India Aquafeed Market Size (2024 - 2029)

The market size of the aquafeed industry in India is growing significantly due to factors such as a wide diversity of aqua species contributing to export business, a shift in sales from unorganized to organized retail channels, and an increase in fish catch volume. The capacity of Indian aqua feed mills and the country's vast coastal line also contribute to the high cultivation of aqua products. This large aquaculture industry presents substantial opportunities and potential for the aquafeed market. Additionally, the growth of the aquafeed market is driven by the increasing fish population in the Asia-Pacific region, spurred by the rising demand for meat and aquaculture products.

Market Size of India Aquafeed Industry

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India Aquafeed Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 4.09 Billion
Market Size (2029) USD 5.10 Billion
CAGR (2024 - 2029) 4.50 %
Market Concentration Medium

Major Players

India Aquafeed Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Aquafeed Market Analysis

The India Aquafeed Market size is estimated at USD 4.09 billion in 2024, and is expected to reach USD 5.10 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

  • India is the primary market for aquaculture feed as a wide diversity of aqua species contributes mainly to the export business. In this country, aqua feed sales have moved from unorganized retail channels, like wet markets, to organized retail channels, like supermarkets, because of rising disposable incomes, more health consciousness, and improved cold chain facilities. The fish caught volume also increased for several years and reached 12.18 million metric tons in 2020, according to the Ministry of Fisheries, Animal Husbandry & Dairying. Thus, the increase in fish caught-up volume shows the rise in aquafeed, thereby driving the market growth.
  • Additionally, Indian aqua feed mills can produce 2.9 million metric tons. Andhra Pradesh is the largest fish feed-consuming state in India. The country's coastal line is about 7,517 km with 195.20 km of river and canal systems, aiding the country in the high aqua products cultivation. For instance, according to the Ministry of Agriculture and Farmers Welfare (India), Karnataka, the southwestern coastal state of India, produced over 861 thousand metric tons of fish in the financial year 2020, which was a significant increase from the previous year, which accounted for about 588 thousand metric tons. From these sources, it is clear that the aquaculture industry is enormous in India, which provides vast opportunities and potential for the aquafeed industry.
  • Furthermore, in the Asia-Pacific region, there is an increase in the fish population, prompted by the growing demand for meat and aquaculture products, which is the primary driving force behind the aquafeed market growth.

Aquafeed Industry Segmentation

Aquafeeds are any feeds containing a balanced mix of essential nutrients such as amino acids, fatty acids, and vitamins administered to aquatic farmed animals as part of aquaculture. The India Aquafeed Market is segmented by type (fish feed, mollusks feed, crustaceans feed, and other types). The fish feed is sub-segmented into ray-finned fish feed, mackerel feed, ribbon fish feed, cuttlefish feed, catfish feed, and other fish feed. The report offers the market size and forecasts in value (USD million) for all the above segments.

Type
Fish Feed
Ray-Finned Fish Feed
Mackerel Feed
Ribbon Fish Feed
Cuttlefish Feed
Catfish Feed
Other Fish Feeds
Mollusks Feed
Crustaceans Feed
Other Types

India Aquafeed Market Size Summary

The Indian aquafeed market has been experiencing significant growth, with aquaculture feed sales transitioning from unorganized retail channels to organized ones due to factors such as rising disposable incomes and increased health consciousness. The country's extensive coastline and river systems contribute to high aqua product cultivation, creating vast opportunities for the aquafeed industry. Additionally, the increase in the fish population in the Asia-Pacific region, driven by the growing demand for meat and aquaculture products, is a primary driving force behind the market expansion. The demand for aquafeed is further boosted by the increase in fish seed production, a trend driven by the rising demand for aqua food products. Government initiatives have also played a crucial role in increasing fish seed production, thereby stimulating the demand for aquafeed. Furthermore, the increase in health consciousness among consumers has led to a demand for residue-free food, creating pressure on exporters to produce healthy seafood. This trend significantly impacts the aquafeed industry, with the need for proper feed for aqua animals to ensure they grow without diseases. The rising export value of fish also contributes to the growth of the aquafeed market, with companies focusing on producing more shrimp feed to meet both domestic and global demand.

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India Aquafeed Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Fish Feed

        1. 2.1.1.1 Ray-Finned Fish Feed

        2. 2.1.1.2 Mackerel Feed

        3. 2.1.1.3 Ribbon Fish Feed

        4. 2.1.1.4 Cuttlefish Feed

        5. 2.1.1.5 Catfish Feed

        6. 2.1.1.6 Other Fish Feeds

      2. 2.1.2 Mollusks Feed

      3. 2.1.3 Crustaceans Feed

      4. 2.1.4 Other Types

India Aquafeed Market Size FAQs

The India Aquafeed Market size is expected to reach USD 4.09 billion in 2024 and grow at a CAGR of 4.5% to reach USD 5.10 billion by 2029.

In 2024, the India Aquafeed Market size is expected to reach USD 4.09 billion.

Fish Feed Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)