India Aquaculture Market Expanding at a CAGR of 7.97% during 2024-2032

IMARC Group's report titled " India Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ". The India aquaculture market size reached 13.4 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 26.4 Million Tons by 2032, exhibiting a growth rate (CAGR) of 7.97% during 2024-2032.

Factors Affecting the Growth of the India Aquaculture Industry:

• Government Initiatives and Policies:

The growth of the India aquaculture industry is significantly influenced by favorable government initiatives and policies. The government has been actively promoting aquaculture as a means of enhancing food security, increasing export earnings, and providing livelihood opportunities. Various schemes and subsidies, such as the Blue Revolution and the Pradhan Mantri Matsya Sampada Yojana, have been launched to support the aquaculture sector. These initiatives focus on infrastructure development, research and development, and capacity building for fish farmers. Additionally, favorable regulations and reduced bureaucracy have streamlined licensing and approval processes, making it easier for aquaculture businesses to operate and expand, thus accelerating market growth.

• Technological Advancements:

Technological advancements have played a pivotal role in fostering the growth of the India aquaculture industry. The widespread adoption of modern farming techniques, improved breeding practices, and the use of innovative tools and equipment have enhanced productivity and profitability. Moreover, the introduction of recirculating aquaculture systems (RAS), biofloc technology, and automation in feed management and water quality monitoring has revolutionized the sector. These advancements have enabled farmers to optimize resource utilization, reduce environmental impact, and produce high-quality seafood products that meet global standards, thus catalyzing market growth.

• Export Opportunities and Market Demand:

The rising global demand for seafood, particularly shrimp and fish, has created significant growth opportunities for the India aquaculture industry. India is among the top seafood-exporting countries globally. The country's ability to produce a wide variety of seafood products at competitive prices has positioned it favorably in international markets. With a heightened focus on sustainable practices and adherence to quality standards, Indian aquaculture products are well-received worldwide. The growing middle-class population and changing consumer dietary preferences in emerging markets further drive the export potential. This sustained demand and access to international markets continue to fuel expansion and investment in the Indian aquaculture sector, making it a key driver of its growth.

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Leading Companies Operating in the India Aquaculture Industry:

• Nekkanti Seafoods
• Avanti Frozen Foods Private Limited (AVANTI FEEDS LIMITED)
• Devi Sea Foods Limited
• Sandhya Marines
• Apex Frozen Foods Limited
• IFB Agro Industries Limited
• SSF Limited
• Kings Infra Ventures Limited
• The Waterbase Limited
• Kader Exports Private Limited
• Zeal Aqua Limited
• CP Aquaculture (India) Private Limited (Charoen Pokphand Foods Public Limited Company
• Coastal Corporation Limited
• Uniroyal Marine Exports Limited
• BKV Industries Limited
• Abad Fisheries Private Limited
• Ananda Aqua Exports Private Limited
• Anjaneya Sea Foods
• August Seafood
• Baby Marine Ventures
• BMR Group
• Devi Marine Foods Exports Private Limited
• Falcon Marine Exports Ltd
• Frontline Exports Private Limited
• Geo Seafoods
• Jayalakshmi Sea Foods Pvt. Ltd.
• JRJ Sea Foods India Private Limited
• Jude Foods India Private Limited
• K V Marine Exports
• Kadalkanny Frozen Foods
• Liberty Frozen Foods Private Limited
• Liberty Group of Seafood Companies

India Aquaculture Market Report Segmentation:

By Environment:

• Farmed Shrimp
• Wild Shrimp

Farmed shrimp dominates the market by environment due to their ability to ensure consistent supply, better quality control, and reduced environmental impact.

By Species:

• L. Vannamei
• Penaeus Monodon

L. Vannamei holds the largest market share owing to its high adaptability to Indian aquaculture conditions, fast growth rate, and disease resistance, making it the preferred choice for shrimp farming in the region.

By Shrimp Size:

• 31-40
• 41-50
• 51-60
• 61-70
• >70
• Others

31-40 represents the largest market segment as it aligns well with market preferences and demand for versatile shrimp sizes that can be used in various culinary applications.

By End Use:

• Hotels and Restaurants
• Retail Shops
• Hypermarkets and Supermarkets
• Online Sales
• Others

Hotels and restaurants account for the majority of the market share because they are significant consumers of seafood products, especially shrimp, to cater to the diverse tastes of their clientele.

By End Form:

• Frozen
• Fresh
• Canned

Frozen represents the leading market segment as it offers convenience, longer shelf life, and ease of distribution, making it the preferred choice for both domestic and export markets.

Regional Insights:

• Andhra Pradesh
• West Bengal
• Gujarat
• Tamil Nadu (Including Pondicherry)
• Orissa
• Maharashtra
• Karnataka
• Kerala
• Others

Andhra Pradesh's dominance in the India aquaculture market is attributed to its extensive coastline, favorable geographical conditions for aquaculture, and a well-established aquaculture industry that produces a substantial portion of India's seafood exports.

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India Aquaculture Market Trends:

At present, the aquaculture market in India is witnessing several noteworthy trends. Foremost among these is a growing emphasis on sustainability and responsible aquaculture practices, driven by environmental concerns and international market demands. Besides this, technological advancements, including the adoption of recirculating aquaculture systems (RAS) and biofloc technology, are enhancing productivity and resource efficiency. Additionally, the diversification of species, with a focus on high-value species like shrimp, is on the rise. In line with this, the increasing integration of digital tools and data-driven decision-making is improving farm management and product traceability, thus contributing to market growth. Furthermore, India's aquaculture sector is witnessing continued growth in domestic consumption, fueled by changing dietary preferences and rising health consciousness.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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