India Aquaculture Market to Reach 26.4 Million Tons by 2032, Bolstered by Increasing Fish Consumption

The latest report by IMARC Group, titled “India Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” finds that the India aquaculture market size reached 13.4 Million Tons in 2023. Aquaculture, also known as aquafarming, is a controlled process of breeding, rearing, harvesting, and cultivating fish, shellfish, algae, and other aquatic organisms. It can be conducted in artificial facilities built on fish tanks, ponds, aquaponics, and raceways or on well-sheltered shallow water bodies. Aquaculture also includes the production of ornamental fishes to support recreational and commercial fisheries. India possesses a vast potential for aquaculture with a vast coastline of 7,500 kilometers, 2.36 million hectares of ponds and tanks, and a brackish water area of 1.1 million, offering immense opportunities for aquaculture in both marine and inland waters.

India Aquaculture Market Trends:

The increasing consumption of fish due to numerous health benefits is one of the key factors driving the market growth. In addition, the shifting consumer preferences from high-calorie meat products toward a protein-rich diet, including fish, shrimps, and mollusks, represents another major growth-inducing factor. Apart from this, the Government of India is undertaking various initiatives, such as Pradhan Mantri Matsya Sampada Yojana, to establish a comprehensive framework and reduce infrastructural gaps in the fisheries sector. This, coupled with the rising number of hatcheries, feed mills, and processing plants, is fueling the aquaculture market in the country. Moreover, several key players are adopting innovative solutions for the domestication and in-house cultivation of ornamental fish species in artificial environments for recreational and commercial purposes, which in turn, is contributing to the market growth. Furthermore, the introduction of sustainable cultivation systems, which aim at protecting the ecosystem and biodiversity while reducing pollution, is anticipated to propel the market growth in India. Looking forward, IMARC Group expects the market volume to reach 26.4 Million Tons by 2032, exhibiting a CAGR of 7.97% during the forecast period (2024-2032).

Market Summary:

India shrimp industry:

• Based on the environment, the has been bifurcated into farmed and wild shrimp.
• On the basis of the species, the market has been segregated into L. Vannamei, Penaeus monodon, and scampi
• Based on the shrimp size, the market has been segmented into 31-40, 41-50, 51-60, 61-70, >70, and others.
• On the basis of the end-use, the market has been categorized into hotels and restaurants, retail shops, hypermarkets and supermarkets, online sales, and others.
• The market has been classified based on the end form into frozen, fresh, and canned.
• On the geographical front, the market has been divided into Andhra Pradesh, West Bengal, Gujarat, Tamil Nadu, Orissa, Maharashtra, Karnataka, Kerala, and others.
• The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market.

India Inland Fish Industry:

• Based on the environment, the India inland fish industry has been bifurcated into fresh and brackish water.
• On the basis of the species, the market has been categorized into Indian major carps, exotic carps, pangasius, clarias, anabas, rupchanda, tilapia, seabass, and others.
• On the geographical front, the market has been divided into Andhra Pradesh, West Bengal, Uttar Pradesh, Maharashtra, North East Region, and others.
• The competitive landscape of the industry has also been examined, along with some of the key players being 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.

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