Fish meal is VERY processed dried and can sit in a ware house for 50 years with out trouble. Fish meal contains virtually no nutritional value other than processed proteins that are largely denatured and not utilizable to the fish.
In the absence of facts, experts abound .......
Even if someone was capable (financially or otherwise) to sit on fish meal long term, like all other raw ingredients it does half a shelf life, and it will eventually go rancid. Don't be fooled by the fairy tales that you read online by those who are promoting their "almost natural" ingredients, as though their raw ingredients are somehow magically mixed the day before your fish consumes the food.
That type of marketing is what Denny Crews from Omega used to use to market his "Fresh from Alaska" food, yet most hobbyists probably don't realize that Omega is now located on the shores of Lake Erie. Trust me, no salmon etc that is fit for human consumption is being utilized in commercial fish food, when commercial fisherman can sell the same product for 10-50 times the value. Fish that have little human value due to their size, fat content, and bone structure are utilized for fish food, such as herring, menhaden, and anchovie. White fish meal is typically the processing plant waste/leftovers. Again, not something that is generally fit for human consumption, but can still provide quality amino acids, lipids, and minerals.
A high quality fish meal is not only nutrient rich, the amino acid content is most certainly able to be utilized by fish. The following article was written by R.D. Miles, Professor, Department of Animal Sciences, and F.A. Chapman, Associate Professor, Department of Fisheries and Aquatic Sciences; Florida Cooperative Extension Service, University of Florida,
http://edis.ifas.ufl.edu/fa122
Are there different types & even grades of fish meal, absolutely, no different than anything else, but fish meal is one of the most costly raw ingredients used in most commercial fish formulas.
Low cost feeds are typically low cost due to the cost of the raw ingredients, as well as the manner in which the feed is manufactured. It is far less costly to use grains & grain byproducts than it is to use marine proteins, such as herring, krill, etc. This is no different than dry dog foods, some run at 50% or more grain/carb content, some contain little to no grain content, with a total carb content of under 15-20%.
While a koi may be able to utilize 30+% carbs, most species of fish cannot, with many carnivorous species being able to assimilate as little as 10%. Carbs are relatively cheap, and supply an adequte energy source for fish, ensuring that the more costly amino acids are
never being used for energy. Period, end of story.
And again, just like low cost supermarket brand dog foods, what appears to be cheaper, is probably costing you more in the long run if you take a closer look at the total nutrient package, and the overall digestibilty of that food.
HTH