India Aquafeed Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The India aquafeed market attained a value of USD 1.76 Billion in 2024 . The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 8.00% , to reach USD 3.80 Billion by 2034 .

Increase in Carp Production to Aid the India Aquafeed Industry

Based on species, carps account for a significant share in the industry and are likely to witness a significant growth in the forecast period. This can be attributed to the growth of the freshwater aquaculture segment in the country, which significantly contributes to the total annual aquaculture production. The favourable government initiatives to increase the productivity of aquaculture are aiding the segment growth. For instance, the fish farmers in Orissa have been able to double their production owing to the ongoing carp intensification programme, supported by WorldFish and the state government. Moreover, the growing popularity of carp spawn feed, carp fry feed, carp grow-out feed, and carp brood feed is expected to further aid the segment growth in the forecast period.

Rising Demand for Aquafeed Ingredients to Bolster the Aquafeed Industry Growth in India

On the basis of ingredient, the fish oil segment is anticipated to account for a considerable share in the market. This can be attributed to the increasing demand for the product in the shrimp feed industry formulations. India is one of the leading global shrimp producers. The increasing consumption of seafood is likely to aid the market growth in the forecast period. Meanwhile, the fishmeal segment is estimated to grow significantly in the forecast period, owing to the production of high-quality fishmeal for small-scale aquaculture. Furthermore, it is a low-temperature meal, which is produced by steam drying, which makes it highly digestible. Also, it facilitates rapid growth, therefore, it is also suitable for salmon farming.

The demand for aquafeed is likely to witness a significant growth in states like Andhra Pradesh and West Bengal owing to the flourishing aquaculture industry . The rising fish farming in West Bengal is likely to generate a healthy demand for aquafeed in the forecast period.

Aquafeed: Market Segmentation

Aquafeed is a part of aquaculture and as the name suggests, it can be used as a feed for aquatic organisms. Aquafeed usually contains essential vitamins and minerals, which helps to meet the dietary requirements of various aquatic creatures, further enhancing their health and boosting production.

Breakup by Ingredient

• Soybean
• Fish Meal
• Corn
• Fish Oil
• Additives
• Others

Breakup by Additives

• Antioxidants
• Vitamins and Minerals
• Feed Enzymes
• Others

Breakup by Product Form

• Pellets
• Extruded
• Powdered
• Liquid

Breakup by Species

• Carps
• Shrimp
• Marine Fishes
• Tilapia
• Catfish
• Salmon
• Freshwater (FW) Crustaceans
• Trouts
• Others

Breakup by Region

• North
• West and Central
• South
• East

Thriving Aquaculture Industry in India and the Varied Nutritional Demand for Different Species to Boost the India Aquafeed Industry Growth

The aquafeed market in India is being driven by the thriving aquaculture sector in the country. The aquaculture industry in the region can flourish only if all the aquatic animals are well fed with proper nutrition. The vitamins and minerals present in aquafeeds are essential for the growth of aquatic animals. Over the forecast period, the increase in domestic consumption as well as the export of fishes is expected to aid the market growth. Also, different species require different types of animal feed, which depend on their body structure, temperature, and weight of the organism. Therefore, the increasing demand for aquafeed to boost fish production is expected to provide a further impetus to the market in the forecast period.

Key Industry Players in the India Aquafeed Market

The report gives a detailed analysis of the following key players in the India aquafeed market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Cargill, Incorporated
• Growel Feeds Pvt. Ltd.
• Kwality Feeds Ltd.
• Godrej Agrovet Limited
• IB Group
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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