India Aquatic Feed Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Raw Materials (Corn, Wheat, Others), And By Feed Type (Fish Feed, Others) - Forecasts From 2022 To 2027

India Aquatic Feed Market is expected to grow at a compound annual growth rate of 8.47% over the forecast period to reach a market size of US$4,756.761 million in 2027, from US$2,691.580 million in 2020.

Introduction

Aquafeeds are any feed used in aquaculture to feed aquatic farmed animals. Aquafeed typically contains vital vitamins and minerals, which serve to meet the dietary needs of various aquatic species, improving their health and productivity. According to India’s Department of Fisheries, India is the world's third-largest fish producer and second-largest aquaculture nation. The importance of the fisheries and aquaculture sector in India was highlighted by the Blue Revolution. The sector is seen as a rising star, and it is expected to play a large part in the Indian economy in the not-too-distant future. According to the country’s Department of Fisheries, Indian fisheries have shifted from being dominated by sea fisheries to inland fisheries, with the latter becoming a major source of fish output, rising from 36% in the mid-1980s to 70% in 2019. A move from capture to culture-based fishing in inland fisheries has prepared the foundation for a long-term blue economy.

Market Trend

Along with its incredible biodiversity of aquatic organisms, India is one of the world's main aquaculture markets. As a result, there is a significant need for aquafeed in the country to suit the burgeoning needs of aquaculture farmers and export firms. Seafood sales have moved from local wet markets to organized retail channels, such as supermarkets, as disposable incomes have increased, health consciousness has grown, and cold chain facilities have improved. This is one of the primary drivers of the aquafeed market's expansion in India. Furthermore, the increased popularity of natural and organic feeds has led manufacturers to use high-quality raw materials that provide functional benefits while reducing the use of synthetic ingredients. They're also boosting feed pellet stability, lowering fine proportions, and increasing pellet density and extension. A large transition from homemade feed to commercially available product varieties is another major factor driving business expansion. Commercial feed not only improves the bioavailability of numerous nutrients but also helps to reduce pollution & increase profit margins. Furthermore, the Indian government provides numerous incentives to fish and shrimp growers, stimulating the aquafeed industry's expansion.

In the foreseeable future, rising seafood consumption is expected to assist market growth. Meanwhile, due to the manufacture of high-quality fishmeal for small-scale aquaculture, the fishmeal segment is expected to develop significantly throughout the projection period. Furthermore, it is a low-temperature meal made using steam drying, making it highly digestible. It also promotes rapid development, making it a good choice for salmon production.

Considering the thriving aquaculture industry, demand for aquafeed is expected to increase significantly in areas like Andhra Pradesh and West Bengal. In the forecast period, the growing fish farming in West Bengal is expected to generate strong demand for aquafeed.

Growth Factors

• Market growth will be aided by an increase in seafood trading.

Aquaculture production is expected to increase due to rising seafood consumption and consumer expenditure on fish and fish products such as fish oil, fish meal, and fish silage. Furthermore, the surging demand for animal protein in well-established western economies boosts seafood commerce, which is likely to move the industry forward.

• Production of fish seeds has increased.

The increase in seed output is the primary cause of rising aquaculture feed requirements. Farmers are provided with aquafeed and fish seed for the growth of aquaculture under the contract farming plan. Oceanic Edibles International Ltd, for example, has begun contract farming for shrimp production with a group of farmers and an Indian overseas bank. Oceanic provided the farmers with productivity feed. People are consuming residue-free food as a result of rising health consciousness, putting pressure on seafood exporters to develop healthy seafood. This has a significant impact on the aquafeed sector, as adequate aquafeed aids in the growth of disease-free animals.

Restraint

• Price volatility in raw materials may limit market expansion:

High price changes related to the raw material used to prepare feed can hamper the market growth. For example, a rise in the price of soybean and corn can hamper the price of the final product, which affects product sales. However, people opting more for vegetarian and vegan diets and excluding non-vegetarian diets can hamper the market's growth.

Impact of COVID-19 Pandemic:

COVID-19 has presented several challenges to the fish supply chain, including a lack of inputs, a lack of technical assistance, an inability to sell the product, poor infrastructure for the fish supply, export controls on fish and fisheries products, and a low fish price. These difficulties resulted in insufficient production, unforeseen stock retention, and a loss of profits. For many small-scale fish farms, COVID-19 has resulted in food instability. As a result of these cumulative effects, fish farmers are becoming less motivated to cultivate fish and related items. The demand and supply sides of the fish food chain have been disrupted due to COVID-19's various restriction measures, resulting in lower livelihoods and economic vulnerability.

 Segmentation:

• By Raw Material
  • Corn
  • Wheat
  • Others
• By Feed Type
  • Fish Feed
  • Others