Indian Shrimp Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Indian Shrimp Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Outlook 2023-2028:

The Indian shrimp feed market size reached US$ 1.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.8% during 2023-2028.

Shrimp feed is formulated using soybean meal, cereal flour, fish and squid meal, lecithin, and yeast that help meet the nutritional requirements of farmed shrimp. It is fortified with the required levels of essential amino acids, vitamins, minerals, fatty acids, carbohydrates, and nutrients. It helps improve shrimp production and profits and minimizes the environmental pollution from shrimp farming. At present, several product manufacturers are focusing on introducing premium shrimp feed with enhanced water stability, nutrition density, and palatability. 

Indian Shrimp Feed Market Trends:

The rising prevalence of obesity, eye problems, cardiovascular diseases, and skin cancer is catalyzing the demand for shrimp in India. This, along with the rising consumption of seafood due to the increasing awareness among individuals about the health benefits associated with seafood consumption, is contributing to the market growth. In addition, the easy availability of healthy and disease-free shrimp represents one of the key factors driving the demand for shrimp feed in the country. Apart from this, India is one of the biggest exporters of fresh and frozen shrimp products worldwide due to the easy availability of land and labor and comparatively lower shrimp farming cost. The inflating disposable income levels and rising expenditure capacity of individuals are also strengthening the market growth. This, in confluence with the increasing utilization of shrimp in the food and beverage (F&B) industry, is creating a positive outlook for the market. Additionally, the rising popularity of regional and international cuisines, coupled with the emerging trend of food vlogging, is driving the demand for shrimp products in the country. Furthermore, the Government of India (GoI) is introducing numerous initiatives to promote organic shrimp farming practices due to increasing environmental concerns, which is offering lucrative growth opportunities to market players operating in the country. Moreover, several manufacturers are introducing shrimp feed formulated without artificial ingredients. They are also focusing on strategic collaborations with international players to launch innovative product variants in different packaging solutions. The expansion of online and offline distribution channels selling a wide range of shrimp feeds is expected to propel the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Indian shrimp feed market report, along with forecasts at the country and state level from 2023-2028. Our report has categorized the market based on type, ingredient and additives.

Breakup by Type:

  Starter Grade
Grower Grade
Finisher Grade

The grower grade currently dominates the market as it finds extensive applications in formulating shrimp feed to improve shrimp production and increase profits.

Breakup by Ingredient:

Fish Meal
Fish Oil
Wheat Flour
Soybean
Others

Wheat flour is the main ingredient used in preparing shrimp feed as it is a good source of carbohydrates and the gluten content of the flour acts as a natural binder in aquatic feed.

Breakup by Additives:

Vitamin and Protein
Fatty Acid
Antibiotics
Antioxidant
Feed Enzyme and Others

Vitamin and protein exhibit a clear dominance in the market as they help improve the quality of feed and enhance the feed intake, stability, and better shrimp growth.

Regional Insights:

Andhra Pradesh
West Bengal
Tamil Nadu and Pondicherry
Gujarat
Odisha
Maharashtra
Others

Andhra Pradesh enjoys the leading position in the market as it is the largest producer and exporter of shrimp in the country.

Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players.

This report provides a deep insight into the Indian shrimp feed market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian shrimp feed industry in any manner.

Key Questions Answered in This Report:

What is the size of the Indian shrimp feed market?

What are the key factors driving the Indian shrimp feed market?

What has been the impact of COVID-19 on the Indian shrimp feed market?

What is the breakup of the Indian shrimp feed market based on the type?

What is the breakup of the Indian shrimp feed market based on the ingredient?

What is the breakup of the Indian shrimp feed market based on the additives?

What are the key regions in the Indian shrimp feed market?