Growing Penetration of Commercial Aquafeed Drives Aquafeed Market in India

“Supported by government programmes and growing awareness regarding fish farming, Indian Aquafeed Market is rising remarkably” says RNCOS

The Indian subcontinent has emerged as an important aquaculture country, particularly in the fresh water environment. Indian aquaculture is an important sector of food production, providing nutritional security to food basket. The industry benefits due to factors like, increasing domestic demand for fishes, rising exports and government initiatives towards increasing the cultured species.

India is the second largest producer of fish and it provides an immense opportunity for aquafeed manufacturers to tap the growing demand. Moreover, farmers are shifting from traditional ways of feeding aquatic species to commercial feeding; along with the various scheme and subsidies implemented by the government to promote aquaculture.

RNCOS research report, titled “Indian Commercial Aquafeed – The Changing Market Landscape” enables aquafeed manufacturers to screen most attractive regions for future expansion by highlighting the opportunities in different states. West Bengal ranks second in fish production and penetration of commercial aquafeed hovers around just 15% for shellfish category. The state offers huge potential for aquafeed manufacturers.

As per our findings, aquaculture production in the country is projected to grow at a CAGR of around 6% during 2016-17 to 2019-20, thereby giving a significant boost to aquafeed consumption. Indian farmers are being given subsidies to take up aquaculture thorough National Fish Development Board and Rashtriya Krishi Vikash Yojna. Similarly Odisha state government has taken measures like “The Odisha Fishery Policy 2015” which is aimed at enhancing the annual fish production to 0.71 Million Tonnes by 2020. Such developments will lead to increased aquafeed consumption in the country and will equally exhibit more opportunities for aquafeed manufacturers to reap profits.

On account of our findings for the past and future trends, drivers and challenges and technological advancements in aquaculture industry; The Southern region is a major demand generator of commercial finfish feed in India, and is estimated to occupy a share of around 38% in 2015-16, followed by Eastern and Western region. The report also includes business description of the key industry players and detailed insights on the India Aquafeed industry.

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