According to IMARC Group, The India aquafeed market size reached 1.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 2.8 Million Tons by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
Aquafeeds represent the compounded meals that are arranged to feed various aquatic animals by combining several raw materials, including fish feed and oil and additives. These blends are formulated and provided according to the specific requirements of the species and their age. Aquafeed is produced in two forms, such as pressure-pelleted and extruded bits. It plays a critical role in providing average growth and health for the aquatic organisms. In addition to this, aquafeed also aids in decreasing the susceptibility to disease, mitigating the effects of stress, and improving the immunity.
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The escalating consumption of seafood across the country, the improving cold chain facilities, the expanding local wet markets and organized retail channels, such as supermarkets, and the incorporation of high-quality raw materials by the leading companies, including Avanti Feeds, Godrej Agrovet Limited, ABIS Feed, Venky’s, Cargill India Pvt. Ltd., etc., that offer functional advantages and lower the usage of synthetic components are primarily driving the India aquafeed market. Besides this, the inflating income levels of the consumers and the transition from a high carbohydrate-based diet to one that is rich in proteins are further augmenting the market growth. Moreover, the availability of vast arable areas to cultivate corn, soybean, wheat, and maize, which are the main ingredients used for the production of aquafeed, the rising production of fish, and the limited accessibility of marine feed resources are also catalyzing the market across India. Apart from this, the launch of several policies by the government bodies to increase the manufacturing of certified sustainable seafood is acting as another significant growth-inducing factor. Furthermore, the growing preference for nutrient-rich products produced with higher farming standards, owing to the increasing health consciousness among the masses, is expected to bolster the India aquafeed market in the coming years.
List of Top Aquafeed Companies in India
- Alltech
- Avanti Feeds Limited
- Cargill Incorporated
- Godrej Agrovet Limited (Godrej Industries Limited)
- Growel Feeds Pvt. Ltd.
- IB Group
- Skretting (Nutreco N.V.)
- UNO Feeds
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