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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Aquafeed Market Outlook
The India aquafeed market stood at a value of around USD 1.76 billion in 2023. The market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032.
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Increase in Carp Production to Aid the India Aquafeed Industry
Based on species, carps account for a significant share in the industry and are likely to witness a significant growth in the forecast period. This can be attributed to the growth of the freshwater aquaculture segment in the country, which significantly contributes to the total annual aquaculture production. The favourable government initiatives to increase the productivity of aquaculture are aiding the segment growth. For instance, the fish farmers in Orissa have been able to double their production owing to the ongoing carp intensification programme, supported by WorldFish and the state government. Moreover, the growing popularity of carp spawn feed, carp fry feed, carp grow-out feed, and carp brood feed is expected to further aid the segment growth in the forecast period.
Rising Demand for Aquafeed Ingredients to Bolster the Aquafeed Industry Growth in India
On the basis of ingredient, the fish oil segment is anticipated to account for a considerable share in the market. This can be attributed to the increasing demand for the product in the shrimp feed industry formulations. India is one of the leading global shrimp producers. The increasing consumption of seafood is likely to aid the market growth in the forecast period. Meanwhile, the fishmeal segment is estimated to grow significantly in the forecast period, owing to the production of high-quality fishmeal for small-scale aquaculture. Furthermore, it is a low-temperature meal, which is produced by steam drying, which makes it highly digestible. Also, it facilitates rapid growth, therefore, it is also suitable for salmon farming.
The demand for aquafeed is likely to witness a significant growth in states like Andhra Pradesh and West Bengal owing to the flourishing aquaculture industry. The rising fish farming in West Bengal is likely to generate a healthy demand for aquafeed in the forecast period.
Aquafeed: Market Segmentation
Aquafeed is a part of aquaculture and as the name suggests, it can be used as a feed for aquatic organisms. Aquafeed usually contains essential vitamins and minerals, which helps to meet the dietary requirements of various aquatic creatures, further enhancing their health and boosting production.
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Based on ingredient, the market is divided into:
- Soybean
- Fish Meal
- Corn
- Fish Oil
- Additives
- Others
On the basis of additives, the industry is segmented into:
- Antioxidants
- Vitamins and Minerals
- Feed Enzymes
- Others
By product form, the market can be categorised into:
- Pellets
- Extruded
- Powdered
- Liquid
The significant species in the aquafeed market include:
- Carps
- Shrimp
- Marine Fishes
- Tilapia
- Catfish
- Salmon
- Freshwater (FW) Crustaceans
- Trouts
- Others
The regional markets for the product in India include North, West and Central, South, and East.
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Thriving Aquaculture Industry in India and the Varied Nutritional Demand for Different Species to Boost the India Aquafeed Industry Growth
The aquafeed market in India is being driven by the thriving aquaculture sector in the country. The aquaculture industry in the region can flourish only if all the aquatic animals are well fed with proper nutrition. The vitamins and minerals present in aquafeeds are essential for the growth of aquatic animals. Over the forecast period, the increase in domestic consumption as well as the export of fishes is expected to aid the market growth. Also, different species require different types of animal feed, which depend on their body structure, temperature, and weight of the organism. Therefore, the increasing demand for aquafeed to boost fish production is expected to provide a further impetus to the market in the forecast period.
Key Industry Players in the India Aquafeed Market
The report gives a detailed analysis of the following key players in the India aquafeed market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Cargill, Incorporated
- Growel Feeds Pvt. Ltd.
- Kwality Feeds Ltd.
- Godrej Agrovet Limited
- IB Group
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Ingredient |
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| Breakup by Additives |
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| Breakup by Product Form |
|
| Breakup by Species |
|
| Breakup by Regions |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the India aquafeed market attained a value of nearly USD 1.76 billion.
The market is projected to grow at a CAGR of 8% between 2024 and 2032.
The major drivers of the market include the increasing demand for aquafeed to boost fish production, increasing demand for the product in the shrimp feed industry formulations, increasing consumption of seafood, production of high-quality fishmeal for small-scale aquaculture, growth of the freshwater aquaculture, and favourable government initiatives.
The thriving aquaculture sector and the increase in domestic consumption as well as the export of fishes are the key industry trends propelling the market's growth.
The major regions in the industry are North, West and Central, South, and East.
The ingredients include soybean, fish meal, corn, fish oil, and additives, among others.
On the basis of additives, the industry is segmented into antioxidants, vitamins and minerals, and feed enzymes, among others.
By product form, the market can be categorised into pellets, extruded, powdered, and liquid.
The significant species in the aquafeed market include carps, shrimp, marine fishes, tilapia, catfish, salmon, freshwater (FW) crustaceans, and trouts, among others.
The major players in the industry are Cargill, Incorporated, Growel Feeds Pvt. Ltd., Kwality Feeds Ltd., Godrej Agrovet Limited, and IB Group, among others.
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