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According to the latest report by IMARC Group, titled "Indian shrimp feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Indian shrimp feed market size reached US$ 1.2 Billion in 2021. Shrimp feed is the commercially available food formulation that is widely utilized to fulfill the nutritional requirements of farmed shrimps. It is fortified with feed additives that aid in enhancing the nutritional content of the product. Its consumption aids in regulating adequate levels of essential nutrients, such as vitamins, minerals, fatty acids and amino acids, that are pertinent in facilitating growth rates of the cultivated shrimps at the desired harvesting size. The usage of good quality feed also promotes healthy growth while boosting the immunity of shrimps against numerous diseases. Often characterized by improved palatability and water stability, they are commonly utilized to enhance the harvest yield and the overall profitability of shrimp farming.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indian Shrimp Feed Market Trends:
The market in India is majorly driven by the increasing consumption of shrimps across the country. With the inflating disposable income levels of the masses and their shifting dietary preferences, there has been a rising demand for protein-rich food, including seafood, which has provided an impetus to the market growth. This is further supported by the growing health consciousness among the masses and the prevalence of massive marine wealth in India. The market is also driven by the escalating popularity of ready- and easy-to-cook shrimp products across the country, along with considerable developments across the online and offline organized retail sector. This has encouraged farmers to utilized high-quality feed to promote better farm output, thereby creating a positive outlook for the market. Furthermore, numerous key players are adopting advanced techniques that are aimed to enhance the stability and performance of the additives. This, along with the significant expansion of shrimp farming and continual technological advancement in feed production, is acting as a major growth-inducing factor. Other factors, including significant growth in the food industry and the commercialization of vannamei shrimp in the country, are also contributing to the market growth. On account of the aforementioned factors, the market is expected to grow at a CAGR of 19.5% during 2022-2027.
Market Summary:
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