India Aquafeed Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the India aquafeed market size is projected to grow at a CAGR of 8% between 2023 and 2028. Aided by the robust expansion of aquaculture activities and the escalating demand for seafood in the domestic market, the market is expected to grow significantly by 2028.
Aquafeed is the food specifically formulated for aquaculture species, encompassing a broad array of aquatic animals such as fish, molluscs, and crustaceans. This feed plays a pivotal role in the nutrition, growth, and overall health of these species. Besides, the constant evolution of aquafeed formulations incorporating vital proteins, vitamins, and minerals, among others, make it an indispensable part of the aquaculture industry.
The India aquafeed market growth is fundamentally driven by the burgeoning demand for seafood products across the country. As health-conscious consumers increasingly pivot towards protein-rich diets, seafood, with its high-quality protein, omega-3 fatty acids, and essential vitamins and minerals, emerges as a favourable choice. This dietary shift, thus, engenders a consequent surge in the demand for high-quality aquafeed, thereby propelling the market forward.
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Further, the impressive growth of aquaculture activities in India is contributing to the India aquafeed market expansion. As the country intensifies its aquaculture operations to match the swelling demand for fish and shellfish, the need for nutrient-rich, sustainable aquafeed escalates in tandem. Furthermore, the government’s initiatives to foster the development of the aquaculture sector, primarily through investment support and policy formulation, amplify the growth trajectory of the aquafeed market.
Additionally, technological advancements and innovations in the aquafeed sector significantly contribute to the India aquafeed market development. Novel feed formulation technologies have facilitated the inclusion of alternative protein sources, such as plant proteins and microalgae, in aquafeed. These advancements not only augment the nutritional value of the feed but also contribute to sustainability efforts by reducing reliance on fishmeal and fish oil, traditionally sourced from wild-caught fish.
The increasing cognizance about the importance of feed quality in aquaculture productivity and fish health has led to a surge in demand for premium, specialty aquafeed, increasing the India aquafeed market demand. Aquafeed imbued with probiotics, prebiotics, and other functional ingredients are being sought after, as they enhance the immune response, disease resistance, and overall health of the aquatic species.
Market Segmentation
The market can be divided based on ingredient, additives, product form, species, and region.
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Market Breakup by Ingredient
• Soybean
• Fish Meal
• Corn
• Fish Oil
• Additives
• Others
Market Breakup by Additives
• Antioxidants
• Vitamins and Minerals
• Feed Enzymes
• Others
Market Breakup by Product Form
• Pellets
• Extruded
• Powdered
• Liquid
Market Breakup by Species
• Carps
• Shrimp
• Marine Fishes
• Tilapia
• Catfish
• Salmon
• Freshwater (FW) Crustaceans
• Trouts
Market Breakup by Region
• North
• West and Central
• South
• East
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India aquafeed companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Cargill, Incorporated
• Growel Feeds Pvt. Ltd.
• Kwality Feeds Ltd.
• Godrej Agrovet Limited
• IB Group
• Others
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