IMARC Group’s report titled “India Aquafeed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the India aquafeed market trends. The market size reached 1.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 2.8 Million Tons by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
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Factors Affecting the Growth of the India Aquafeed Industry:
- Increasing Demand for Seafood:
As the demand for seafood is growing across India, there is a need to increase the production of fish and shrimp through aquaculture. To support this expansion, aquaculture farmers require a reliable source of high-quality aquafeed to nourish their aquatic livestock. Consumers are increasingly incorporating seafood into their diets due to its nutritional benefits. As a result, there is an escalating demand for a variety of fish and shrimp species. This diversity in consumer preferences requires different types of specialized aquafeeds tailored as per the specific needs of each species.
- Government Initiatives:
The Government of India is providing financial support in the form of subsidies and incentives to promote aquaculture and fisheries. These subsidies can significantly reduce the production costs for aquaculture farmers, making it more financially viable to invest in high-quality aquafeed. They are also funding research and development (R&D) projects related to aquafeed formulation and production techniques. This is leading to the development of innovative and cost-effective aquafeed products, which benefit both farmers and aquafeed manufacturers.
- Technological Advancements:
Technological innovations are enabling aquafeed manufacturers in India to develop more precise and nutritionally balanced feed formulations. This ensures that aquaculture species receive the necessary nutrients, leading to faster growth and better health. Advanced processing techniques allow for better nutrient delivery within aquafeed pellets. This ensures that the nutrients are more easily absorbed by fish and shrimp, leading to improved feed conversion ratios and reduced wastage.
Leading Companies Operating in the India Aquafeed Industry:
- being Alltech Biotechnology Pvt. Ltd. (Alltech, Inc.)
- Avanti Feeds Limited
- Cargill India Private limited (Cargill Inc
- Godrej Agrovet Limited (Godrej Group)
- Growel Feeds Private Limited
- IB Group
- Skretting Aquaculture India Private Limited (Nutreco NV) and UNO Feeds.
India Aquafeed Market Report Segmentation:
By Species:
- Carp Feeds
- Marine Shrimps
- Tilapias
- Catfishes
- Marine Fishes
- Salmons
- Freshwater (FW) Crustaceans
- Trouts
- Others
On the basis of the species, the market has been divided into carp feeds, marine shrimps, tilapias, catfishes, marine fishes, salmons, freshwater (FW) crustaceans, trouts, and others.
By Ingredients:
- Soybean
- Corn
- Fish Meal
- Fish Oil
- Additives
- Others
Based on the ingredients, the market has been segregated into soybean, corn, fish meal, fish oil, additives, and others.
By Additives:
- Vitamins and Minerals
- Antioxidants
- Feed Enzymes
- Others
On the basis of the additives, the market has been classified into vitamins and minerals, antioxidants, feed enzymes, and others.
By Product Form:
- Pellets
- Extruded
- Powdered
- Liquid
Based on the product form, the market has been divided into pellets, extruded, powdered, and liquid.
Regional Insights:
- North India
- West and Central India
- South India
- East India
Region-wise, the India aquafeed market has been segmented into North India, West and Central India, South India, and East India.
India Aquafeed Market Trends:
There is a growing demand for high protein aquafeeds as consumers are seeking nutritious seafood in the country. Aquaculture farmers are increasingly using protein-rich feeds to ensure the rapid growth of fish and shrimp.
Sustainability is a key trend in India, with aquafeed manufacturers focusing on environment friendly ingredients and production processes. This aligns with the need to reduce the environmental impact of aquaculture.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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