World Aquaculture Market
Aquaculture Market was valued at USD 244 billion in 2023 and is anticipated to register a CAGR of over 4.5% between 2024 and 2032. By 2032, the market value is projected to reach USD 360.6 billion, with the volume expected to increase to 116.6 million tons.
Shrimp :
The global shrimp market size in 2023 was estimated to be around USD 45.32 billion and the market is anticipated to reach USD 102.56 billion by 2032, exhibiting a substantial Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period (2024-2032).
India's shrimp exports reached over $4.9 billion in 2023, with Andhra Pradesh responsible for the majority of these exports.
Andhra Pradesh is the leading shrimp-producing state in India, contributing over 70% of the country's total production. (out of 0.72 million tons, ie 0.50 tons valued at $3.43 billion)
India’s Potential in World Shrimp Market :
India can easily achieve a growth from the current levels to a minimum of 2.5MMT to a maximum of 3 MMT by 2033
Tilapia :
The global Tilapia market currently enjoys a value of. US$ 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