- Increasing awareness on health and hygiene is resulting in people consuming residue-free food, which is building pressure on exporters to grow seafood that is good for health. This has a positive impact on the aqua feed industry as quality feed and fish seeds for aqua species will contribute in the growth of these species without any diseases.
- Shrimps form the major chunk of aqua culture market in India. In FY’20, frozen shrimps export contributed to the majority share of 51% as compared to other fisheries product such as frozen cuttle fish, frozen squid and frozen fish among others.
- Due to the massive contribution of shrimps to the overall aqua culture market, aqua feed manufacturing companies have initiated the process of focusing on producing larger amount of shrimp feeds to cater to the domestic as well as international demand.
Demand of Seafood will thrive the need for aquaculture feed in the coming years
The coastal line of the country is about 7,517 kilometers with 195.2 kilometers of river and canal systems. The country consists of 14 rivers, 44 medium rivers, and many small rivers. As aquatic items occupy a specific position in the market, India will witness a surge in demand for seafood. As a result, market demand for aquaculture feed will be driven by population growth, rising income, and fast urbanization, which will create a strong need for aquaculture feed for farming.
Higher Production of Carp to aid the Aquafeed Industry in the country
Based on species, carps account for a significant share in the industry and are likely to witness a significant growth in the forecast period. This can be attributed to the growth of the freshwater aquaculture segment in the country, which significantly contributes to the total annual aquaculture production. The favorable government initiatives to increase the productivity of aquaculture are aiding the segment growth. For instance, the fish farmers in Orissa have been able to double their production owing to the ongoing carp intensification Programme, supported by World Fish and the state government. Moreover, the growing popularity of carp spawn feed, carp fry feed, carp grow-out feed, and carp brood feed are expected to further aid the segment growth in the forecast period.
Increasing demand for Aquaculture feed ingredients to fuel the growth
On the basis of ingredient, the soy and fish oil segment is anticipated to account for a considerable share in the market. This can be attributed to the increasing demand for the product in the shrimp feed industry formulations. India is one of the leading global shrimp producers. The increasing consumption of seafood is likely to aid the market growth in the forecast period. Meanwhile, the fishmeal segment is estimated to grow significantly in the forecast period, owing to the production of high-quality fishmeal for small-scale aquaculture. Furthermore, it is a low-temperature meal, which is produced by steam drying, which makes it highly digestible. Also, it facilitates rapid growth, therefore, it is also suitable for salmon farming. The demand for aquafeed is likely to witness a significant growth in states like Andhra Pradesh and West Bengal owing to the flourishing aquaculture industry. The rising fish farming in West Bengal is likely to generate a healthy demand for aquafeed in the forecast period.
Surging Exports due to higher requirement of better-quality seafood
The aquafeed market in India is being driven by the thriving aquaculture sector in the country. The aquaculture industry in the region can flourish only if all the aquatic animals are well fed with proper nutrition. The vitamins and minerals present in aquafeeds are essential for the growth of aquatic animals. Over the forecast period, the increase in domestic consumption as well as the export of fishes is expected to aid the market growth. Also, different species require different types of animal feed, which depend on their body structure, temperature, and weight of the organism. Therefore, the increasing demand for aquafeed to boost fish production is expected to provide a further impetus to the market in the forecast period.
Future Opportunities for Indian Aquaculture Feed market players
Organic Fish Farming is in its initial stage of development. Organic fish production emphasizes on chemical-free, genetically modified products and pesticides. It also ensures animal welfare by decreasing the stocking density. The use of organic fish feed helps in raising aquatic animals in more sustainable manner. In recent years, it has been observed that the consumers inclination towards organic food has increased significantly and hence production of organic feed serves as an immediate opportunity for the players to cater the ever-increasing user base due to surging awareness among the country residents about health consciousness and organic food.
The publication titled ‘India Aquaculture Feed Market Outlook to 2027: Driven by surging demand of shrimps, increasing exports and shifting preference towards consuming quality seafood” provides a comprehensive analysis of the aquaculture feed market by analyzing historical statistics and corresponding developments in the aqua feed industry. The report covers various aspects including aquaculture feed market size on the basis of revenue, average price of aqua feed, overview of the market, ecosystem, operating model of aquaculture industry, value chain analysis of aquaculture feed market, products and services of aquaculture feed companies in India, types of different aquaculture feed, growth trends and developments, Porter 5 Forces Analysis, government initiatives, SWOT analysis, impact of COVID-19, and risk factors governing the future outlook of industry. Insights on competitive landscape of aquaculture feed market and cross comparison between major players operating in the ecosystem is also covered in the report on the basis of operational and financial parameters such as inception year, headquarters, market revenue, production, market share, strengths, challenges, company overview, total sales, no of employees, unique selling propositions, product portfolio, business model, key features, recent developments and future opportunities.
The report also focuses on the India Aquaculture Feed Market Segmentation by Type of Feed (Shrimp Feed, Fish Feed and Others); By Type of Ingredients (Soy, Corn, Fish Oil, Fish Meal and Others); By Region (Andhra Pradesh, West Bengal, Gujarat, Tamil Nadu & Puducherry, Odisha, Maharashtra and Others); By End User (Commercial and Household) and By Distribution Channel (Store Based and Online). India Aquaculture Feed Market report concludes with projections for the future of the industry on the basis of revenue by 2027 and analysts’ take on the future highlighting the major opportunities.
Key Segments Covered in India Aquaculture Feed Market
- By Revenue
- By Average Price of Aquaculture Feed
- By Type of Feed
- Shrimp Feed
- Fish Feed
- Others
- By Type of Ingredients
- Soy
- Corn
- Fish Oil
- Fish Meal
- Others
- By End User
- Commercial
- Household
- By Distribution Channel
- Store Based
- Online
- By Region
- Andhra Pradesh
- West Bengal
- Gujarat
- Tamil Nadu & Puducherry
- Odisha
- Maharashtra
- Other States and Union Territories
- Request for Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTgxNjUw
Key Target Audience
- Aquaculture Feed Manufacturing Companies
- Companies in the Aquaculture Industry
- Seafood Companies
- Industry Associations
- Government Bodies
- Time Period Captured in the Report:
- Historical Period: FY’17-FY’22
- Forecast Period: FY’22-FY’27E
- India Aquaculture Feed Manufacturing Players
- Manufacturers
- Avanti Feeds
- Coastal Corporation
- Waterbase
- Zeal Aqua
- Apex
- Adinath Bio Labs Limited
- Devi Aqua Feeds
- Alltech
- BMR
- Cargill
- Biomin
- Novus
- Growel
- IB Group
- P. Group
- Sandhya Aqua
- Devi Aqua Feeds
- Smilax
- Government Institutions and Regulators
- CAA (Coastal Aquaculture Authority)
- CIFNET (Central Institute of Fisheries Nautical & Engineering Training)
- CICEF (Central Institute of Coastal Engineering for Fishery)
- FSI (Fishery Survey of India)
- MPEDA (Marine Products Export Development Authority)
- NFDB (National Fisheries Development Board)
- NIFPHATT (National Institute of Fisheries Post Harvest Technology and Training)
- Government Departments
- MOFHAD (Ministry of Fisheries, Animal Husbandry and Dairying)
- DOF (Department of Fisheries of Respective States & Union Territories)
- Key Topics Covered in the Report
- Overview of Aquaculture Feed Market in India
- Technological Adaptation in Aquaculture Feed Market in India
- Per Capita Income (INR) in India
- Ecosystem of Major Entities in Aquaculture Feed Market in India
- Operating Model of Aquaculture Industry in India
- Value Chain Analysis of Aquaculture Feed Market in India
- Products and Services of Aquaculture Feed Companies in India
- Types of Different Aquaculture Feed
- Market Size of India Aquaculture Feed Market (Basis Revenue in INR Crore)
- Average Price of Aquaculture Feed (INR)
- India Aquaculture Feed Market Segmentation (By Type of Feed, By Type of Ingredients, By End User, By Distribution Channel and By Region)
- Trends and Developments in India Aquaculture Feed Market
- Issues and Challenges in India Aquaculture Feed Market
- Government Initiatives in India Aquaculture Feed Market
- Porter 5 Forces Analysis of India Aquaculture Feed Market
- SWOT Analysis of India Aquaculture Feed Market
- Impact of COVID-19 on India Aquaculture Feed Market
- Cross Comparison of Major Aquaculture Feed Manufacturing Companies (on the basis of Inception, Headquarters, Market Revenue, Production and Market Share)
- Strengths and Challenges of Major Aquaculture Feed Manufacturing Companies
- Company Profiles of Major Aquaculture Feed Manufacturing Players (Company Overview, Total Sales, No of Employees, Unique Selling Propositions, Product Portfolio, Business Model, Key Features, Recent Developments and Future Opportunities)
- Future Market Size of India Aquaculture Feed Market (Basis Revenue in INR Crore)
- Future Projections of Average Price of Aquaculture Feed (INR)
- India Aquaculture Feed Future Market Segmentation (By Type of Feed, By Type of Ingredients, By End User, By Distribution Channel and By Region)
- Analyst Recommendations
For more information on the research report, refer to the below link: –
India Aquaculture Feed Market Outlook to 2027: Ken Research
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