained the dominant destination for Peruvian fishmeal exports and projected that prices would remain elevated through the rest of 2026 due to continued aquaculture demand and supply uncertainty.