India Aquafeed Market Size (2024 - 2029)

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 the primary market for aquaculture feed as a wide diversity of aqua species contributes mainly to the export business. In this country, aqua feed sales have moved from unorganized retail channels, like wet markets, to organized retail channels, like supermarkets, because of rising disposable incomes, more health consciousness, and improved cold chain facilities. The fish caught volume also increased for several years and reached 12.18 million metric tons in 2020, according to the Ministry of Fisheries, Animal Husbandry & Dairying. Thus, the increase in fish caught-up volume shows the rise in aquafeed, thereby driving the market growth.
• Additionally, Indian aqua feed mills can produce 2.9 million metric tons. Andhra Pradesh is the largest fish feed-consuming state in India. The country's coastal line is about 7,517 km with 195.20 km of river and canal systems, aiding the country in the high aqua products cultivation. For instance, according to the Ministry of Agriculture and Farmers Welfare (India), Karnataka, the southwestern coastal state of India, produced over 861 thousand metric tons of fish in the financial year 2020, which was a significant increase from the previous year, which accounted for about 588 thousand metric tons. From these sources, it is clear that the aquaculture industry is enormous in India, which provides vast opportunities and potential for the aquafeed industry.
• Furthermore, in the Asia-Pacific region, 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 growth.

Aquafeed Industry Segmentation

Aquafeeds are any feeds 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 India Aquafeed Market is segmented by type (fish feed, mollusks feed, crustaceans feed, and other types). The 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 size and forecasts in value (USD million) for all the above segments.