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India Aquafeed Market Size (2024 - 2029)

The market size of the fish feed industry in India is experiencing growth driven by the country's significant aquaculture sector, which is a major contributor to export activities. The transition from unorganized to organized retail channels for aqua feed sales, fueled by increased disposable incomes and health consciousness, is further supporting this expansion. The rise in fish catch volume and the capacity of Indian aqua feed mills also indicate a robust market potential. Additionally, the extensive coastal and river systems in India facilitate substantial aqua product cultivation, enhancing opportunities for the aquafeed industry. The growing demand for meat and aquaculture products in the Asia-Pacific region is a key factor propelling the market's growth trajectory.

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Market Size of India Aquafeed Industry

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

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 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
Fish Feed
Ray-finned Fish Feed
Mackerel Feed
Ribbon Fish Feed
Cuttlefish Feed
Catfish Feed
Other Fish Feeds
Mollusk Feed
Crustacean Feed
Other Types
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India Aquafeed Market Size Summary

The fish feed industry in India is poised for significant growth, driven by the country's robust aquaculture sector and increasing demand for seafood both domestically and internationally. The shift from unorganized retail channels to more structured outlets like supermarkets, coupled with rising disposable incomes and health consciousness, has bolstered the aquafeed market. The expansive coastal and riverine systems in India, along with states like Andhra Pradesh and Karnataka, contribute to the high consumption and production of fish feed. This growth is further supported by government initiatives and contract farming schemes that provide farmers with the necessary resources to enhance aquaculture productivity. The focus on producing residue-free and nutritious seafood aligns with global health trends, creating opportunities for the development of innovative aquafeed products.

The Indian aquafeed market is moderately fragmented, with both international and local players vying for market share. Companies are increasingly investing in research and development, mergers, and acquisitions to strengthen their presence. The introduction of new products, such as insect-based meals and advanced shrimp diets, reflects the industry's commitment to sustainability and quality. As the demand for cultured seafood products rises, driven by population growth and urbanization, the aquafeed sector is expected to expand, offering substantial opportunities for growth and innovation. The increasing export value of fish and fishery products underscores the importance of high-quality aquafeed in meeting both domestic and global market demands.

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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 Substitute Products

      5. 1.4.5 Intensity of 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 Mollusk Feed

      3. 2.1.3 Crustacean 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.

Aquafeed Market Report Snapshots

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