The India aquafeed market size reached 1.8 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 3.7 Million Tons by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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1.8 Million Tons |
Market Forecast in 2032
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3.7 Million Tons |
Market Growth Rate 2024-2032 | 8.6% |
India represents one of the leading aquaculture markets across the globe on account of the rich biodiversity of aquatic species. Consequently, there is a high demand for aquafeed in the country to meet the growing need of aquaculture farmers and the expanding export businesses.
With increasing disposable incomes, growing health consciousness and improving cold chain facilities, seafood sales have expanded from local wet markets to organized retail channels, such as supermarkets. This represents one of the key factors fueling the growth of the aquafeed market in India. Moreover, the growing trend of natural and organic feeds has prompted manufacturers to incorporate high-quality raw materials that offer functional advantages and lower the usage of synthetic components. They are also enhancing the stability of feed pellets, reducing fine proportion, and improving pellets density and extension. Another major factor driving the industry growth is t significant shift from homemade feed to commercially available product variants. Along with enhancing the bioavailability of various nutrients, the commercial feed also helps in reducing environmental pollution and increasing profit margins. Furthermore, the Government of India is offering various subsidies for fish and shrimp farmers, which in turn is stimulating the growth of the aquafeed industry.
IMARC Group provides an analysis of the key trends in each sub-segment of the India aquafeed market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on species, ingredients, additives and product form.
Breakup by Species:
Breakup by Ingredients:
Breakup by Additives:
Breakup by Product Form:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players 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.
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | Million Tons |
Segment Coverage | Species, Ingredients, Additives, Product Form, Region |
Region Covered | North India, West and Central India, South India, East India |
Companies Covered | 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 |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The India aquafeed market reached a volume of 1.8 Million Tons in 2023.
We expect the India aquafeed market to exhibit a CAGR of 8.6% during 2024-2032.
The growing consumer inclination towards incorporating seafood, such as tuna, crab, shrimp, etc., in their daily diet, along with the widespread adoption of natural resources and sustainable raw materials by leading manufacturers to produce aquafeed, is primarily driving the India aquafeed market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary halt in various aquaculture activities and restrictions on the export and import of seafood.
Based on the species, the India aquafeed market can be segregated into carp feeds, marine shrimps, tilapias, catfishes, marine fishes, salmons, Freshwater (FW) crustaceans, trouts, and others. Currently, carp feeds hold the majority of the total market share.
Based on the ingredients, the India aquafeed market has been bifurcated into soybean, corn, fish meal, fish oil, additives, and others. Among these, soybean currently exhibits a clear dominance in the market.
Based on the product form, the India aquafeed market can be categorized into pellets, extruded, powdered, and liquid. Currently, pellets account for the largest market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where South India currently dominates the India aquafeed market.