Aquaculture is one of the fastest-growing industries in the world, with India as an emerging major player on the world stage. Considering the industry’s opportunities in the Indian aquaculture scenario, it has grown significantly over the past decades. With 2.36 million hectares of lakes and ponds, 7,500 km frontage and a brackish water area of around 1.1 million hectares, India is recognized as the second-largest aquaculture hub in the world.
Aquaculture in India: Developing a New Industry
According to the latest market figures, global aquaculture production is estimated at 80 million tonnes. China is the world’s largest producer, producing 49 million tons of seafood, and India accounts for the production of 5 million tons of the industry’s goods.
While India holds a strong position globally, the sector has not yet sufficiently mastered the infrastructure and technology challenges to increase supply. As a hub for emerging start-ups, the Indian ecosystem is transforming the industry with innovative solutions.
This is providing attractive opportunities for investors to invest in a region that has changed for good over the decades. India’s seafood exports have increased from $ 1.64 billion in 2009/10 to $ 4.95 billion in 2013-14 (latest available statistics). The majority of this growth comes from aquaculture, an industry that will inevitably change.
India holds a strong position in aquaculture sector globally, but the industry has not yet sufficiently mastered the infrastructure and technology challenges to increase supply.
Growing Markets: An Advantage for Agritech Startups
While India may be one of the largest producers in the aquaculture industry, it faces many challenges in supplying to the domestic market. The entire production system requires modernization and hygiene systems to contribute significantly to the transformation of the areas.
Many emerging agricultural commodity companies promoting aquaculture are entering the domestic market with facilities of robust security mechanisms. It will play a key role in making an effective supply chain structure that enables the industry to maintain a strong global position.
Therefore, investors are keenly interested in investing in start-ups and companies capable of meeting the need for innovative supply chain solutions to deliver the product to the consumer in the healthiest and most nutritious way. As the industry transforms, farmers will get a fair price for their products too.
The Indian aquaculture start-up, Aquaconnect, recently received a funding of $ 1.1 million. This company has developed a system for exchanging data in collaboration with the Indian shrimp industry.
Aquaconnect – Aquaculture Sector’s Safe Haven for Investors
This aquaculture start-up aims to transform the Indian aquaculture industry and has raised $ 1.1 million in new funding rounds from Omnivore and Hatch. Aquaconnect is an AI-enabled platform that integrates Asia’s leading aquaculture network with SaaS forecast management tools and an all-channel marketplace. The omnichannel marketplace combines different shopping methods available to consumers like phones, physical stores and online shopping.
Currently, Indian aquaculture sector is estimated to be worth $7.1 billion. And Aquaconnect is targeting this sector to make India, the world’s largest shrimp exporter. Based in Chennai, Aquaconnect was founded in 2017 by Rajamanohar “Raj” Somasundaram, Sanjai Kumar, and Shanmuga Sundara Raj. Currently, the start-up has a network of more than 3,000 shrimp farmers in India and Indonesia and plans to expand rapidly in South and Southeast Asia.
In terms of the industry over time, India has already started innovations with aquaculture to reach new heights. By supporting emerging companies’ efforts efficiently and by accelerating investors to aid them, new plans can make the country’s existing resources into viable sources of income.
Thus, a good investment opportunity, improvement of the aquaculture industry, the integration of new technologies of the moment, solutions and smart government projects are all that is needed for shining at the moment and brightening the future of the aquaculture industry in India.