In reviewing the data on the aquaculture production of marine and partly-marine species in India, the value stood at 5.7 billion USD in 2023. Over the past decade, we observe fluctuations with significant growth phases, most notably in 2017 with a year-on-year increase of 33.66%. From 2021 to 2023, the industry maintained steady growth with year-on-year variations of 6.23% and 6.14%, respectively, dipping slightly to 5.73% in 2023. The 5-year CAGR from 2019 to 2023 indicates a sustained average annual growth rate of 8.84%.
Forecasts project continued growth, reaching 7.2 billion USD by 2028, reflecting a 5-year CAGR of 3.69% and a total growth rate of 19.86%. This suggests a deceleration compared to the recent past, but positive growth nonetheless.
Future trends to watch for:
- Technological advancements in aquaculture practices
- Regulatory changes impacting sustainable fishing
- Market demand fluctuations due to dietary and export trends
- Impact of climate change on marine ecosystems
