According to the latest report by IMARC Group, titled “Indian Fish Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, 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.
Indian Fish Market Overview:
Fish refers to cold-blooded aquatic animals widely used for domestic consumption and export. They are rich in essential nutrients, such as vitamins, minerals, and omega-3 fatty acids, which form a crucial part of a healthy and nutritious diet. Some commonly available varieties of fishes in India include rohu, surmai, Katla, mahseer, pulasa, hilsa, paplet, and rawas. They are commonly used to prepare a variety of dishes, including curries, fries, and soups. At present, India has approximately 6% share, which is contributing significantly to global fish production.
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Indian Fish Market Demand Analysis:
The Indian fish market is primarily driven by rising seafood consumption due to the growing consumer awareness about the health benefits of fish, such as improving hair and skin health, lowering the risk of chronic diseases, and regulating hormone levels. In addition, there is a surge in the sales of canned and frozen fish products owing to the rapid proliferation of organized food retail channels. Along with this, favorable initiatives by the Government of India, including Pradhan Mantri Matsya Sampada Yojana (PMMSY), to boost fish production and export earnings while promoting the development of the sustainable fisheries sector across the country have propelled the market growth.
Furthermore, the increasing number of individuals shifting toward a pescetarian diet and opting for vegetarian food and seafood over meat and meat products as they contain harmful pesticides and chemicals is creating a positive outlook for the market. Other factors, including the improving economic conditions of the nation, rising product availability across restaurants, and elevating income levels of individuals, are also anticipated to catalyze market growth.
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Key Market Segmentation:
Breakup by Fish Type:
Breakup by Product Type:
Breakup by Distribution Channel:
Breakup by Sector:
Breakup by States:
Competitive Landscape:
The competitive landscape of the market has also been examined in the report and the profiles of key players have also been provided.
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