Approximately 70% of the aquatic-based production of animals is fed aquaculture, whereby animals are provided with high-protein aquafeeds. Currently, aquafeeds are reliant on fish meal and fish oil sourced from wild-captured forage fish. However, increasing use of forage fish is unsustainable and, because an additional 37.4 million tons of aquafeeds will be required by 2025, alternative protein sources are needed. Beyond plant-based ingredients, fishery and aquaculture byproducts and insect meals have the greatest potential to supply the protein required by aquafeeds over the next 10–20 years. Food waste also has potential through the biotransformation and/or bioconversion of raw waste materials, whereas microbial and macroalgal biomass have limitations regarding their scalability and protein content, respectively. In this review, we describe the considerable scope for improved efficiency in fed aquaculture and discuss the development and optimization of alternative protein sources for aquafeeds to ensure a socially and environmentally sustainable future for the aquaculture industry.