According to the latest report by IMARC Group, "India Aquafeed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India aquafeed market size reached 1.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 2.8 Million Tons by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
Aquafeed represents specialized feed formulations that are given to aquatic farmed animals. They are prepared utilizing several ingredients, such as soybean, fish meal, corn, additives, fish oil, etc. Aquafeed products are rich in vitamins, amino acids, fatty acids, etc., that offer an extensive variety of growth-promoting, nutritional, and immune-resistant benefits to the farmed aquatic animals. Consequently, they are in widespread demand across India.
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Market Trends
The expanding health consciousness among individuals and the increasing awareness about the advantages of consuming aquafeed are primarily driving the India aquafeed market. Additionally, the elevating improvement in cold chain facilities that have allowed seafood sales to expand from local wet markets to organized retail channels is acting as another significant growth-inducing factor. Furthermore, the shifting preferences toward natural and organic feeds that have prompted manufacturers to incorporate high-quality raw materials which provide functional benefits and eliminate synthetic components are also positively influencing the market across the country. Apart from this, the escalating focus among leading market players on improving the stability of feed pellets, lowering fine proportion, and enhancing pellet density and extension is further stimulating the Indian market. Moreover, the rising requirement for commercially manufactured feed as compared to homemade products, owing to the improved bioavailability of numerous nutrients and reduced environmental pollution, the growing mass production of fish, and the launch of various favorable subsidies by the government bodies for fish and shrimp farmers aimed at promoting seafood production and farming activities are expected to propel the India aquafeed market over the forecasted period.
Breakup by Species:
- Carp Feeds
- Marine Shrimps
- Tilapias
- Catfishes
- Marine Fishes
- Salmons
- Freshwater (FW) Crustaceans
- Trouts
- Others
Breakup by Ingredients:
- Soybean
- Corn
- Fish Meal
- Fish Oil
- Additives
- Others
Breakup by Additives:
- Vitamins and Minerals
- Antioxidants
- Feed Enzymes
- Others
Breakup by Product Form:
- Pellets
- Extruded
- Powdered
- Liquid
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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