Indian Shrimp Feed Market to Grow at 16.4% During 2024-2032, Impelled by Shifting Dietary Preferences of Individuals

April 26, 2019 | Additives

According to the latest report by IMARC Group, titled "Indian Shrimp Feed Market Report by Type (Starter Grade, Grower Grade, Finisher Grade), Ingredient (Fish Meal, Fish Oil, Wheat Flour, Soybean, and Others), Additives (Vitamin and Protein, Fatty Acid, Antibiotics, Antioxidant, and Feed Enzyme and Others), and Region 2024-2032," the Indian shrimp feed market size reached US$ 1.7 Billion in 2023. Shrimp feed is a 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.

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 16.4% during 2024-2032.

Market Summary:

Based on the type, the market has been segmented as grower, starter and finisher grade. Currently, grower grade shrimp feed is the most popular segment, accounting for the majority of the overall market share.
On the basis of the ingredient, the market has been divided into fish meal, fish oil, wheat flour, soybean, and others. Among these, wheat flour exhibits a clear dominance in the market.
The market has been categorized based on the additives into vitamin and protein, fatty acid, antioxidant, antibiotics, and feed enzyme and others. Amongst these, vitamin and protein represent the largest market segment.
On the geographical front, the market has been segregated into Andhra Pradesh, West Bengal, Gujarat, Tamil Nadu and Pondicherry, Odisha, Maharashtra, and others. Presently, Andhra Pradesh holds the leading market position.
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion, Tons
Segment Coverage	Type, Ingredient, Additives, State
States Covered	Andhra Pradesh, West Bengal, Tamil Nadu and Pondicherry, Gujarat, Odisha, Maharashtra, Others
Customization Scope	10% Free Customization
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