Press Release

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

India Fish Market

According to a new report by EMR titled, ‘India Fish Market Report and Forecast 2024-2032’, the market attained a value of nearly INR 1695.35 billion in 2023. The fish market is further estimated to grow at a CAGR of 11% between 2024 and 2032 to reach INR 4418.24 billion by 2032.

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

Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Fish Type
  • Distribution Channel
  • Sector
  • Region
Breakup by Product
  • Fresh
  • Frozen
  • Canned
  • Others
Breakup by Fish Type
  • Inland Fishes
  • Marine Fishes
  • Shrimps
  • Scampi
Breakup by Distribution Channel
  • Retail
  • Institutional and HoReCa
Breakup by Sector
  • Organised
  • Unorganised
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • Golden Prize India


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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


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