Indian Shrimp Feed Market is Expected to Experience a strong Growth during the Forecast Period
The latest report by IMARC Group, titled “Indian Shrimp Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian shrimp feed market size exceeded 1 Million Tons in 2018. Shrimp feed is formulated with essential nutrients required for the healthy growth of shrimp. Most of the commercial shrimp feeds are manufactured by pelletizers using a wide variety of plant and animal feedstuffs. Some of the common ingredients include fish and squid meal, lecithin, fish oil, cereal flour and other essential and propriety additives. The use of high-quality feed aids in maximizing profits, improving shrimp production and minimizing the environmental pollution generated by shrimp farming. However, the nutrient profile of shrimp feed depends on numerous factors, such as the stability of the feed, culture density, environmental conditions and feeding method. As a result, feed producers are undertaking research and development activities to enhance feed formulations to maximize nutrient retention.
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Market Trends:
The rising awareness among farmers regarding feeding habits and proper understanding of the dietary requirements of different shrimp species has led to the growing demand for shrimp feed in India. In addition, the increasing popularity of feed additives has helped in improving the nutritional characteristics and facilitating ingredient dispersion or feed pelleting. Besides this, owing to the rising shrimp demand across the globe, fish cultivators or exporters in India are inculcating commercial feeding practices so that the end product is healthy and nutritional as per the export quality requirements. Further, the implementation of modern production technologies has enabled most of the domestic shrimp producers to formulate more than 95% of shrimp feed with locally produced raw materials while meeting the international quality standards. Moreover, Indian manufacturers have designed computer software programs which are now commercially available to formulate feeds. They combine different feed ingredients in a specific proportion to provide the target species with a balanced nutritional diet at the least cost possible. Looking forward, the market is projected to exceed the volume of 1.8 Million Tons by 2024, expanding at a CAGR of 10% during 2019-2024.
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Market Segmentation:
- Based on the type, the market has been segmented as grower, starter and finisher type. Currently, grower type shrimp feed is the most popular segment, accounting for the majority of the overall market share.
- On the basis of the ingredient, wheat flour is the primary ingredient used in the formulation of shrimp feed. It is followed by soybean meal, fish meal, fish oil and others.
- The market has been categorized based on the additive into vitamin and protein, fatty acid, antioxidant, feed enzyme, and antibiotics. Amongst these, vitamin and protein represent the largest additive segment.
- Region-wise, Andhra Pradesh exhibits a clear dominance in the Indian shrimp feed market. Some of the other major regions include West Bengal, Gujarat, Tamil Nadu & Puducherry, Odisha, Maharashtra, and others.
- The competitive landscape of the market has also been examined with some of the key players being Avanti Feeds, CP Aquaculture and Water Base Feeds. Amongst these, Avanti Feeds is the leading player operating in the market, holding 45% of the total shrimp feed industry.
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