India Aquaculture Market
India Aquaculture Market report provides a comprehensive outlook on India aquaculture. The report on India aquaculture market gives historical, current and future market size (US$ Mn) on the basis of fish type, production type, and environment. This study analyses the India aquaculture market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the India aquaculture market to better equip customers with possible investment opportunities across region and consumer unmet needs.
India Aquaculture Market:
India aquaculture market was valued at US$ 1.32 billion in 2019, and is expected to grow at a CAGR of 10.4% during the forecast period 2020-2026 due to the growing need to maintain food safety & security. In addition, ongoing developments in offshore and open aquaculture techniques are expected to generate lucrative prospects for growth in the market. Moreover, rising smart fishing activities are also expected to promote the country’s market growth. In addition, aquaculture has emerged as a source of jobs in India and helps to improve the socio-economic status of those involved in it, thereby affecting market growth positively. Increased water pollution, however, may pose a threat to the health of marine life, hampering the growth of the market. The reproductive cycle of aquatic organisms is also influenced by unpredictable climatic conditions and fluctuating temperatures, which may further hinder the growth of the sector.
Increase in the demand for sea food:
Sea food in the diets of the people of India has become an important staple. The consumption of fish and shellfish has more than doubled in the last 50 years, and population growth is projected to continue to increase. Moreover, an increase in the population demanding nutritious fish products, the demand for animal protein, government funding for aquaculture immunization programs, an increase in the adoption of aquaculture vaccines and specialty nutrition are expected to boost the India aquaculture market.
Andhra Pradesh dominates the share in India aquaculture market:
The state, located on India’s eastern coast, has been the country’s top fish producing economy, accounting for 45% of India’s total exports of seafood. Its seafood exports reached INR 170 billion in value during the 2016-17 fiscal years, out of the total INR 378 billion received by the country as a whole from seafood exports. Andhra Pradesh has a 50.41% share of shrimp production in the country and earns approximately 53% of the total revenue. According to data from the State Government, shrimp production in Andhra Pradesh in 2019-20 was about four lakh tones and about 2.55 lakh tones of it was exported between April and December 2019. That gave the aquaculture sector a profit of Rs 13,960 crore.
Key players profile in India aquaculture include-
- Avanti Feeds Ltd.
- Apex Frozen Foods Ltd.
- Coastal Corporation Limited
- Waterbase Ltd.
- Zeal Aqua
- In August 2020, Aquaconnect, a start-up in aquaculture technology, opened three more centers in Andhra Pradesh to provide different services, including facilitating bank loans to fish and shrimp farmers.
Key findings of report:
- India aquaculture market expanding at significant CAGR over 2019 to 2026 due to the growing need to maintain food safety & security, ongoing developments in offshore and open aquaculture techniques are expected to generate lucrative prospects for growth in the industry.
- Andhra Pradesh accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Cat fishes
- Small scale
- Medium & large scale
- Fresh water
- Brackish water
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA