Indian Fish Market to Reach 41.4 Million Tons by 2032, Propelled by the Numerous Health Benefits Associated with the Consumption of Fish

The latest report by IMARC, titled “Indian Fish Market Report by Fish Type (Inland Fishes, Marine Fishes, Shrimps, Scampi), Product Type (Fresh, Frozen, Canned, and Others), Distribution Channel (Retail, Institutional), Sector (Organised, Unorganised), and State 2024-2032”, finds that Indian fish market size reached 20.7 Million Tons in 2023. Fish refers to a cold-blooded aquatic animal used for domestic consumption as well as for export purposes in India. India, with approximately 6% share, is contributing majorly to global fish production. The Indian fish industry plays a vital role due to the rising per capita consumption of fish, which can be further accredited to the changing lifestyle and the surging cost of meat. It also helps in providing employment, livelihood, and food security across the country. In recent years, the consumption of fish has gained momentum in India owing to the increasing awareness among individuals about fish as a healthy food with a high amount of digestible protein, PUFA, and cholesterol-lowering capability.

Indian Fish Market Trends:

One of the primary factors driving the market is the numerous health benefits offered by it. For instance, the consumption of fish assists in reducing the risk of chronic illnesses and balancing hormone levels. Additionally, the increasing demand and consumption of fish, and canned and frozen fish products due to the significant growth of organized food retail is creating a positive market outlook. Other than this, the increasing number of individuals following pescetarianism and consuming vegetarian food and seafood is positively influencing the market growth. Besides this, due to the possession of harmful pesticides and chemicals in meat and meat products, there is a noticeable shift of consumers from these food products to seafood, which is also propelling the market growth. Apart from this, the improving economic condition of the nation, along with the inflating income levels, is accelerating the product adoption rate across the country. Moreover, the focus of restaurants and seafood service providers on sustainable seafood options, including catfish and tilapia, is creating lucrative growth opportunities for the key players operating in the industry. Looking forward, IMARC Group expects the market to reach a volume of 41.4 Million Tons by 2032, expanding at a CAGR of 7.8% during the forecast period (2024-2032).

Market Summary:

• Based on the fish type, the market has been divided into Inland Fishes (Indian Major Carps, Pangasius, Exotic Carps, Clarias, Anabas, Rupchanda, Tilapia, Seabass, and others), Marine Fishes, Shrimps, and Scampi.
• On the basis of the product type, the market has been segmented into fresh, frozen, canned, and others.
• Based on the distribution channel, the market has been bifurcated into retail and institutional channels.
• On the basis of the sector, the market has been categorized into organized and unorganized sectors.
• Region-wise, the market has been classified into West Bengal, Andhra Pradesh, Karnataka, Kerala, Gujarat, Tamil Nadu, Maharashtra, and others.
• The competitive landscape of the market has also been examined, with some of the key players being Abad Fisheries Private Limited, Golden Prize India, Kirti Foods, Munnujii Foods International Pvt. Ltd, Oceans Secret, Seasaga Group, Silver Sea Food, etc.

Report Coverage:

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