Through a comprehensive review of the latest scientific research on the impacts of reduction fisheriesa on marine ecosystems, an examination of the geographies of destruction in which fishmeal and fish-oil (FMFO) production take place, and a brief analysis of some of the major corporate players behind the expansion of the aquafeed industry into a multi-billion-euro business, this report will show how current market dynamics are fundamentally broken. Grinding wild fish into FMFO to feed a growing aquaculture industry raises concerns of overfishing, poor animal welfare and disruption of aquatic food webs; it also undermines food security, as less fish is available for direct human consumption.1 Given the rapid growth of the sector, it is clear that the aqua- culture industry’s business-as-usual approach is pushing marine resources beyond planetary boundaries and disregarding the welfare of hundreds of billions of sentient animals.