India Fish Market Report and Forecast 2024-2032

India Fish Market Size

The India fish market reached approximately INR 1,881.84 billion in 2023. The market is projected to grow at a CAGR of 11% between 2024 and 2032, reaching a value of around INR 4,813.81 billion by 2032.

India Fish Market Outlook

• India is one of the third largest fish producing countries in the world.

• Brackish water shrimp aquaculture has experienced significant growth in India, contributing to major export share.

• Andhra Pradesh is one of the largest fish-producing states in India.

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India Fish Market Growth

Fish is a limbless cold-blooded vertebrate animal, which has gills and fins. It is enriched with calcium and phosphorus and is a good source of minerals, like iron, iodine, magnesium zinc, and potassium. It is a low-fat high-quality protein and is filled with omega-3 fatty acids and vitamins, including D and B2 (riboflavin).

The India fish market value is increasing due to the rising per capita consumption of the product over the last few years. On account of inflating disposable incomes and changing food habits, the consumption of sea food is expected to increase over the forecast period. The market growth is also driven by the huge export potential it offers as the market accounts for about 6% of global production. Currently, the country represents one of the largest producers of fish in the world. In recent years, India has witnessed huge growth both in domestic consumption, as well as the export of fish, consequently enhancing the overall market growth.

The expansion of the cold chain logistics is also a crucial factor propelling the India fish market development. This expansion has facilitated the storage and transportation of frozen fish and increased their availability in urban areas, where convenient and frozen food products are gaining popularity due to busy lifestyles.

Industry Outlook

According to the Ministry of Fisheries, Animal Husbandry & Dairying, India is the third-largest fish-producing country, contributing 8 percent to global fish production and ranking second in aquaculture production. In 2021-22, India's fish production totaled 16.24 million tonnes, with 4.12 million tonnes from marine sources and 12.12 million tonnes from aquaculture.

Since the launch of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in 2020-21, the country's overall fish production has increased, reaching 16.24 million tonnes in 2021-22, up from 14.16 million tonnes in 2019-20.

According to the FAO, India has 3,827 fishing villages and 1,914 traditional fish landing centres. Major fishing harbours include Mangalore (Karnataka), several in Kerala (Chellanam, Vypeen, Koyilandy, Neendakara, Vizhinjam), Tamil Nadu (Tuticorin, Nagapattinam, Chennai), Vishakhapatnam (Andhra Pradesh), and Raichak (Kolkata, West Bengal). Additionally, there are 23 minor fishing harbours and 95 fish-landing centres. India's exclusive economic zone (EEZ) extends 200 nautical miles into the Indian Ocean, covering over 2 million square kilometers, emphasizing the importance of marine capture fisheries, especially traditional and small-scale operations, impacting the India fish market.

As per FAO, export earnings from fish and fishery products in 2022 were approximately USD 7.9 billion, with shrimp contributing 70 percent of this value. The rise in shrimp aquaculture, particularly with the introduction of vannamei shrimp, has significantly boosted production. Currently, around 1 million tonnes of vannamei shrimp are cultured annually, underscoring the species' importance to the industry.

Fish Industry Statistics in India

The study "Fish Consumption in India: Patterns and Trends," unveiled by the Indian Council of Agricultural Research, Ministry of Agriculture and Farmers’ Welfare, Government of India, and WorldFish, found that 72.1% of the Indian population, or 966.9 million individuals, consume fish. Kerala leads with 53.5% of its population eating fish daily, followed by Goa (36.2%), West Bengal (21.9%), Manipur (19.7%), Assam (13.1%), and Tripura (11.5%).

Industry reports indicate that the HoReCa (Hotels, Restaurants, and Catering) sector contributes over USD 78 billion annually to India's economy, representing more than 7 percent of the GDP. Projections suggest the industry will exceed USD 280 billion by 2025. Implementing effective government policies and regulations for the unorganized sector could significantly boost the potential of the HoReCa industry, fostering further economic growth and stability.

Key Trends and Recent Developments

Growing trend of health and wellness; growth of the organised food retail sector; sustainable fishing practices; and favourable government initiatives are the major trends impacting the India fish market expansion

India Fish Market Trends

Various health benefits associated with fish consumption are positively impacting the fish consumption In India among health-conscious consumers. Sea food is rich in nutrients such as protein, omega-3 fatty acids, vitamins, and minerals, among others, which can support the overall health of a person. Omega-3 can reduce the risk of cardiovascular diseases, and Alzheimer’s disease and is good for skin and hair health. Furthermore, increasing consumption of fish is also linked to reducing stress and depression due to the presence of these fatty acids which can promote brain health.

The key players in India fish market are establishing production facilities for yielding high-quality fish feeds and meeting the demand for premium and nutritious sea foods. Skretting, a Norway-based aquafeed and nutrition company, announced in February 2023 that it is planning on launching its state-of-the-art production facility for aqua nutrition in Surat, India. This production facility will span over 20,000 square metre and aims to produce extruded and pelleted feed depending on the requirements of the shrimp and fish species.

What are the key Factors Contributing to the Growth of the India Fish Market?

• Rich Biodiversity: India's extensive coastline and inland water bodies support a wide variety of fish species.

• Traditional Expertise: Long-standing fishing practices and cultural significance bolster the fish demand growth.

• Government Support: Initiatives like Pradhan Mantri Matsya Sampada Yojana (PMMSY) promote sustainable growth.

What are the Key Challenges Faced by Fish Producers in India?

• Infrastructure Gaps: Inadequate cold storage and transport facilities lead to post-harvest losses.

• Overfishing: Unsustainable practices deplete fish stocks and harm marine ecosystems.

• Regulatory Challenges: Inconsistent policies and enforcement hinder sector efficiency, negatively impacting the fish market opportunities.

• Climate Change: Altered weather patterns and water temperatures threaten marine life.

• Pollution: Water pollution from industrial and agricultural runoff impacts fish health.

• Competition: Imported seafood and alternative protein sources challenge local market share.

What are the Key Growth Opportunities in the India Fish Market?

• Aquaculture Expansion: Advancements in technology can boost fish farming yields, which will likely influence the fish demand forecast.

• Rising Demand: Increasing domestic and global seafood consumption presents growth prospects.

• Export Potential: Strategic export initiatives can tap into international markets.

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India Fish Industry Segmentation

“India Fish Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Inland fishes are further divided based on species into Indian Major Carps, Pangasius, Exotic Carps, Clarias, Anabas, Rupchanda, Tilapia, and Seabass, among others.

India Fish Market Share

Freshwater fish dominates the India fish market share, as it is commonly used in several Indian cuisines and local dishes

The India fish market benefits from the rising consumption of freshwater fish by a significant population in the country. Freshwater fish forms an integral part of several Indian cuisines such as Fish Bhunna and Fish Chowder, among others. The rising network of fishermen and aquaculture farms across the country further increases its accessibility to consumers.

As per the India fish market report, the frozen fish segment is also expected to witness sizeable growth in the coming years due to the growth of cold chain logistics in the country. The segment growth is further supported by the rising demand for convenient food products as well as innovations in freezing technology which enhances the quality and freshness of frozen fish. Additionally, the rising popularity of frozen fish fillets is further anticipated to support the demand for frozen fish products in the country.

Inland fisheries significantly contributes to the overall fish production in India, witnessing a shift from capture to culture-based fisheries

According to India fish market analysis, inland fisheries leads the market, emerging as a major contributor to the overall fish production. The remarkable growth of inland fisheries in India can be attributed to the growing adoption of modern practices and science-based fisheries. The producers are making efforts to enhance their yield and are focusing on responsible sourcing of seafood to meet the growing demand for high-quality products.

Meanwhile, the demand for shrimps is also anticipated to increase significantly in the coming years and India is renowned as one of the largest exporters and producers of shrimps. Moreover, farmers in the states such as West Bengal are actively engaged in shrimp farming to meet the growing export demand.

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India Fish Market Competitive Landscape

The market players are adopting modern fishing practices, with an emphasis on sustainable and responsible sourcing of seafood

Other notable players in the India fish market include Geo Seafood, Apex Frozen Foods Ltd, Munnujii Foods International Pvt. Ltd, Oceans Secret, Prakash Foods, and Golden Prize India, among others. The players are readily making efforts to adopt sustainable measures, incorporate optimal quality feed for proper fish nutrition, and develop innovative seafoods.

Market Competition in the Fish Industry In India

The India fish market is characterized by a diverse and competitive landscape, driven by the country's vast coastline, extensive inland water resources, and a growing consumer demand for fish and seafood products. Key aspects of the market competition include:

Major Players:

Government and Cooperative Organizations: As per the fish industry analysis, institutions like the National Fisheries Development Board (NFDB) and state fisheries departments play a significant role in regulating and promoting fish production and trade.

Private Sector: Numerous private companies, both large and small, are involved in fish farming, processing, and distribution. Prominent companies include Silver Sea Food, Abad Fisheries Private Limited, Seasaga Group, and Geo Seafood.

Local Fish Farmers and Cooperatives: Small-scale fish farmers and cooperative societies contribute significantly to the overall fish production, particularly in rural and coastal areas.

• Product Diversity:

Products made from fish and seafood are widely available in the market, including processed, frozen, fresh, and value-added goods. Shrimp, carp, catfish, and several marine fish are popular species. Companies compete by broadening the range of products they offer to meet the needs of various customer demographics and market segments.

• Pricing Strategies:

Competitive pricing is crucial, with companies striving to balance cost efficiency and profitability. Factors influencing pricing include production costs, market demand, and international trade dynamics. Seasonal variations and supply chain efficiency also impact pricing strategies, thus affecting the fish market share In India.

• Distribution Channels:

Effective distribution networks are vital for market competition. Companies with robust logistics and supply chain management can ensure timely delivery and maintain product quality. Traditional wet markets, supermarkets, online platforms, and direct sales to restaurants and hotels are common distribution channels which are propelling the growth of the fish market.

• Technological Advancements:

Companies can get a competitive edge by implementing cutting edge technologies in cold chain logistics, aquaculture, and processing. Key differentiators include innovations like biofloc technology, automated feeding systems, and advanced processing methods.

• Export Market:

India is a significant fish and seafood exporter, with the United States, European Union, Japan, and Southeast Asia being its main customers. In order to compete in the export market, companies prioritize obtaining international certifications and quality requirements.

• Marketing and Branding:

Businesses may differentiate their products from the competition and increase customer loyalty with the aid of strong branding and marketing strategies. Marketing campaigns frequently highlight the importance of quality, sustainability, and traceability. Reaching a larger audience requires taking part in exhibits, trade shows, and digital marketing.

• Regulatory Environment:

Compliance with government regulations and standards for fish production, processing, and safety is crucial for market competitiveness. Companies that adhere to these standards can build trust and credibility among consumers.

• Sustainability Practices:

Increasing consumer awareness about sustainability and environmental impact drives competition towards adopting eco-friendly practices. Companies investing in sustainable aquaculture, responsible sourcing, and waste management gain a competitive advantage. Certifications like the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) enhance marketability and consumer trust, aiding the India fish market.

Factors Impacting Fish Prices in India

• Seasonal Variations: Fish availability and prices are significantly influenced by seasonal changes. Monsoon and breeding seasons often lead to lower catch volumes, driving prices up, while peak fishing seasons typically result in higher supply and lower prices.

• Demand and Supply Dynamics: Fluctuations in consumer demand, driven by cultural, regional, and dietary preferences, impact fish prices. High demand during festivals or tourist seasons can lead to price increases. Conversely, oversupply in the market can drive prices down.

• Fuel Prices: The cost of fuel affects the operational expenses of fishing boats and transportation. Rising fuel prices increase the cost of catching and transporting fish, which in turn raises fish prices in the market.

• Fishing Regulations and Policies: Government regulations, such as fishing bans during breeding seasons and restrictions on certain fishing methods, can limit supply and impact prices. Policies promoting sustainable fishing practices may also affect availability and costs, thus affecting impact the fish market dynamics and trends.

• Input Costs: The cost of inputs like fish feed, seeds, and maintenance for aquaculture farms directly affects production costs. Higher input costs can lead to increased prices for farmed fish.

• Infrastructure and Logistics: Efficient cold chain and transportation infrastructure are crucial for maintaining fish quality from catch to market. Poor infrastructure can lead to higher spoilage rates and increased prices due to supply chain inefficiencies.

• Environmental Factors: Climate change, water pollution, and natural disasters can impact fish habitats and breeding patterns, affecting supply and, consequently, prices. Adverse weather conditions can also disrupt fishing activities and transportation.

• Global Market Trends: International demand and global market trends influence domestic fish prices, especially for export-oriented species. Fluctuations in global seafood prices, trade policies, and tariffs can have a direct impact on local markets.

• Technological Advancements: Adoption of advanced technologies in aquaculture and fishing can improve efficiency and yields, potentially stabilizing prices. However, initial investments in technology can also lead to short-term price increases.

• Economic Conditions: Overall economic health, including inflation rates and consumer purchasing power, affects demand and pricing, and impacts fish demand. Economic downturns can lead to reduced demand and lower prices, while economic growth can boost demand and increase prices.

• Market Competition: The level of competition among fish producers, processors, and retailers plays a role in pricing. High competition can lead to price wars and lower prices, while monopolistic conditions can drive prices up.

• Currency Exchange Rates: For export and import of fish and seafood, exchange rates impact pricing. A weaker domestic currency makes exports more competitive but can increase the cost of imported fish and seafood.

India Fish Market Regional Analysis

In 2020-21, Andhra Pradesh led India in fish catch disposition with 46.23 lakh tonnes, indicating its dominance in the fisheries sector. West Bengal followed with 17.56 lakh tonnes, showing significant production as well in India fish market. Odisha and Uttar Pradesh were also major contributors, with 8.73 and 7.46 lakh tonnes respectively. Gujarat and Tamil Nadu had comparable outputs, around 7.44 and 7.22 lakh tonnes. Other notable states included Bihar (6.83 lakh tonnes), Kerala (6.15 lakh tonnes), Karnataka (5.98 lakh tonnes), and Maharashtra (3.98 lakh tonnes), as per the Department of Fisheries, India.

Key Highlights of the Report

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India Fish Market Report Snapshots

India Fish Market Size

India Fish Market Growth

India Fish Market Trends

India Fish Market Share

India Fish Companies

India Fish Market Regional Analysis