Once again, soybean meal is not used as a binding agent, it's used as a source of protein. I never said that in this case it played a
significant role in the protein profile of the food, I doubt that it does, but make no mistake about it at the end of the day
all of the protein found in every raw ingredient plays into the total crude protein content in commercial fish food. The fact that you even question that once again demonstrates your overall ignorance on this subject.
The problem with soy is that not only is it a terrestrial based protein, it's a raw ingredient that can carry excess baggage in the form of anti-nutritional matter. Ditto to pea protein. (dried peas) One can greatly reduce that issue via cooking, but the anti-nutritional matter can vary greatly from batch to batch, and season to season. Soy isolate and soy concentrate don't have this problem, but they are FAR more costly, and almost never used in the fish food industry due to the cost. In fact, in years past I know of only one manufacturer that ever used soy in that form. The co$t of raw ingredients will typically paint the most accurate portrayal of the final product. When I see raw ingredients such as soybean meal, dried potato, etc, I simply stop reading. I personlly refuse to feed it to my fish.
Protein and energy digestibility of any raw ingredient, is based on numerous factors, including species of fish (not all omnivores and/or herbivores process the same ingredients in the same manner), the type of processing of that raw ingredient, including the manner in which it is processed. A single screw extruder vs a twin screw extruder running at higher temps can result in different digestibilty, and bioavailabilty, of the exact same raw ingredient. Protein apparent digestibility coefficients (ADCs) have been shown to be as high as 100% for wheat gluten meal, when fed to a carnivorous species such as Rainbow Trout, Oncorhynchus mykiss, yet most trout/salmon are turned off by the taste of soybeans, hence they eat less, and thus grow less.
As far as questioning the herring meal, as though the herring meal used in the vast majority of fish foods is comprised of waste (processing left overs), the reality is it's the exact opposite. The pelagic species (herring, anchovy, menhaden, sardines, etc) that are used most often for this purpose are made from "whole" fish, not leftover processing waste. White fish meal would fall under the latter.
http://www.thefishsite.com/articles/1288/production-consumption-of-fishmeal
Herring meal specifically;
http://www.wcrl.com/products/product_spec_sheets/herring_meal.htm
These are small bony fish, common sense should confirm that the fish is being used on a whole basis, not filleted as a salmon or cod would be.
Fish food manufacturers don't add raw ingredients such as soybean meal and dried potato to increase the nutritional value of the food, they do so in an attempt to save production costs.