This trial aimed to assess the growth performance of trout (Oncorhynchus mykiss) fed novel formulations, evaluate fish welfare status, and determine flesh quality as part of the evaluation of sustainable feeds. A control diet containing fish meal and soy products (CTRL) was compared to: a diet with processed animal proteins (PAP); a diet without PAP (NoPAP); a PAP diet lower in protein (PAP−); and a NoPAP diet higher in protein (NoPAP+). Groups of 50 fish, weighing 58.84 ± 1.39 g (IBW), were allocated to 20 tanks and fed with formulated diets ad libitum over 91 days. Better growth performance was observed after the experiment in fish fed the NoPAP+ diet when compared to other diets. Protein retention was higher in CTRL diets than in PAP and PAP− diets. Protein and phosphorous digestibility were lower in fish fed PAP− diet. Diets did not influence the texture analysis. However, sensory analysis revealed higher acceptance for fish fed the NoPAP diet when compared to the PAP diet. Lysozyme was higher in the NoPAP diet than in other treatments. In addition, long-term predictions using FEEDNETICSTM software suggest some of these alternative formulations may be economically sustainable. Overall, these results support the hypothesis that the new formulations are viable options for trout farming.