India’s seafood industry has achieved record-breaking growth over the past five years, with exports rising 30.81 per cent to 18.19 lakh tonnes in 2023-24, valued at Rs 61,043.68 crore, according to the Ministry of Commerce & Industry. The remarkable trajectory underscores India’s ascent as a formidable player in the global seafood market, powered by government-backed reforms, aquaculture expansion, and rising international demand.

From 2019-20 to 2023-24, India steadily expanded both production and exports, despite pandemic-era disruptions. Marine product output grew from 141.64 lakh tonnes in 2019-20 to a projected 182.70 lakh tonnes in 2023-24, while exports rebounded sharply after a temporary dip in 2020-21. The sector’s resilience has been matched by strong value growth: from Rs 46,662.85 crore in 2019-20 to nearly Rs 64,000 crore in 2022-23, before stabilizing at over Rs 61,000 crore in 2023-24.

India’s seafood now reaches 132 countries, reflecting both diversity of demand and competitiveness in international markets. The United States continues to dominate as the largest destination, accounting for 34.5 per cent of export value, followed by China, Japan, Vietnam, and Thailand. Notably, the U.S. imported 3.29 lakh tonnes of Indian seafood in 2023-24, worth over $2.5 billion, while China absorbed the largest volume at 4.51 lakh tonnes.

Much of this momentum has been enabled by proactive policy interventions. The Marine Products Export Development Authority (MPEDA) has spearheaded investments in processing infrastructure and quality systems, while the government has lowered import duties on key inputs such as fish oils, algal products, and shrimp feed to enhance cost competitiveness. The enhanced Remission of Duties and Taxes on Export Products (RoDTEP) scheme has also boosted margins, increasing refund rates from 2.5 per cent to 3.1 per cent.

A major catalyst has been the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which is reshaping the fisheries economy through both infrastructure upgrades and supply chain modernization. Under the scheme, 58 fishing harbours and landing centres have been approved with a total investment of Rs 3,281.31 crore. Additionally, 27,297 post-harvest transport facilities have been sanctioned at a cost of Rs 835.27 crore, strengthening cold-chain logistics and reducing post-harvest losses. These measures, alongside the expansion of modern processing units, are ensuring that India’s seafood supply is not only competitive but also export-ready.

This combination of rising production, policy support, and market diversification has cemented India’s position as a seafood powerhouse. As global consumption trends tilt toward healthier protein sources, India is poised to capture an even greater share of the blue economy. With sustained government backing and industry innovation, the next five years could see Indian seafood emerge as one of the country’s most resilient export engines.