Fish & Seafood - India

India

Revenue in the Fish & Seafood market amounts to €53.00bn in 2024. The market is expected to grow annually by 7.75% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€90bn in 2024).
In relation to total population figures, per person revenues of €36.76 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 6.47bn kg by 2029. The Fish & Seafood market is expected to show a volume growth of 5.6% in 2025.
The average volume per person in the Fish & Seafood market is expected to amount to 3.8kg in 2024.

Key regions: United Kingdom, United States, India, Canada, China

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Fish & Seafood market in India is facing subdued growth due to various factors, including limited consumer awareness, lack of technological advancements, and high costs associated with online services. Despite these challenges, the market is expected to witness moderate growth in the coming years, driven by increasing demand for fresh and processed fish & seafood products among health-conscious consumers.

Customer preferences: The growing awareness of the health benefits of fish and seafood consumption, coupled with the rise in demand for sustainable and ethically sourced food, has led to a shift towards locally sourced and eco-friendly seafood options. This trend is also driven by the increasing focus on clean and healthy eating habits, especially among urban consumers. Additionally, the popularity of e-commerce channels for purchasing food products has made it easier for consumers to access a wider variety of fish and seafood options, including premium and exotic varieties.

Trends in the market: In India, the Fish & Seafood market is experiencing a surge in demand for sustainable and ethically sourced products. This trend is being driven by increasing consumer awareness and concerns about overfishing and the environmental impact of seafood production. As a result, seafood companies are investing in sustainable practices and certifications to meet consumer demands. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need to adapt to changing consumer preferences.

Local special circumstances: In India, the Fish & Seafood Market is heavily influenced by the country's vast coastline and rich fishing resources. The traditional coastal communities rely heavily on fish as their primary source of protein, leading to a strong demand for seafood products. Additionally, India's diverse cultural and religious practices also play a significant role in shaping the market, with certain regions and communities having preferences for specific types of fish. The government's stringent regulations on fishing practices and sustainability also impact the market, driving the need for more sustainable and ethical seafood production methods.

Underlying macroeconomic factors: The Fish & Seafood Market in India is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, the growth of the market is heavily influenced by the overall performance of the Indian economy, which has been steadily growing in recent years. Additionally, favorable government policies and investments in the fishing and aquaculture industries have also contributed to the growth of the market. Moreover, the increasing demand for healthy and protein-rich seafood products, both domestically and internationally, is driving the growth of the market in India.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.