Market Overview

The India fish market size reached approximately INR 1881.84 Billion in 2024. The market is projected to grow at a CAGR of 10.20% between 2025 and 2034, reaching a value of around INR 4970.48 Billion by 2034. The increasing demand for seafood due to its high nutritional value, rising disposable incomes, and government support for aquaculture are some of the key factors driving market growth. Additionally, improvements in cold chain logistics and the expansion of retail and online distribution channels are contributing to the sector’s rapid expansion.

Market Trends

The Indian fish market is witnessing notable trends, including the growing preference for frozen and packaged seafood due to increasing urbanization and busy lifestyles. The rise of online fish delivery services is further transforming the retail segment. Sustainability concerns are also driving the adoption of responsible fishing practices and aquaculture innovations. Technological advancements in breeding and disease control are improving production yields. Moreover, the export demand for high-value fish species like shrimp and scampi is surging, making India a significant global seafood supplier.

Market Growth

The Indian fish market is experiencing substantial growth, fueled by the rising domestic consumption of seafood and increasing exports. The expansion of aquaculture, particularly inland fisheries, is playing a crucial role in meeting the growing demand. Government initiatives such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and subsidies for fish farmers are supporting the industry's growth. The HoReCa (Hotel, Restaurant, and Catering) sector is also contributing to higher fish consumption. Investments in infrastructure, including cold storage and transportation, are expected to further accelerate the market’s growth trajectory.

Market Segmentation

By Product Type

• Fresh Fish: This segment dominates the market due to the high demand for fresh seafood in local markets. Freshwater fish, especially carp and catfish, are widely consumed.
• Frozen Fish: The demand for frozen fish is rising as urban consumers opt for convenience. Cold storage advancements are supporting this segment’s growth.
• Canned Fish: Canned fish products such as tuna and sardines are becoming popular, driven by their long shelf life and easy availability.
• Others: This category includes dried, smoked, and processed seafood products, catering to niche consumer demands.

By Fish Type

• Inland Fishes: Comprising species like Rohu, Catla, and Tilapia, inland fisheries are a key growth driver, benefiting from increasing aquaculture adoption.
• Marine Fishes: Species like Tuna, Mackerel, and Pomfret are primarily harvested from India’s vast coastal regions, contributing significantly to the seafood market.
• Shrimps: India is a major exporter of shrimp, with rising global demand boosting this segment’s market share.
• Scampi: This premium seafood variety is gaining popularity in both domestic and international markets due to its high economic value.

By Distribution Channel

• Retail: Comprising supermarkets, fish markets, and online platforms, this segment is expanding rapidly due to changing consumer preferences.
• Institutional Buyers: Bulk purchases by businesses such as food processing units and large-scale caterers contribute significantly to market sales.
• HoReCa (Hotels, Restaurants, and Catering): The increasing demand for seafood in hotels and restaurants is driving growth in this segment.

By Sector

• Organised: Includes commercial fisheries and large aquaculture farms that cater to both domestic and export markets.
• Unorganised: Traditional fishermen and small vendors dominate this segment, primarily supplying local markets.

Regional Analysis

• North India – Limited contribution to marine fishing but growing in inland aquaculture.
• East and Central India – Significant inland fish production, especially in river-based fisheries.
• West India – Strong presence in marine fisheries and seafood exports.
• South India – Leading in both marine and inland fisheries with a well-developed fishing industry.

Market Dynamics

Growth Drivers

The increasing demand for seafood, driven by changing dietary preferences and rising health awareness, is a major growth driver. Government initiatives, including financial incentives for fisheries and aquaculture, are boosting production. The expansion of cold storage infrastructure and the development of fish processing units are enhancing supply chain efficiency. Additionally, the rising global demand for Indian seafood products, especially shrimp, is contributing to the industry's expansion. The digitalization of fish retail through e-commerce platforms is further fueling market growth.

Challenges

Despite strong growth prospects, the Indian fish market faces several challenges. Overfishing and environmental concerns pose risks to marine biodiversity. The lack of an efficient cold chain infrastructure in certain regions leads to high post-harvest losses. Fluctuations in export regulations and international trade policies can impact seafood exports. Additionally, the sector remains fragmented, with many small-scale fishermen lacking access to modern technology and financial support. Climate change and pollution also threaten marine and inland fish populations.

SWOT Analysis

• Strengths: Rich marine resources, expanding aquaculture industry, strong domestic and export demand.
• Weaknesses: Fragmented market structure, dependency on seasonal fishing, infrastructure limitations.
• Opportunities: Growing demand for value-added seafood products, technological advancements in fish farming, increasing investments in processing and storage.
• Threats: Climate change, regulatory challenges, competition from international seafood markets.

Competitive Landscape

Several key players dominate the Indian fish market, focusing on both domestic and export-oriented production. The competition is intensifying with increasing investments in aquaculture and seafood processing. Leading companies in the market include:

• 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

Future Outlook (2025-2034)

The Indian fish market is poised for significant expansion over the next decade, driven by increasing consumer demand, technological advancements, and supportive government policies. The adoption of sustainable fishing practices and improvements in fish farming techniques will contribute to higher production efficiency. The emergence of online seafood retail and direct-to-consumer delivery models will reshape the market landscape. Furthermore, increasing export opportunities, particularly for shrimp and premium seafood, will bolster India’s position as a major player in the global seafood industry. The market’s rapid growth underscores its potential as a lucrative investment sector in the coming years.