India Aquafeed Market Size
| 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
*Disclaimer: Major Players sorted in no particular order |
India 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 a major market for aquaculture feed, with a diverse range of aquatic species significantly contributing to the export market. In India, sales of aquafeed have transitioned from unorganized retail outlets such as wet markets to organized retail formats like supermarkets, driven by increasing disposable incomes, heightened health awareness, and enhanced cold chain infrastructure. Additionally, the volume of fish catch has been on the rise for several years, reaching 17.54 million metric tons in 2022, as reported by the Ministry of Fisheries, Animal Husbandry & Dairying.
- Consequently, the surge in fish catch volumes indicates an increase in aquafeed demand, which is propelling market growth. The annual production capacity of aquafeed mills in India reached 3.3 million metric tons in 2023. The country's coastal line is about 7,517 km, with 195.20 km of river and canal systems, aiding the country in cultivating high-quality aquafeed products. Andhra Pradesh is the largest aquafeed-consuming state in India and the major producer of aquafeed products. For instance, according to the report titled NRCP for Aquaculture Products (2023), Andhra Pradesh produced 77.5% of the total cultured crustaceans in India.
- Furthermore, across Asia-Pacific countries, 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’s growth.
India Aquafeed Market Trends
Increase in Fish Seed Production Driving the Market
The key driver behind the increasing demand for fish seed and aquaculture feed production is the increased demand for aqua food products. The availability of quality fish seed is crucial for the growth of fish farming. Currently, there is a strong demand for fish seed that remains unmet, and it is anticipated to increase, making it a lucrative business in the country.
Similarly, initiatives taken by many government agencies are increasing fish seed production and boosting the demand for aquafeed. For instance, according to Fisheries Statistics (2022) by the Indian Ministry of Fisheries, Animal Husbandry & Dairying, fish seed production increased in 2021, reaching 5,40,690 lakh fry from 4,81,974 lakh fry in 2019. Additionally, in August 2021, the Aquaculture Development Agency Kerala (ADAK) started stocking fish with seeds in three of Kerala's four reservoirs where cage fish culture is implemented. The agency asserted that introducing cage culture in reservoirs is a significant step toward enhancing fish production in light of declining wild catch. It stated that it was entering a new era of utilizing the vast area currently available for aquaculture in the state of Kerala.
Moreover, owing to the increase in health consciousness, people are consuming residue-free food, which is pressurizing exporters to grow seafood that is good for their health. It significantly affects the aquafeed industry as proper feed for aquatic animals will help breed animals without diseases. This factor creates many new opportunities in the industry for market players to launch many natural and new-generation products.
Increase in Export of Aquaculture Products Driving the Indian Fish Feed Industry
India has seen significant growth in the export of aquaculture products, driven by increasing demand and advancements in aquaculture practices. In recent years, the industry has become a crucial part of the country's economy, contributing substantially to export earnings. In the financial year 2022-2023, India exported approximately 1.74 million metric tons of seafood worth USD 8.09 billion. The latest data highlighted India's position as one of the leading exporters of shrimp. For instance, frozen shrimp remained India's major export item in quantity and value in 2021-2022, accounting for a share of 53% in terms of quantity and 75% of the total revenue, as per government data. The United States, China, and the European Union remained the top markets for Indian shrimp, with the United States alone accounting for nearly 50% of shrimp exports.
The government has also played a crucial role by implementing policies and schemes aimed at enhancing production and ensuring sustainability. Initiatives such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) have provided financial assistance, infrastructure development, and technological support to boost the industry’s growth. Moreover, people worldwide are increasingly consuming food free of residue due to rising health and hygiene awareness and increasing pressure on Indian exporters to produce healthy seafood. For instance, according to the Reserve Bank of India, in the fiscal year 2022, the export value of fish and fishery products from India amounted to over USD 7.01 billion. This was a significant increase from the USD 5.35 billion recorded in the previous year. Such developments boost the aquafeed industry since high-quality fish and feed will help aquatic animals grow without acquiring diseases.
Aquatic products occupy a unique niche in the market, and India is anticipated to see an increase in demand for cultured seafood that is free of chemicals and rich in nutrients. Consequently, there will be a significant demand for aquaculture feed due to the rising population, increasing incomes, and swift urbanization. Therefore, it is expected that India's exports of aqua products will accelerate during the forecast period.
India Aquafeed Industry Overview
The fish feed industry in India is fragmented, with international players capturing the overall market and many small players competing with global leaders. Aller Aqua, Altech Inc., Archer Daniels Midland Co., Avanti Feeds Limited, and Cargill Inc. are a few active players in the market. The strategies these companies have adopted the most have been mergers and acquisitions, investments in R&D, and facility expansions to maintain a strong customer base across India.
India Aquafeed Market Leaders
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Altech Inc
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Archer Daniels Midland Co
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Aller Aqua
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Cargill Inc
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Avanti Feeds Limited
*Disclaimer: Major Players sorted in no particular order
India Aquafeed Market News
- February 2023: In the Union Budget 2023-2024, the Indian government declared reductions in customs duty on essential inputs for domestic shrimp feed production. This initiative was designed to boost domestic manufacturing, increase exports, and improve domestic value addition.
- April 2022: A new generation of shrimp post-larvae prepared diets was introduced by Zeigler Brothers, positioned as a successful alternative to the usage of Artemia. Zeigler claimed the diet includes easily absorbed microparticles that have been "microencapsulated to safeguard sensitive colors, fatty acids, enzymes, vitamins, and other nutrients" in an easily digestible matrix.
- April 2022: The Mobile Fish Feed Mill (CIFE Model), developed by the FNBP Division of the ICAR-Central Institute of Fisheries Education in Mumbai, Maharashtra, was officially launched by Jatindra Nath Swain, Secretary (Fisheries), Department of Fisheries, Ministry of Fisheries, Animal Husbandry & Dairying, Government of India. This initiative was designed to meet the needs of marginal farmers by enabling them to create feed from ingredients available at their pond sites.
Aquafeed Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Fish Feed
5.1.1.1 Ray-finned Fish Feed
5.1.1.2 Mackerel Feed
5.1.1.3 Ribbon Fish Feed
5.1.1.4 Cuttlefish Feed
5.1.1.5 Catfish Feed
5.1.1.6 Other Fish Feeds
5.1.2 Mollusk Feed
5.1.3 Crustacean Feed
5.1.4 Other Types
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Aller Aqua
6.3.2 Altech Inc.
6.3.3 Archer Daniels Midland Co.
6.3.4 BASF SE
6.3.5 Cargill Inc.
6.3.6 Avanti Feeds Limited
6.3.7 Nutreco NV
6.3.8 Growel Feeds Private Limited
6.3.9 UNO Feeds
6.3.10 Charoen Pokphand Food PCL
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Aquafeed Industry Segmentation
Aquafeed is any feed 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 fish feed industry in India is segmented by type (fish feed, mollusk feed, crustacean feed, and other types). 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 sizes and forecasts in value (USD) for all the above segments.
| Type | ||||||||
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| Mollusk Feed | ||||||||
| Crustacean Feed | ||||||||
| Other Types |
Aquafeed Market Research FAQs
How big is the India Aquafeed Market?
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.
What is the current India Aquafeed Market size?
In 2024, the India Aquafeed Market size is expected to reach USD 4.09 billion.
Who are the key players in India Aquafeed Market?
Altech Inc, Archer Daniels Midland Co, Aller Aqua, Cargill Inc and Avanti Feeds Limited are the major companies operating in the India Aquafeed Market.
What years does this India Aquafeed Market cover, and what was the market size in 2023?
In 2023, the India Aquafeed Market size was estimated at USD 3.91 billion. The report covers the India Aquafeed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Aquafeed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aquafeed Industry Report
Statistics for the 2024 Aquafeed market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aquafeed analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
