Indian Fish Market

Indian Fish Market Overview:

The Indian fish market size reached 19.0 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 31.7 Million Tons by 2028 exhibiting a growth rate (CAGR) of 8.81% during 2023-2028. The growing awareness among individuals regarding the health benefits offered by consuming fish, changing dietary patterns of consumers from vegetarianism to non-vegetarianism, and various initiatives undertaken by the government of India to encourage the development of fish industry represents some of the key factors driving the market.

Fishes are aquatic animals consumed domestically in India. They are rich in nutrition, consisting of vitamins, minerals, and omega-3 fatty acids, which are an essential part of a healthy diet. Some commonly available fishes in India include rohu, surmai, Katla, mahseer, pulasa, hilsa, paplet, and rawas. They are used in a variety of dishes, such as curries, fries, and soups. Fish curries are a popular dish in many parts of the country and are typically cooked with a mix of spices and herbs, making them both tasty and healthy. They contain essential vitamins and minerals like vitamin D, calcium, and phosphorus, which are vital for maintaining healthy bones. In addition, omega-3 fatty acids found in fish are linked to numerous health benefits, such as reducing the risk of heart disease, improving brain function, and minimizing inflammation. They are also an excellent source of protein, which is essential for muscle growth and repair. Moreover, they help control blood pressure, prevent heart attacks or failure, aid in managing weight, support the mental development of young children and enhance cognitive functions among individuals. At present, fishes are easily available in retail and institutional distribution channels in India and are widely consumed by individuals across the country. 

Indian Fish Market Trends:

The market is primarily driven by the numerous health benefits associated with the consumption of fish. Fishes are rich in anti-inflammatory properties, which help with arthritis, improve hair and skin health, reduce the risk of chronic ailments, and balance hormone levels. In addition, the increasing demand and consumption of canned and frozen fish products due to the significant growth of organized food retail are contributing to the market growth. Moreover, various initiatives undertaken by the Government of India, such as Pradhan Mantri Matsya Sampada Yojana (PMMSY), aim to improve fish production and increase export earnings while focusing on the development of sustainable fisheries sector in the country, represent another major growth-inducing factor. Besides this, the improving economic condition of the nation and the rising disposable incomes are accelerating the product adoption rate. Along with this, the widespread product adoption by restaurants, is also offering lucrative growth opportunities for key players in the industry. The market is further propelled by the growing number of individuals following a pescetarian diet and consuming vegetarian food and seafood. Furthermore, harmful pesticides and chemicals in meat and meat products are encouraging consumers to shift toward seafood, thus creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Indian fish market report, along with forecasts at the country and state level from 2023-2028. Our report has categorized the market based on fish type, product type, distribution channel and sector.

Fish Type Insights:

• Inland Fishes
  • Indian Major Carps
  • Pangasius
  • Exotic Carps
  • Clarias
  • Anabas
  • Rupchanda
  • Tilapia
  • Seabass
  • Others
• Marine Fishes
• Shrimps
• Scampi
   

The report has provided a detailed breakup and analysis of the fish market based on the fish type. This includes Inland Fishes (Indian Major Carps, Pangasius, Exotic Carps, Clarias, Anabas, Rupchanda, Tilapia, Seabass, and Others), Marine Fishes, Shrimps, and Scampi. According to the report, inland fishes represented the largest segment.

Product Insights:

• Fresh
• Frozen
• Canned
• Others
   

A detailed breakup and analysis of the fish market based on the product has also been provided in the report. This includes fresh, frozen, canned, and others. According to the report, fresh accounted for the largest market share.

Distributional Channel Insights:

• Retail 
• Institutional 
   

A detailed breakup and analysis of the fish market based on the product has also been provided in the report. This includes retail and institutional. 

Sector Insights:

• Organised
• Unorganised
   

A detailed breakup and analysis of the fish market based on the product has also been provided in the report. This includes organised and unorganised. 

State Insights:

• West Bengal
• Andhra Pradesh
• Karnataka
• Kerala
• Gujarat
• Tamil Nadu
• Maharashtra
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include West Bengal, Andhra Pradesh, Karnataka, Kerala, Gujarat, Tamil Nadu, Maharashtra, and others.  According to the report, West Bengal was the largest market for fish. Some of the factors driving the West Bengal fish market included growing awareness regarding the associated health benefits of fish, easy availability of fish products, and increasing expenditure capacities of individuals.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Indian fish market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Abad Fisheries Private Limited, Golden Prize India, Kirti Foods, Munnujii Foods International Pvt. Ltd, Oceans Secret, Seasaga Group, Silver Sea Food, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the fish market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Indian fish market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key state-level markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the fish industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.