India Processed Fish and Seafood Market Outlook to 2030

India Processed Fish and Seafood Market Overview

• The India Processed Fish and Seafood Market is valued at USD 20 billion as per a historical five-year analysis, driven primarily by the growing demand for convenient and high-quality food products, as well as rising health awareness regarding the benefits of seafood consumption. The market is further supported by government initiatives such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which aims to enhance fish production and promote the sustainable development of the fishing sector.

• Certain regions within India, such as Kerala, Tamil Nadu, and Gujarat, are dominant in the processed seafood market. This dominance is attributed to their rich fishing heritage, established infrastructure, and the presence of large fish processing industries. Kerala, for example, is a major hub for seafood exports due to its vast coastline and seafood processing units.
• The governments flagship scheme aims to double the income of fish farmers and promote sustainable practices in the fisheries sector. By 2025, this initiative aims to add 70 lakh metric tons of fish to Indias production capacity, much of which will be processed for domestic and international markets. The scheme's financial outlay of INR 20,050 crore is directly benefiting the processed fish and seafood market by providing subsidies for fish processing plants and cold storage facilities.

India Processed Fish and Seafood Market Segmentation

By Product Type: The market is segmented by product type into Fresh, Frozen, and Canned seafood. Recently, the Frozen segment has gained a dominant market share, largely due to the rise in cold chain logistics that ensure the quality and freshness of frozen seafood. Moreover, the convenience offered by frozen seafood for household consumption and its growing presence in supermarkets have contributed to its popularity among consumers.

By Seafood Type: The market is also segmented by seafood type, including Inland Fishes, Marine Fishes, Shrimps, and Scampi. Inland Fishes, particularly Indian Major Carps, hold a dominant share within this segment. This is due to the extensive inland fisheries infrastructure in states like West Bengal and Andhra Pradesh, where fish farming techniques have evolved, enabling higher production levels. Additionally, the affordable price point of inland fishes compared to marine varieties has fueled their demand.

India Processed Fish and Seafood Market Competitive Landscape

The market is marked by intense competition, with a mix of domestic players and exporters driving the market. Leading companies like Silver Sea Food, Abad Fisheries Private Limited, and Apex Frozen Foods Ltd have established significant market positions through modern processing techniques and compliance with international food safety standards.

India Processed Fish and Seafood Market Analysis

Market Growth Drivers

• Increasing Fish Consumption: The consumption of fish and seafood in India has been on the rise due to health consciousness and the inclusion of these products in daily diets. By 2024, the per capita consumption of seafood is expected to reach 7.4 kilograms annually. This increase in consumption has been driving the growth of the processed fish and seafood market, with households and restaurants seeking ready-to-cook and processed options.
• Rising Export Demand: India is one of the largest exporters of fish and seafood products globally, with export volumes reaching 1.43 million metric tons in 2023, valued at INR 60,000 crore. This rising demand from international markets, particularly from the EU, USA, and Japan, has led to an increase in processing activities domestically to meet the quality standards required for export.
• Government Support for Fishery Sector: The Government of India has been investing in the fishery sector through schemes like Pradhan Mantri Matsya Sampada Yojana (PMMSY), which allocated INR 20,050 crore for fisheries infrastructure between 2021 and 2025. These investments are aimed at improving cold chain infrastructure, processing facilities, and fishery development, which directly impacts the processed fish and seafood industry by enhancing supply chains and reducing post-harvest losses.

Market Challenges

• Supply Chain Inefficiencies: The Indian processed fish and seafood market faces challenges due to the lack of cold chain infrastructure and storage facilities. According to the National Fisheries Development Board (NFDB), nearly 30% of the fish harvested annually is lost due to inadequate cold storage facilities, which severely impacts the availability of processed seafood products.
• High Production Costs: The cost of processing seafood is high due to stringent hygiene and quality standards that need to be maintained. The investment in advanced freezing and packaging technology, coupled with the rising cost of raw materials, makes processing expensive. The average cost of seafood production increased by INR 2000 per metric ton in 2023, making it difficult for small and medium enterprises (SMEs) to compete in the market.

India Processed Fish and Seafood Market Future Outlook

Over the next five years, the India Processed Fish and Seafood Market is expected to show growth, driven by rising consumer demand for healthy and high-protein food options, as well as government incentives aimed at boosting production capacity in aquaculture.

Future Market Opportunities

• Increased Export Opportunities to New Markets: With growing demand from non-traditional markets like the Middle East, Southeast Asia, and Africa, Indias seafood export is expected to diversify. By 2028, these regions will account for an additional 500,000 metric tons of processed seafood exports, opening new avenues for Indian seafood processors.
• Adoption of Sustainable Fishing Practices: Over the next five years, there will be a shift toward sustainability, with Indian seafood companies adopting eco-friendly and sustainable fishing practices. The introduction of government-backed sustainability certifications will help Indian companies access premium international markets, potentially increasing revenues by INR 5,000 crore by 2028.