Summary

India's seafood sector has a long history and has grown greatly over the years, influenced by numerous advancements, laws, and compliance regulations. In recent decades, the seafood business has expanded rapidly, owing to expanding domestic consumption, increased export options, and technological developments. India is now one of the world's top seafood producers, with a wide range of items including prawns, fish and molluscs. The development of cold storage and transportation facilities has aided the expansion of both domestic and foreign markets. Key regulatory authorities include the Marine Products Export Development Authority (MPEDA), which governs seafood exports, and several state Fisheries Departments, which regulate local fishing methods. Quality and safety standards are upheld by a variety of certifications and laws. The Food Safety and Standards Authority of India (FSSAI) develops food safety rules, including those for seafood products, to ensure compliance with national and international standards. Compliance with international certifications such as GlobalGAP and BAP (Best Aquaculture Practices) is critical for seafood exports, particularly to markets in the European Union and United States.

According to the research report "India Seafood Market Overview, 2029," published by Bonafide Research, the India seafood market is expected to reach a market size of more than USD 29,700 Million by 2029. The seafood sector in India has grown dramatically during the last few decades. In recent years, India has been among the world's top five seafood exporters, with key items including prawns, fish, and cephalopods. Seafood is an important element of India's cuisine, particularly in coastal regions, and export development has increased foreign exchange revenues. There are several major trends in the Indian seafood sector. Aquaculture is a major contributor, with prawn farming, particularly of the Vannamei type, expanding significantly. This tendency is aided by technical advances in hatchery management and feed efficiency. There is also an increasing demand for value-added products including frozen, ready-to-cook, and processed seafood. Avanti Feeds, a key producer of shrimp feed, and Nekkanti Sea Foods, which specialises in shrimp processing and export, are among the Indian seafood market's prominent participants. Waterbase Limited and Devi Sea Foods are other big providers, specialising in high-quality seafood products for both domestic and international markets. These businesses are critical to sustaining India's competitive advantage in the global seafood trade. India imports seafood mostly from neighbouring nations such as Vietnam and Thailand, which provide specific types and supplement home output. The country also imports feed and other aquaculture inputs from worldwide markets to assist its prawn farming business.

Farm-raised and wild-caught seafood play separate roles and have different market dynamics in India, with farm-raised seafood witnessing significant expansion at the moment. Farm-raised seafood has experienced significant expansion in India, owing mostly to advances in aquaculture technology and increased domestic and international demand. The rise in this area is most noticeable in shrimp farming, particularly with the cultivation of Vannamei shrimp. The Indian government's support in the form of subsidies, technical aid, and infrastructure development has boosted this market. This area is gradually fulfilling worldwide market demands, contributing significantly to India's seafood export boom. Leading firms in the farm-raised seafood sector include Avanti Feeds, which is a significant producer of shrimp feed and a key player in the shrimp farming industry, and Devi Sea Foods is noted for its high-quality farmed prawns and substantial export operations. Wild-caught seafood remains essential for local consumption and some export markets, but its growth has been slower than farm-raised fish.

Fresh seafood is still a cornerstone in India's seafood consumption, recognised for its quality and flavour. It is primarily consumed in local markets and by seafood fans who value the flavour and texture of freshly caught fish, prawns, and other seafood. Local seafood markets, retail outlets, and small-scale distributors play critical roles in making fresh seafood available to consumers. Sagar Fisheries and Kailash Cold Storage are major suppliers in this area, distributing fresh catches across multiple locations. Processed seafood is rapidly expanding in India as a result of changing consumer lifestyles, increased urbanisation, and a growing desire for convenience. This category meets the increased need for convenience, extended shelf life, and different gastronomic options. Increased export options have boosted the production of processed seafood that meets international quality standards. Technological advances in processing and packaging have increased product quality and shelf life, making processed seafood more appealing to both domestic and foreign markets.

Fish, molluscs, and crustaceans all play important roles in India's seafood business, catering to a variety of consumer preferences and contributing in different ways. Crustaceans, notably prawns and crab, are seeing rapid expansion and dominate the market. Shrimp farming, particularly of the Vannamei type, has grown rapidly due to its high export value and strong demand in international markets. Crustaceans are highly valued for their flavour and adaptability, making them popular in both domestic and international cuisines. The fish industry supports both domestic consumption and foreign exports. The market for fish is driven by its adaptability and extensive availability, but expansion has been gradual rather than rapid. Molluscs are consumed less than fish and crustaceans, but they are becoming more popular in the gourmet and export sectors. The segment benefits from growing interest in different seafood offers and global culinary trends. Horizon Seafoods, a leading mollusc provider, specialises in a variety of mollusc products and sells them to global markets.

Supermarkets, convenience stores, speciality stores, and online platforms are among the distribution methods used in the Indian seafood industry. Supermarkets are the primary distribution outlet for seafood in India. They provide a diverse selection of seafood goods, including fresh, frozen, and processed options, making them a one-stop shop for customers. Supermarket growth is being driven by increased urbanisation, rising disposable incomes, and a shift towards modern retail models. Major grocery chains, such as Big Bazaar, Reliance Fresh, and D-Mart, feature extensive seafood sections, which contribute to their market supremacy. Convenience stores have a more limited involvement in the seafood market than supermarkets. They often have a lesser assortment of seafood goods, focussing on ready-to-cook and frozen options. While vital for providing specialised products, speciality stores have a smaller market share than supermarkets. These establishments appeal to seafood enthusiasts and higher-income clients by offering a personalised shopping experience and expert guidance. Examples include The Fisherman's Wharf and FreshCatch, which specialise in high-end seafood. Online seafood platforms have grown in popularity, particularly in recent years, because to the convenience of home delivery and the widespread use of digital technology. E-commerce platforms such as BigBasket and Grofers, as well as specialised seafood delivery businesses such as Licious and SeafoodBazaar , provide fresh and processed seafood delivered directly to customers' homes.

The Indian seafood industry offers a wide range of processed seafood options, including frozen, salted, dried, smoked, and canned/pickled seafood. Frozen seafood is the largest section in India's seafood business. It has a substantial market share because to its convenience, long shelf life, and ability to retain seafood quality. The growing urbanisation and changing lifestyles of consumers looking for quick and easy dinner options are driving the appeal of frozen seafood. Salted seafood is traditional and has been a staple in many parts of India. It includes products like salted fish and prawns, which are preserved with salt to extend shelf life and improve flavour. Although still significant, the salted seafood market is less active than frozen seafood. While dried seafood is praised for its rich flavour and long shelf life, it does not follow the same growth trajectory as frozen seafood. The market for dried seafood is solid but small in comparison to the larger appeal of frozen items. Smoked seafood, including goods such as smoked fish, is less popular in the Indian market than other processed seafood. It is often found in speciality stores and appeals to those seeking distinctive flavours and gourmet selections.



Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source
• Farm Raised
• Wild Caught

By Form
• Processed
• Fresh

By Type
• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Store
• Others (wholesale markets, direct sales from fishermen)

By Category
• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood

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Table of Contents

Table of Contents

1. Executive Summary
2. Market Structure
2.1. Market Considerate
2.2. Assumptions
2.3. Limitations
2.4. Abbreviations
2.5. Sources
2.6. Definitions
2.7. Geography
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. India Macro Economic Indicators
5. Market Dynamics
5.1. Market Drivers & Opportunities
5.2. Market Restraints & Challenges
5.3. Market Trends
5.3.1. XXXX
5.3.2. XXXX
5.3.3. XXXX
5.3.4. XXXX
5.3.5. XXXX
5.4. Covid-19 Effect
5.5. Supply chain Analysis
5.6. Policy & Regulatory Framework
5.7. Industry Experts Views
6. India Seafood Market Overview
6.1. Market Size By Value
6.2. Market Size and Forecast, By Form
6.3. Market Size and Forecast, By Type
6.4. Market Size and Forecast, By Category
6.5. Market Size and Forecast, By Region
7. India Seafood Market Segmentations
7.1. India Seafood Market, By Form
7.1.1. India Seafood Market Size, By Processed, 2018-2029
7.1.2. India Seafood Market Size, By Fresh, 2018-2029
7.2. India Seafood Market, By Type
7.2.1. India Seafood Market Size, By Fish, 2018-2029
7.2.2. India Seafood Market Size, By Crustaceans, 2018-2029
7.2.3. India Seafood Market Size, By Molluscs, 2018-2029
7.2.4. India Seafood Market Size, By Others, 2018-2029
7.3. India Seafood Market, By Category
7.3.1. India Seafood Market Size, By Frozen seafood, 2018-2029
7.3.2. India Seafood Market Size, By Salted seafood, 2018-2029
7.3.3. India Seafood Market Size, By Dried seafood, 2018-2029
7.3.4. India Seafood Market Size, By Smoked seafood, 2018-2029
7.3.5. India Seafood Market Size, By Others, 2018-2029
7.4. India Seafood Market, By Region
7.4.1. India Seafood Market Size, By North, 2018-2029
7.4.2. India Seafood Market Size, By East, 2018-2029
7.4.3. India Seafood Market Size, By West, 2018-2029
7.4.4. India Seafood Market Size, By South, 2018-2029
8. India Seafood Market Opportunity Assessment
8.1. By Form, 2024 to 2029
8.2. By Type, 2024 to 2029
8.3. By Category, 2024 to 2029
8.4. By Region, 2024 to 2029
9. Competitive Landscape
9.1. Porter's Five Forces
9.2. Company Profile
9.2.1. Company 1
9.2.1.1. Company Snapshot
9.2.1.2. Company Overview
9.2.1.3. Financial Highlights
9.2.1.4. Geographic Insights
9.2.1.5. Business Segment & Performance
9.2.1.6. Product Portfolio
9.2.1.7. Key Executives
9.2.1.8. Strategic Moves & Developments
9.2.2. Company 2
9.2.3. Company 3
9.2.4. Company 4
9.2.5. Company 5
9.2.6. Company 6
9.2.7. Company 7
9.2.8. Company 8
10. Strategic Recommendations
11. Disclaimer

List of Figures

Figure 1: India Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Million)
Figure 2: Market Attractiveness Index, By Form
Figure 3: Market Attractiveness Index, By Type
Figure 4: Market Attractiveness Index, By Category
Figure 5: Market Attractiveness Index, By Region
Figure 6: Porter's Five Forces of India Seafood Market

List of Tables

Table 1: Influencing Factors for Seafood Market, 2023
Table 2: India Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Million)
Table 3: India Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Million)
Table 4: India Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Million)
Table 5: India Seafood Market Size and Forecast, By Region (2018 to 2029F) (In USD Million)
Table 6: India Seafood Market Size of Processed (2018 to 2029) in USD Million
Table 7: India Seafood Market Size of Fresh (2018 to 2029) in USD Million
Table 8: India Seafood Market Size of Fish (2018 to 2029) in USD Million
Table 9: India Seafood Market Size of Crustaceans (2018 to 2029) in USD Million
Table 10: India Seafood Market Size of Molluscs (2018 to 2029) in USD Million
Table 11: India Seafood Market Size of Others (2018 to 2029) in USD Million
Table 12: India Seafood Market Size of Frozen seafood (2018 to 2029) in USD Million
Table 13: India Seafood Market Size of Salted seafood (2018 to 2029) in USD Million
Table 14: India Seafood Market Size of Dried seafood (2018 to 2029) in USD Million
Table 15: India Seafood Market Size of Smoked seafood (2018 to 2029) in USD Million
Table 16: India Seafood Market Size of Others (2018 to 2029) in USD Million
Table 17: India Seafood Market Size of North (2018 to 2029) in USD Million
Table 18: India Seafood Market Size of East (2018 to 2029) in USD Million
Table 19: India Seafood Market Size of West (2018 to 2029) in USD Million
Table 20: India Seafood Market Size of South (2018 to 2029) in USD Million