India Aquaculture Market to Grow at 7.97% CAGR by 2032| IMARC Group

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:

• Increasing Demand for Seafood:

The rising demand for seafood across the country is one of the major factors boosting the market growth. Moreover, the growing awareness about the health benefits associated with seafood consumption is favoring the market growth. It is a rich source of essential nutrients, such as omega-3 fatty acids, proteins, vitamins, and minerals. Additionally, the expanding middle-class population, coupled with the increasing disposable incomes of consumers, leading to a higher consumption rate of seafood, is bolstering the market growth. Furthermore, the rising inclination towards protein-rich diets due to changes in dietary habits is acting as a growth-inducing factor. Along with this, the burgeoning urbanization that exposes consumers to diverse cuisines, prompting heightened product incorporating into various diets, is enhancing the market growth. Furthermore, the increasing exportation of seafood, encouraging investments and growth in the aquaculture industry, is anticipated to drive the market growth.

• Rapid Advancements in Aquaculture Technologies:

The rapid technological advancements in aquaculture, leading to improved breeding techniques, better disease management, enhanced feed quality, and efficient farming practices, are creating a positive outlook for the market growth. In line with this, the development of high-yield, disease-resistant fish and shrimp varieties, which are crucial for sustaining high production levels, is supporting the market growth. Along with this, the integration of modern technology such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics in aquaculture practices is providing an impetus to the market growth. They enable precise monitoring and management of aquaculture farms, leading to optimized feeding schedules, improved water quality management, and efficient resource utilization. Furthermore, the introduction of nutrient-rich, cost-effective feeding techniques that enhance the growth rate of aquatic species and reduce the dependency on traditional feed sources, is contributing to the market growth.

• Implementation of Supportive Government Policies:

The imposition of supportive policies and initiatives by the government in the form of various schemes and subsidies to encourage aquaculture is a major factor positively impacting the market growth. Along with this, the introduction of several programs to enhance fish production while ensuring the sustainable development of the aquaculture sector is anticipated to drive the market growth. They provide financial assistance for infrastructure development, capacity building, and technology upgradation, which are essential for the modernization and expansion of aquaculture practices in India. In addition to this, the implementation of various regulatory frameworks and guidelines for sustainable aquaculture practices to ensure the ecological balance is providing a considerable boost to the market growth.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-aquaculture-market/requestsample

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:

India Shrimp Market

By Environment:

• Farmed Shrimp
• Wild Shrimp

Farmed shrimp dominated the market due to its controlled cultivation conditions ensuring consistent quality and year-round availability.

By Species:

• L. Vannamei
• Penaeus Monodon

L. vannamei holds the largest market share due to its rapid growth, disease resistance, and adaptability to varied farming environments.

By Shrimp Size:

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

The 31-40 size is most popular owing to its versatile use in diverse culinary preparations, balancing size, and affordability.

By End Use:

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

Hotels and restaurants are major consumers due to shrimp's popularity as a delicacy and its widespread demand in various cuisines.

By End Form:

• Frozen
• Fresh
• Canned

Frozen shrimp dominated the market due to its extended shelf life, ease of transport, and convenience in storage and usage.

State 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 and conducive aquaculture environment.

India Inland Fish Market

By Environment:

• Fresh Water
• Brackish Water

Based on the environment, the market has been bifurcated into fresh water and brackish water.

By Species:

• Indian Major Carps
• Exotic Carps
• Pangasius
• Clarias
• Anabas
• Rupchanda
• Tilapia
• Seabass
• Others

On the basis of species, the market has been divided into Indian major carps, exotic carps, pangasius, clarias, anabas, rupchanda, tilapia, seabass, and others.

By State:

• Andhra Pradesh
• West Bengal
• Uttar Pradesh
• Maharashtra
• North East Region
• Others

State-wise, the market has been segmented into Andhra Pradesh, West Bengal, Uttar Pradesh, Maharashtra, North East Region, and others.

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India Aquaculture Market Trends:

The rising diversification of aquaculture species, such as fish, shrimp, and other marine species, is creating a positive outlook for the market growth. Along with this, the growing investments from private entities and multinational companies, boosting infrastructure, technology, and research in the aquaculture sector, are positively impacting the market growth. Besides this, rapid improvements in logistics, cold chain facilities, and distribution networks to maintain the quality of aquaculture products are bolstering the market growth. Furthermore, the continuous research and development (R&D) and innovations in breeding, nutrition, and disease management to enhance production efficiency and quality are acting as a growth-inducing factor. Apart from this, the increasing awareness and adoption of sustainable and eco-friendly aquaculture practices to facilitate long-term viability is fueling the market growth.

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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