India Aquafeed Market Size, Share & Forecast, By Species, Feed Form & Customer Type, 2026-2031

The India Aquafeed Market was valued at USD 3.25 billion in 2025. The estimate covers domestically sold formulated feed for farmed shrimp, freshwater fish, marine and brackishwater fish, hatcheries and related commercial aquaculture species. It excludes farm-made ingredients that do not generate third-party feed revenue. The value is supported by a modeled 2.05 million tonnes of aquafeed consumption and an average market realization near USD 1,585 per tonne, with shrimp diets carrying the highest value density.

The market is forecast to reach USD 4.831 billion by 2031, growing at a 6.83% CAGR over 2026-2031. Expansion is expected to be led by higher feed volume, wider formulated-feed penetration and gradual premiumization through functional and species-specific diets. The forecast assumes that aquafeed volume rises to about 2.89 million tonnes by 2031 while average realization increases moderately. It also assumes continuity in fisheries policy, no prolonged seafood export disruption and manageable volatility in protein and lipid inputs.

Profit pools will shift from undifferentiated commodity feed toward formulations and services that improve feed conversion, survival, water stability and crop predictability. Premium shrimp diets, hatchery feeds, functional additives and extruded floating fish feed should capture higher value per tonne. Manufacturers with integrated advisory networks can monetize data, farm protocols and technical service while reducing dealer churn. The shift is reinforced by feed accounting for 50-60% of semi-intensive shrimp operating cost, making measurable biological performance more valuable than a small difference in bag price.

Raw-material volatility and biological risk together form the largest constraint. Commercial feed economics are exposed to fishmeal, fish oil, soybean meal, grains and premixes, while disease can sharply reduce farm stocking and reorder cycles. Raw materials may represent 80% or more of feed manufacturing cost, and feed itself can represent 50-60% of semi-intensive shrimp operating cost. This creates a two-sided squeeze when input prices rise while shrimp farm-gate prices or survival decline, increasing credit risk across manufacturers, dealers and farmers.

India ranks second among the selected peer markets by modeled 2025 value, behind China and ahead of Vietnam, Indonesia and Bangladesh. India offers a stronger balance of scale and growth than most peers, with a 6.83% forecast CAGR compared with China's 5.36%. Vietnam grows faster at about 8.40% but from a smaller modeled value base. India's differentiation is its combination of large inland fish production, export-oriented shrimp farming and a broad domestic manufacturing and dealer ecosystem.

The most important demand driver is the expansion and intensification of farmed fish production. India produced 19.775 million tonnes of fish in FY2024-25, and average aquaculture productivity reached 4.77 tonnes per hectare. Higher biomass production increases recurring feed consumption, while greater stocking density raises the value of water-stable, digestible and disease-conscious formulations. Export demand amplifies this effect in shrimp, where feed performance influences harvest size, residue compliance and processor throughput.

The competitive landscape includes Avanti Feeds Limited, Growel Feeds Private Limited, C.P. Aquaculture (India) Private Limited, Godrej Agrovet Limited, Cargill India Private Limited, The Waterbase Limited, Skretting India, De Heus India Private Limited, Deepak Nexgen Feeds Private Limited and Anmol Feeds Private Limited. Competition varies by species and region: branded shrimp feed is more concentrated, while freshwater fish feed includes a longer regional tail. Capacity, dealer reach, technical service, formulation consistency and access to working capital are the most important competitive differentiators.