India Fish Market to Grow at a CAGR of 11% During 2024-2032, Aided by the Rising Per Capita Consumption of Sea Food

The Indian fish market thrives on significant export potential, constituting 8% in 2021-22 of the global production and ranking third in the global fish production. Recent years have witnessed substantial growth in both domestic consumption and fish exports, bolstering the Indian fish market. Rise in per capita consumption is driven by lifestyle shifts, increasing meat costs, and heightened awareness of fish as a healthy, protein-rich, cholesterol-lowering food source containing PUFA.

A rising trend in fish production has been observed in India since the inception of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in 2020-21, with 162.48 lakh tonnes produced in 2021-22, up from 141.64 lakh tonnes in 2019-20. The market growth is attributed to increasing per capita fish consumption, influenced by rising incomes and changing dietary preferences, and this upward trajectory is expected to persist.

Fish products are available through various distribution channels, encompassing categories such as fresh, frozen, and canned. The e-commerce giants such as Amazon are also increasing their product offering of frozen and canned sea food. In February 2023, FreshToHome, an Indian fresh fish and meat startup, secured $104 million in funding, with Amazon (NASDAQ: AMZN) as the primary investor. The investment came through Amazon's India-focused Smbhav Venture Fund, marking a significant development for the Bengaluru-based startup. Additional participants in this Series D funding round included the government of Dubai and Iron Pillar, alongside FreshToHome's existing supporters, including the U.S. government's development arm.

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Market Breakup by Product, Fish Type, Distribution Channel, Sector, and Region:

• On the basis of product, the market is categorised into fresh, frozen, and canned, among others.

• The market is segmented based on fish type into inland fishes, marine fishes, shrimps, and scampi.

• By distribution channel, the market is bifurcated into retail and institutional and HoReCa.

• Based on sector, the market can be divided into organised and unorganised.

• Region-wise, the Indian market for fish can be divided into North India, East and Central India, West India, and South India.

Key Findings of the Report:

• India's fish market is thriving, primarily due to its significant export potential with a substantial growth in both domestic consumption and fish exports.

• The market growth can be attributed to factors including changing lifestyles and growing awareness of fish as a healthy option with high digestible protein, cholesterol-lowering qualities, and PUFA.

• The key market players are presented with profitable growth prospects due to widespread product demand from the HoReCa sector.

• A growing population of pescetarians and those favouring seafood consumption is notable. Additionally, increased meat prices motivate consumers to transition towards seafood.

Key Offerings of the Report:

• The EMR report gives an overview of the India fish market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, fish type, distribution channel, sector, and major regions of the product.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Indian fish market are Silver Sea Food, Abad Fisheries Private Limited, Seasaga Group, Geo Seafood, Apex Frozen Foods Ltd, Kirti Foods, Munnujii Foods International Pvt. Ltd, Oceans Secret, Prakash Foods, and Golden Prize India, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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