India Aquaculture Industry 2023-2028: Market Trends, Opportunities, and Challenges Ahead

The India aquaculture market size reached 12.4 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 19.9 Million Tons by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.

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Aquaculture, also known as fish farming or culture, is the propagation and husbandry of aquatic animals, plants, and other organisms for commercial, recreational, and scientific research purposes. It comprises various phases, including brood stock holding, hatchery production of seed, nursing systems, grow-out systems, and quarantining. It is available in distinct types, such as freshwater aquaculture, brackish water aquaculture, and mariculture. It involves the farming of a wide variety of fishes in outdoor pond systems, such as walleyes, trout, tilapia, warmouth bass, catfish, carp, shiners, bluegills, sunfish, rohu, mrigal, catla, and salmon. It also implies the rearing of shellfish, clamps, shrimps, lobsters, crayfish, and oysters, which are primarily exotic and high-priced seafood. Aquaculture is carried out by providing adequate and appropriate types of feed to the aquatic organisms and conducting regular inspections of the diseases for proper health maintenance. It is essential for various purposes, including the restoration of numerous threatened and endangered species populations, wild stock population enhancement, and habitat restoration. As it also helps in rearing various species of fish, such as goldfish, Siamese fighting fish, fire moth cichlid, and dwarf gourami, which are popular ornamental fishes, the demand for aquaculture is rising in India.

India Aquaculture Market Trends and Drivers:

At present, the increasing aquaculture practices, as
they are facilitating sustainable use of sea resources and the conservation of biodiversity, represent one of the primary factors influencing the market positively in India. Besides this, the rising incorporation of fish in the daily diets of various Indian states is propelling the growth of the market.

In addition, the Government of India is introducing various schemes, such as the Pradhan Mantri Matsya Sampad Yojana (PMMSY), which aims to upkeep the aquaculture industry in the country and enhance production. It has also launched a centrally sponsored scheme on the development of inland fishers and aquaculture in states and union territories to strengthen food security, generate employment opportunities in the industry, and earn foreign exchange.

Apart from this, the growing consumption of protein-rich diets to prevent the occurrence of various health complications, such as obesity, diabetes, and arthritis, is offering a favorable market outlook. Additionally, the rising number of e-commerce businesses selling organic seafood that is grown without any chemicals, antibiotics, and hormones is contributing to the growth of the market in India. Furthermore, the rising adoption of effective fish farming techniques, such as bio floc systems where probiotics or microbes are used to promote specific immunity in shrimps and reduce pathogenic bacteria, is bolstering the growth of the market in India.

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India Aquaculture Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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, A.M. Fisheries, Abad Fisheries Private Limited, Ananda Aqua Exports Private Limited, Anjaneya Sea Foods, August Seafood, Baby Marine Ventures, BMR Group, Citrus Alpha Marine LLP, Crystal Sea Foods Private Limited, 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.

The report has segmented the market on the basis of region, environment, species, states, shrimp size, end use and end form.

India Shrimp Industry: Market Breakup by
Environment:
• Farmed Shrimp
• Wild Shrimp

Market Breakup by Species:
• L. Vannamei
• Penaeus Monodon

Market Breakup by States:
• Andhra Pradesh
• West Bengal
• Gujarat
• Tamil Nadu
• Orissa
• Maharashtra
• Karnataka
• Kerala
• Others

Market Breakup by Shrimp Size:
• 31-40
• 41-50
• 51-60
• 61-70
• >70
• Others

Market Breakup by End Use:
• Hotels and Restaurants
• Retail Shops
• Hypermarkets and Supermarkets
• Online Sales
• Others

Market Breakup by End Form
• Frozen
• Fresh
• Canned

India Inland Fish Industry: Market Breakup by Environment
• Fresh Water
• Brackish Water

Market Breakup by Species
• Indian Major Carps
• Exotic Carps
• Pangasius
• Clarias
• Anabas
• Rupchanda
• Tilapia
• Seabass
• Others

Market Breakup by State:
• Andhra Pradesh
• West Bengal
• Uttar Pradesh
• Maharashtra
• North East Region
• Others

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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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

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