World Aquaculture Market
The global market for aquaculture estimated at US$191.3 billion in the year 2022, is projected to reach a size of US$ 232.4 billion by 2026.
Shrimp :
Global farmed shrimp production is currently 5.2mmt, with a total industry value of $60 billion on the retail side. This is expected to nearly double by 2033, with production to reach 9 MMT at an industry value of $125 billion.
Shrimp is India’s highest valued aquaculture export at $6.28 billion in 2022 (from 0.94 MMT production), with nearly 76% of all farming done in Andhra Pradesh and over 40% of the market dedicated to the United States (i.e., near 400,000 MTY).
India’s Potential in World Shrimp Market :
India can easily achieve a growth from the current levels to a minimum of 2.5MMT to a maximum of 3 MMT by 2033
Tilapia :
The global Tilapia market currently enjoys a value of. US$ 14.1 billion and is forecasted to reach a size of US$ 22.3 billion by the end of 2033.Currently there is limited export of Tilapia from India and to this end India has set a transformation and ambitious goal to produce 0.766 MMT by 2026-27 and 2.155 MMT, valued at US$ 4.398 billion by 2032.
Mains Concerns in Indian Aquaculture :
The main issues are diseases, environmental pollution, water quality and quantity that's restraining the profitability of farming in India. Our proposed Hybrid RAS will be the solution to make India the No. 1 player in the world in shrimp and tilapia production. To further this, we are also working to develop blockchain digital tracing of product within the value chain to aid rapid communication and transparency to reduce the impact of consignment rejections, which cause a $1 billion annual loss in Indian shrimp exports.
Recent Challenges
India Ranks Number 2 on shrimp production. Traditional methods of shrimp farming in India are able to produce just between 3 MT per acre while our Hybrid RAS will produce upto 60 MT per acre.
Disease
- Increased densities
- Increased use of antibiotics
- Lack of biosecurity
- Poor management practices
Economics
- Increased material, seed, and feed costs
- Up to 25 – 40% losses due to disease
Environmental
- Rising pollution due to human activities
- Rising population competing for water resources
- Increasing demand for terrestrial food production