The rapid expansion of non-salmon aquaculture, fuelled by government investments in regions such as Africa, West Asia and Latin America to strengthen food security and meet rising demand for affordable protein, is opening a significant growth opportunity for Garware Technical Fibres Ltd, a manufacturer of technical textiles and fishing nets, according to a report by The Hindu BusinessLine.
Growth Driver in Non-Salmon Species
Shujaul Rehman, CEO of Garware Technical Fibres, stated that beyond salmon, aquaculture activity is growing rapidly in regions such as Africa, the Middle East and Latin America as wild fish stocks decline and demand for alternative protein rises. “Many of these markets are scaling up farming of non-salmon species, creating opportunities for us as smaller farms industrialise and require better infrastructure,” Rehman said. While salmon farming remains the company’s largest and most profitable aquaculture business, Rehman indicated that the next phase of growth is likely to come increasingly from non-salmon species.
Governments are supporting aquaculture through subsidies and policy initiatives, particularly around large freshwater bodies in Africa. Expertise from established salmon farming markets such as Norway is also moving into these regions, helping accelerate industry growth, Rehman added.
Market Dynamics: Salmon vs. Non-Salmon
Although salmon accounts for the highest-value segment of aquaculture, it represents only 5-7 per cent of global production. Farmers in Norway, Chile, Scotland, Canada and Iceland invest heavily in advanced offshore cages and high-performance containment nets, making salmon farming one of Garware’s highest-margin businesses. In contrast, nearly 90 per cent of global aquaculture comprises non-salmon species, including sea bass, sea bream and freshwater fish farmed across Asia, Africa and Latin America. While these producers remain more cost-conscious, the gradual industrialisation of aquaculture is driving demand for higher-quality netting and technical textile solutions, Rehman said.
Company Performance and Outlook
Garware Technical Fibres reported FY26 net profit of ₹211.27 crore on revenue of ₹1,418.98 crore. About 60 per cent of its revenue comes from international markets. “The year has started well. Inflationary pressures have made customers in some segments cautious about inventory, as they expect prices to soften,” Rehman said. He expects international business to outperform this year after domestic operations led growth in FY26.
The company has also diversified beyond ropes. Around 20 per cent of its business now comes from high-performance applications, including synthetic ropes for power transmission, oil and gas, shipping and towing, supported by improvements in HMPE processing and compounding technology.
Implications for Commodity Traders and Analysts
The shift toward non-salmon aquaculture underscores a structural change in global protein supply chains. As governments in emerging markets invest in aquaculture infrastructure, demand for technical textiles and netting is expected to rise, benefiting suppliers like Garware. The company’s revenue mix—with 60% from exports—exposes it to currency fluctuations and geopolitical risks but also diversifies its growth base. For traders tracking fishmeal and feed ingredients, the expansion of non-salmon farming could alter demand patterns for agricultural commodities. Garware’s move into high-performance synthetic ropes also ties it to energy and shipping sectors, widening its commodity exposure.
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