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Visakhapatnam Regional Centre of ICAR – Central Marine Fisheries Research Institute (CMFRI) is embarking on an initiative to explore the possibility of breeding the highly sought-after ‘Ghol’ fish, also known as the black spotted croaker, in cages. The CMFRI’s studies on capture-based culture of the ‘ghol’ fish are already underway, signalling a promising development in the aquaculture sector.

The ‘Ghol’ fish, scientifically referred to as protonibea Dicanthus, is renowned for its exceptional market value, particularly in the international market. Its air bladder, a coveted commodity in the wine industry, commands a staggering price range of ₹40,000 to ₹50,000 per kilogram. Despite its presence in Indian seas, Ghol remains relatively scarce, as highlighted by A. Gopalakrishnan, the Director of ICAR-CMFRI.

During the inauguration of the indigenously developed Recirculatory Aquaculture System (RAS) for nursery rearing of finfishes at the CMFRI Regional Centre in Visakhapatnam, Mr. Gopalakrishnan disclosed these exciting developments. Additionally, the CMFRI Vizag centre is also dedicated to the cultivation of other lucrative species, including black pomfret and silver pomfret, both of which enjoy favourable market prices.

The Vizag centre, a pioneer in open sea cage farming in India, has identified suitable locations along the coasts of Andhra Pradesh, Odisha, West Bengal, and Yanam for the expansion of cage farming in marine environments. Open sea cage farming was initiated at four strategic locations, including Visakhapatnam, Balasore (Odisha), Chennai, and Kochi, back in 2003. The Vizag centre notably achieved a groundbreaking milestone in 2005 by successfully harvesting 3.5 tons of fish through cage culture.

Cage breeding offers several advantages, such as preventing contact with other species and facilitating the production of disease-free, high-quality seedlings. This technology is now being extended to nursery rearing, where the cost of producing 1 kilogram of fish stands at approximately ₹210. The farm gate price, however, commands a significantly higher range of ₹380 to ₹400, providing substantial returns for fish farmers.

In addition to its pioneering work in cage farming, the CMFRI Visakhapatnam centre plays a pivotal role in monitoring fish stock and assessing stock status periodically. This crucial contribution led to the listing of approximately 72 fish species, empowering the State Fisheries Department to formulate effective fisheries management policies.

The government of Himachal Pradesh is taking significant steps to encourage fish farming and increase the income of fishermen in the state. A detailed work plan is in the works, aiming to promote various forms of fish farming, including backyard fish farming, cage culture, and recirculatory aquaculture systems that utilize advanced technology.

In the current financial year, the government plans to construct 20 hectares of new fish ponds in the private sector. To boost earnings for fishermen, the state government has committed to providing an 80 percent subsidy. Additionally, the government will establish 120 new trout units to enhance the capacity of the fisheries sector.

One notable initiative is the establishment of a carp farm in Gagret, Una, with an expenditure of five crores. This facility will offer training to farmers and individuals associated with fisheries. Approximately 600 fishermen will receive training annually at this centre. Moreover, 1000 cast nets will be provided to riverine fish-dependent fishermen in the plain areas, all with the support of subsidies.

Under the Pradhan Mantri Matsya Sampada Yojana, the central government has released Rs. 11.26 crore, which will be utilized to promote various fish farming activities in the state.

Himachal Pradesh recognizes the immense potential of fish farming in its rivers and sea areas. The sector not only offers economic opportunities but also employment and self-employment possibilities, particularly considering the rich biodiversity in fish farming.

The state is blessed with perennial rivers originating from glaciers, such as Beas, Sutlej, and Ravi, which are home to various fish species. Successful projects like the Indo-Norwegian Trout Farming Project have sparked interest in utilizing the state’s water resources through modern techniques.

The opening of more anvils for local residents to engage in fish farming in areas like Gobind Sagar, Pong Dam, Chamera, and Ranjit Sagar Dam is contributing to strengthening the local economy and further promoting the growth of the fish farming sector in Himachal Pradesh.

Mizoram, a picturesque state in northeastern India, holds a significant untapped potential for fish culture, according to officials from the state’s fisheries department. During a review meeting with Governor Hari Babu Kambhampati at the Raj Bhavan, it was revealed that Mizoram boasts an estimated 24,000 hectares of available land that could be developed for fish farming. However, only a modest 22.1% of this potential area, equivalent to 5,527 hectares, has been developed for pisciculture so far.

The review meeting primarily focused on the current state of fish production in Mizoram and the state’s efforts in aligning with the principles of the blue economy—a sustainable approach to harnessing aquatic resources. State fisheries department officials, including Secretary Laldawngliana and Director F Vanlallawma, provided Governor Kambhampati with insights into the initiatives aimed at boosting fish production and promoting sustainable practices within the state.

One of the key topics discussed was the exploration of strategies to increase fish production to meet the rising demand for consumption within Mizoram. With its lush landscapes and abundant water resources, the state is well-positioned to leverage its natural assets for the benefit of its residents

Efforts to develop more of the available land for fish culture hold promise not only for enhancing local food security but also for potentially contributing to the state’s economy. By harnessing a larger portion of its fish farming potential, Mizoram can take significant steps towards achieving self-sufficiency in fish production and fostering sustainable practices aligned with the blue economy principles. The state’s commitment to these endeavors signifies a proactive approach to harnessing its aquatic resources for the well-being of its people and the conservation of its environment.

In Kerala’s Ernakulam district, the iconic “Munambam Fresh Fish” sign beckons both locals and visitors, serving as a symbol of assurance for the finest quality seafood, particularly ammonia-free Capelin fish. The Munambam fishing harbour, situated on Vypin Island, is renowned as one of Kerala’s most prominent fishing ports along the coastline, with a reputation for delivering top-tier fresh, frozen, and dried fish products.

At Munambam, a wide variety of fish, including Herring, Tuna, Mackerel, Tilapia, and Carp, are available in substantial quantities. The fish are meticulously packed and preserved with ice in impeccably clean facilities, with seamless management contributing significantly to maintaining these high standards.

Munambam Fishing Harbour ranks among the largest fishing harbours in Kerala, with a substantial export business, particularly to European countries such as Germany and Britain. Notably, Munambam Harbour is the sole harbour approved by the Export Inspection Agency (EIA). It stands as one of the busiest fishing ports in the state, housing over 500 vessels, including 350 boats, 100 nets, and 50 traditional fishing boats. During the peak season from August to September, it can accommodate up to 100 boats simultaneously.

The harbour plays a pivotal role in the livelihoods of more than 4,000 fishermen. In the early morning, the auction scene buzzes with activity as the freshest catches are sold to the highest bidders. The harbour generates an impressive daily revenue of Rs 3 to 4 crore.

To safeguard the area from intrusion by birds and animals, protective nets have been installed. Beyond its vital role in the fishing industry, Munambam Harbour also serves as a significant source for related sectors reliant on marine life, including fish oil production, dried fish powder manufacturing, and fodder production.

Hyderabad-based Avanti Feeds, a prominent player in India’s shrimp feed production sector, has reported a modest decline in sales volumes and revenue for the fiscal year 2022-2023, reflecting the broader challenges faced by the Indian shrimp aquaculture industry. Despite this, the company managed to weather the downturn successfully.

Avanti Feeds recorded total revenue of INR 40.41 billion (USD 492 million, EUR 442 million) for the fiscal year, representing a slight dip compared to INR 40.47 billion (USD 493 million, EUR 443 million) in the previous fiscal year (2021-2022). This decline was partly attributed to an 8 percent reduction in shrimp feed sales volume, dropping to 498,000 metric tons (MT) from 540,000 MT in the preceding year.

The decrease in revenue and sales volume mirrors the ongoing “market correction” in India’s shrimp industry. From April 2022 to March 2023, India’s shrimp exports amounted to 719,357 MT, down from 734,375 MT the previous year. Notably, shipments to the United States also experienced a decline during this period.

In a statement to shareholders, Alluri Indra Kumar, Chairman and Managing Director of Avanti, acknowledged the various challenges the company faced, including the global economic downturn, high inflation, and pandemic-related disruptions in China. Additionally, the company navigated through volatile farm gate shrimp prices throughout the year.

Despite these obstacles, Avanti achieved a net profit after tax of INR 2.3 billion (USD 28 million, EUR 25 million) for the fiscal year, up from INR 2 billion (USD 24 million, EUR 21 million) in the previous year. Kumar attributed this growth to the unwavering dedication of the company’s employees, strong support from value chain partners, and efficient supply chain operations spanning from farm to export markets.

Avanti’s performance in the fiscal year was marked by several strategic acquisitions, including the purchase of Srivathsa Power Projects, a natural gas-based power plant in Andhra Pradesh. Additionally, the company commenced commercial operations at its feed unit in the same state.

Looking ahead, Avanti Feeds expressed optimism regarding the demand outlook for shrimp, citing favourable farm gate prices and conducive conditions for shrimp cultivation. The company stated that it anticipates promising opportunities for transformative growth and is committed to delivering exceptional value on a global scale.

The India Fish Farming Market is set to witness substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 8.60% during 2023-2028, according to a recent report released by IMARC Group, a leading market research company.

Fish farming, also known as aquaculture, involves the controlled breeding and cultivation of fish in controlled environments such as ponds, tanks, or ocean-based net pens. This practice is on the rise in India due to its environmentally conscious approach, aimed at minimizing ecological impact, efficient resource use, and preventing farmed fish from entering natural ecosystems. It’s becoming a vital solution to meet the surging global demand for seafood, reducing reliance on overfishing and depletion of wild fish stocks.

The Indian population’s growing awareness of the nutritional benefits of fish consumption is a key driver of market growth. Moreover, there’s an increasing demand for high-quality, locally produced seafood. This demand is further driven by the preference for fresh, uncontaminated seafood. Fish farming ensures a controlled environment, producing healthy and safe fish.

The profitability of fish farming is attracting entrepreneurs and investors alike, further fueling the market’s expansion. In parallel, the Government of India has undertaken initiatives to promote aquaculture. These include financial incentives and technical support, providing a significant boost to the industry.

Market Segmentation Highlights:

The report segments the market into various categories, including:

Environment Insights:

• Marine Water
• Fresh Water
• Brackish Water

Fish Type Insights:

• Salmon
• Milkfish
• Tuna
• Tilapia
• Catfish
• Sea Bass
• Others

Regional Insights:

• South India
• North India
• West & Central India
• East India

This comprehensive analysis provides invaluable insights into the Indian fish farming market, offering a detailed breakdown based on environmental conditions, fish types, and regional variations.

The rising tide of fish farming in India reflects a growing commitment to sustainable seafood production, meeting the nation’s nutritional needs, and reducing the environmental impact of traditional fishing methods. Stay tuned for more updates on this evolving market.

Request for a free sample copy of this report: https://www.imarcgroup.com/india-fish-farming-market/requestsample

Disclaimer: This news article is based on IMARC Group’s market research report, and its accuracy and reliability are subject to the information provided in the report.