India Aquaculture & Marine Products Market to Grow with a CAGR of 7.88% through 2029
According to TechSci Research report, “India Aquaculture
& Marine Products Market -Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the India Aquaculture & Marine
Products Market stood at USD
922.61 Million in 2023 and is anticipated to grow with a CAGR of 7.88% in the forecast
period, 2025-2029. The India Aquaculture & Marine Products market is driven
by a variety of factors. Primary among them is the country's vast coastline,
providing ample opportunities for aquaculture development. Additionally, the
government's supportive policies, aimed at promoting seafood exports and
aquaculture practices, are contributing to the market growth. The increasing
domestic consumption of seafood, fueled by a growing awareness about the health
benefits associated with the consumption of fish and other seafood, is another
significant driver.
Technological advancements in fishing practices and
aquaculture farming are further propelling the industry's growth. The rise in
export demand for Indian marine products, particularly in countries like the US
and Japan, is accelerating the growth of this market.
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"India Aquaculture & Marine Products Market”
India's
aquaculture and marine products market has demonstrated a robust growth
trajectory, evolving into a significant part of the country's economy. Blessed
with a vast coastline of 7,517 km and an extensive network of rivers and
reservoirs, India has the essential natural resources to foster a thriving
aquaculture industry.
The country
ranks second globally in total fish production, accounting for nearly 6.3% of
the global fish output. The Indian government, recognising the industry's
potential, has implemented numerous initiatives to promote sustainable
aquaculture practices. The National Fisheries Policy 2020 envisages augmenting
fish production to 220 LMT by 2024-25 from 137.58 LMT in 2018-19 at an average
annual growth rate of about 9%.
Marine products
form a vital chunk of India's exports, with over 50% of the sector's output
entering international markets. The USA, China, Japan, and the European Union
are the primary destinations for these exports. Shrimp, particularly the
Vannamei species, hold the lion's share of the export market. However, the
industry isn't without its challenges. Issues like overfishing, pollution,
climate change, and a lack of modern technology hamper the sector's
development. Also, the COVID-19 pandemic has caused a significant disruption,
leading to a downturn in exports and revenue.
Regardless, the
future outlook for India's aquaculture and marine products market remains
positive. Efforts are underway to modernise the industry and make it more
sustainable. There is a strong focus on aqua-farming, with the government and
private sector investing in the latest technologies and sustainable practices.
These efforts, combined with the rising global demand for seafood, could propel
the Indian aquaculture and marine products market to new heights in the coming
years.
India's
aquaculture and marine products market is a dynamic and vital sector with
immense potential for growth. The challenges it faces are significant but
surmountable, and with the right strategies and initiatives, the sector could
contribute even more to India's economy and play a crucial role in global
seafood supply.
The India Aquaculture
& Marine Products Market is segmented into rearing product type, type,
production type, culture, regional distribution, and company
Based on culture,
in India, freshwater aquaculture dominates the Aquaculture & Marine
Products Market. This sector has experienced remarkable growth due to the
abundance of freshwater resources available in the country, including rivers,
ponds, and reservoirs. The favorable climatic conditions and fertile land
contribute to the thriving cultivation of various freshwater fish species, with
carp being a prominent choice. Moreover, the demand for freshwater fish species
continues to drive the expansion of this sector. Consumers appreciate the
nutritional value and taste of freshwater fish, making it a popular choice in
the market. The increasing consumption of freshwater fish has led to the
establishment of numerous hatcheries and fish farms, further fueling the growth
of the freshwater aquaculture industry.
While freshwater
aquaculture takes the lead, the brackish water and marine aquaculture sectors
are also gaining momentum in India. Technological advancements and governmental
initiatives have played a significant role in supporting the development of
these sectors. The utilization of advanced farming techniques, such as
recirculating aquaculture systems and sea cage farming, enables the cultivation
of brackish water and marine species, expanding the range of products available
in the market. With a diverse range of aquaculture practices, India's
Aquaculture & Marine Products Market showcases the country's potential as a
major player in the global aquaculture industry. The continuous growth and innovation
in freshwater, brackish water, and marine aquaculture sectors contribute to the
overall development of the Indian aquaculture market, presenting opportunities
for both domestic and international stakeholders.
Based on region,
South India is currently dominating the Indian Aquaculture & Marine
Products Market due to several key factors. The region enjoys a long coastline
that stretches along the Bay of Bengal and the Arabian Sea, providing abundant
opportunities for aquaculture and marine businesses to thrive. The favorable
geographical location of South India allows for easy access to a diverse range
of marine ecosystems, supporting the cultivation and harvesting of various
types of seafood. The warm tropical climate prevalent in this region creates an
ideal environment for the growth and development of marine life. The
temperatures remain consistently warm throughout the year, fostering the
proliferation of diverse species of fish, shrimp, and other aquatic organisms.
This favorable climate condition significantly contributes to the high-quality
and quantity of seafood produced in South India.
In addition to
geographical advantages, South India has a rich tradition of seafood
consumption deeply rooted in its culinary heritage. Seafood dishes are an
integral part of the local cuisine, with a wide variety of preparations and
flavors. The strong demand for seafood within the region not only creates a
robust local market but also drives the growth and innovation in the
aquaculture and marine products industry. Moreover, South India boasts a
well-established infrastructure and supply chain networks that facilitate
efficient production, processing, and distribution of marine products. The
presence of modern processing facilities, cold storage units, and transportation
systems ensures the quality and freshness of the seafood as it reaches markets
both within India and internationally. This efficient supply chain, combined
with the region's strategic location, allows South India to meet the growing
demand for aquaculture and marine products.
Major companies
operating in India Aquaculture & Marine Products Market are:
- Avanti Feeds Limited
- Apex Frozen Foods Limited
- The Waterbase Limited
- Coastal Corporation Limited
- Waterbase Limited
- Zeal Aqua Limited
- BKV Industries Limited
- Shantanu Sheorey Aqua Limited
- Smilax Industries Limited
- Growel Feeds Private Limited
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“The future of
the Indian Aquaculture and Marine Products Market appears highly promising,
driven by a multitude of factors that are set to shape its growth. With the
rapid advancements in technology, specifically the widespread adoption of smart
farming techniques and precision aquaculture practices, the industry is poised
to witness a revolutionary transformation. These innovative approaches not only
maximize productivity but also significantly reduce the environmental impact,
ensuring sustainable and responsible growth. Furthermore, the sector benefits from
strong support from government initiatives aimed at boosting the aquaculture
industry. These proactive measures create an enabling environment for
businesses to flourish, fostering investments, and facilitating the adoption of
cutting-edge technologies. This, in turn, propels the industry towards a more
efficient and competitive landscape. Moreover, the growing demand for seafood,
both domestically and internationally, contributes to the positive outlook for
the Indian Aquaculture and Marine Products Market. As consumers become
increasingly health-conscious and seek high-quality and sustainably sourced
products, the market is well-positioned to cater to these preferences. The rich
marine resources and diverse aquatic species available in Indian waters provide
a solid foundation for the industry's growth potential.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“India Aquaculture
& Marine Products Market By Rearing Product Type (Equipment, Chemicals,
Pharmaceuticals, Fertilizers, Others), By Type (Fisheries, Seaweeds,
Microalgae, Crustaceans, Molluscs, Others), By Production Type (Small-Scale,
Medium & Large Scale), By Culture (Freshwater, Brackish Water, Marine), By
Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth
potential of India Aquaculture & Marine Products Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Aquaculture & Marine Products Market.
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