# India Fish Farming Market

> India fish farming: USD 26.53 billion in 2025, rising 5.20% a year to USD 44.05 billion by 2035 on PMMSY cages and ponds, carp demand and shrimp exports.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-FB-10807  
Published: 2026-11-06  
Last updated: 2026-11-06  
Next review: May 2027  
Page: https://www.douglasinsights.com/india-fish-farming-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $26.53 Bn | About 12.0 million tonnes x USD 2,211 per tonne = USD 26.53 billion; the India row of the Asia Pacific model. |
| Forecast · 2035 | $44.05 Bn | Base case: 3.20% tonnage and 1.94% price a year. |
| Revenue CAGR · 2026–2035 | 5.20% | (1.0320 x 1.0194) minus 1. |
| Volume · 2035 | About 16.4 million tonnes | PMMSY systems, export diversion, home demand and inland states, less tariffs, disease and cyclones. |
| Leading segment | Indian major carps, 52.0% | Rohu, catla and mrigal, about 7.0 million tonnes, Douglas Insights estimate. |
| Fastest segment | Pangasius, tilapia and other finfish, 7.00% | USD 3.05 billion to USD 6.00 billion. |
| Fastest state | Bihar, 6.80% | USD 1.86 billion to USD 3.59 billion, Douglas Insights estimate. |
| Market leader | Devi Fisheries group, about 0.45% (estimate) | Douglas Insights estimate of farm-gate value farmed or bought; top four about 1.4%. |
| Event | Record USD 8.46 billion seafood exports in 2025-26 | PIB, 1 June 2026: 19,72,018 tonnes exported; United States down 14.22% in dollars. |

## Key takeaways

- India fish farming is worth USD 26.53 billion in 2025 and USD 44.05 billion in 2035, a 5.20% revenue CAGR.
- About 12.0 million tonnes at an average USD 2,211 a tonne form the 2025 base; tonnage grows 3.20% and price 1.94% a year.
- Indian major carps lead with 52.0% of value; pangasius, tilapia and other finfish grow fastest at 7.00% a year.
- Andhra Pradesh holds 43.0% of value; Bihar grows fastest at 6.80% a year.
- PMMSY-approved cages, ponds, RAS and biofloc can add about 377,000 tonnes a year, roughly one year of base-case growth.

India exported a record 19,72,018 tonnes of seafood worth USD 8.46 billion in 2025-26, yet shipments to the United States fell 14.22% in dollar terms to USD 2.33 billion, the government [said on 1 June 2026](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2267484&reg=3&lang=2), as farmed shrimp moved to China, the European Union and Southeast Asia. The India fish farming market covers the farm-gate value of fish, shrimp and other aquatic animals raised in Indian ponds, tanks, reservoirs, cages and brackishwater farms: carps, whiteleg and tiger shrimp, pangasius, tilapia, freshwater prawn and other species. Douglas Insights sizes it at USD 26.53 billion in 2025, about 12.0 million tonnes of live-weight harvest at an average USD 2,211 per tonne, and at USD 44.05 billion in 2035, a 5.20% compound annual growth rate (CAGR). The study is the India row of our [Asia Pacific Fish Farming Market](https://www.douglasinsights.com/asia-pacific-fish-farming-market/) model, which sits inside the worldwide [Fish Farming Market](https://www.douglasinsights.com/fish-farming-market/) study and our [food and beverages coverage](https://www.douglasinsights.com/industry/food-beverages/); the [Plant-Based Fish Products Market](https://www.douglasinsights.com/plant-based-fish-products-market/) report covers the meat-free alternative, and every figure follows the Douglas Insights [research methodology](https://www.douglasinsights.com/research-methodology/).

## Which species lead India fish farming value: Indian major carps, shrimp or pangasius?

Indian major carps lead India fish farming with 52.0% of 2025 value, about USD 13.80 billion, Douglas Insights estimates. Pangasius, tilapia and other finfish grow fastest, at 7.00% a year to USD 6.00 billion by 2035, on cheap feed-efficient pond culture.

| Species group | Share 2025 | Value 2025 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- |
| Indian major carps (rohu, catla, mrigal) | 52.0% | USD 13.80 billion | 4.80% | USD 22.05 billion |
| Shrimp (whiteleg and tiger) | 21.5% | USD 5.70 billion | 5.60% | USD 9.84 billion |
| Pangasius, tilapia and other finfish | 11.5% | USD 3.05 billion | 7.00% | USD 6.00 billion |
| Exotic and other carps | 8.0% | USD 2.12 billion | 4.20% | USD 3.20 billion |
| Freshwater prawn, molluscs and other species | 7.0% | USD 1.86 billion | 5.60% | USD 3.20 billion |

Carp is the volume base of India fish farming. Rohu, catla and mrigal are raised together in polyculture ponds across the Gangetic plain and the Godavari and Krishna deltas, and Douglas Insights puts the three at about 7.0 million tonnes in 2025 at roughly USD 1,970 per tonne. India's inland sector, mostly pond culture, produced 151.60 lakh tonnes in 2024-25, up 147% since 2013-14, out of total fish output of 197.75 lakh tonnes, the fisheries ministry [said on 10 February 2026](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2225760&reg=3&lang=1). Carp grows 4.80% a year, slightly below the market, because its price rises slowly.

Shrimp is the money crop: about 1.15 million tonnes worth USD 5.70 billion, a Douglas Insights estimate, nearly all whiteleg shrimp (Penaeus vannamei) farmed for export. Frozen shrimp earned USD 5.62 billion, 66.52% of seafood export value, in 2025-26, the [1 June 2026 release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2267484&reg=3&lang=2) shows. Pangasius, tilapia and other finfish, USD 3.05 billion, grow fastest because they convert cheap pellets well in ponds, cages and biofloc tanks. Species values for 2035 sum to USD 44.29 billion, 0.56% above the headline.

## Which farming systems carry India fish farming: earthen ponds, reservoir cages or RAS?

Earthen freshwater ponds carry about 74% of India fish farming value in 2025, Douglas Insights estimates, brackishwater shrimp ponds about 21%, and reservoir cages, recirculating aquaculture systems (RAS) and biofloc tanks about 5%, the fastest-growing slice.

Ponds dominate because they are cheap to dig and suit carp polyculture: average Indian aquaculture productivity was 4.77 tonnes per hectare, the ministry [said on 12 January 2026](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2213532&reg=3&lang=1). Brackishwater ponds near the coast raise shrimp at much higher stocking; the Marine Products Export Development Authority (MPEDA) [state-wise data](https://mpeda.gov.in/?page_id=684) show 8.82 tonnes per hectare for whiteleg shrimp in the leading shrimp state in 2020-21.

New systems are small but subsidised. Under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the government had approved 52,058 reservoir cages, 12,081 RAS units, 4,205 biofloc units and 23,285 hectares of new ponds by 11 August 2026, its [six-year backgrounder of 10 September 2026](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/sep/doc_9838_20260910_12140901.pdf) states. Douglas Insights expects cages, RAS and biofloc to reach about 9% of value by 2035.

## What drives India fish farming growth: PMMSY subsidies, export diversion or home demand?

India fish farming tonnage rises 3.20% a year in our base case, from about 12.0 million tonnes in 2025 to 16.4 million in 2035. Four drivers add 4.10 points of gross volume growth before restraints remove 0.90 points.

### PMMSY and PM-MKSSY investment: 1.60 points

State-backed investment is the largest driver, worth 1.60 points. PMMSY projects worth Rs 21,394.88 crore had been approved for 2020-21 to 2025-26, with a central share of Rs 9,510.89 crore, and the scheme has a 2026-27 budget of Rs 2,500 crore, the [10 September 2026 backgrounder](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/sep/doc_9838_20260910_12140901.pdf) states, beside a Rs 6,000 crore Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) for 2023-24 to 2026-27. The Union Budget gave fisheries a record Rs 2,761.80 crore for 2026-27, the ministry's [backgrounder of 6 April 2026](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/apr/doc202646840201.pdf) shows. If the approved cages, ponds, RAS and biofloc units all produce, they add about 377,000 tonnes a year, worth USD 832 million, a Douglas Insights calculation.

### Export diversion to new buyers: 1.00 point

Exports add 1.00 point. Seafood export value rose from USD 7.45 billion in 2024-25, the [MPEDA press note](https://mpeda.gov.in/wp-content/uploads/2026/04/Approved_Press-Release_Note_2024-25.pdf) shows, to USD 8.46 billion in 2025-26, up 13.6%, even as the United States share fell. China took 4,90,369 tonnes worth USD 1.61 billion and the European Union USD 1.59 billion in 2025-26, the [1 June 2026 release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2267484&reg=3&lang=2) shows. Each 1% of extra shrimp exports needs about 11,500 tonnes more farmed shrimp, a Douglas Insights estimate.

### Domestic fish demand and cold chains: 0.90 points

Home demand adds 0.90 points. India's fish output grew 8.74% a year on average from 2013-14 to 2024-25, the [10 February 2026 release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2225760&reg=3&lang=1) shows, and most farmed carp and pangasius is eaten inside the country. The National Fisheries Digital Platform had 37.23 lakh registrations by 8 September 2026, and 2,195 fish farmer producer organisations had received Rs 544.86 crore, the [September 2026 backgrounder](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/sep/doc_9838_20260910_12140901.pdf) states, giving smallholders better access to ice, credit and buyers.

### Inland expansion in eastern and northern states: 0.60 points

New inland states add the last 0.60 points. Bihar raised fish output from 683.17 thousand tonnes in 2020-21 to 959.76 thousand tonnes in 2024-25, up 9.9% in the last year, a [17 December 2025 answer to Parliament](https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2205029&reg=6&lang=1) shows. Summed, 1.60 + 1.00 + 0.90 + 0.60 = 4.10 points; after restraints, the 3.20% volume leg multiplied by the 1.94% price leg gives the 5.20% revenue rate.

## What holds back India fish farming: export tariffs, shrimp disease or cyclones?

Three restraints remove 0.90 points a year from India fish farming volume growth: United States tariffs and duties take 0.40 points, disease and antibiotic compliance 0.25 points, and cyclones and floods 0.25 points.

Tariffs are the heaviest drag on India fish farming because shrimp is priced for export. United States Customs added a 25% duty on Indian goods from 27 August 2025 under Executive Order 14329, in a [Federal Register notice of that date](https://www.govinfo.gov/content/pkg/FR-2025-08-27/html/2025-16419.htm), lifting the total on shrimp to 58.26% with existing duties, the ministry [said in January 2026](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2213532&reg=3&lang=1). A United States-India joint statement of [6 February 2026](https://www.whitehouse.gov/briefings-statements/2026/02/united-states-india-joint-statement/) set an 18% reciprocal rate, but anti-dumping duty remains: the Commerce Department's review for February 2024 to January 2025, signed on 1 September 2026, set 4.04% for the Devi group, 7.01% for Sandhya Aqua and 5.53% for 106 other exporters, the [final results](https://public-inspection.federalregister.gov/2026-18184.pdf) show.

Disease and compliance subtract 0.25 points. The Coastal Aquaculture Authority told farms and suppliers on [17 April 2026](https://caa.gov.in/uploaded/2026/advisory.pdf) that Rule 18(3) of the CAA Rules 2024 bars uncertified inputs, and that a certificate of compliance for antibiotic-free inputs lapses automatically unless renewed three months before expiry. Weather takes the final 0.25 points: Cyclone Arnab forced distress harvests in late October 2026, pushing 100-count head-on shrimp below Rs 250 a kilogram, [S&P Global reported on 30 October 2026](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/103026-cyclone-arnab-forces-distress-shrimp-harvest-in-indias-andhra-pradesh).

## Which Indian state farms the most fish, and where does value grow fastest?

Andhra Pradesh farms the most India fish farming value, USD 11.41 billion or 43.0% of 2025 sales, Douglas Insights estimates, on carp ponds and most of the country's shrimp. Bihar grows fastest, at 6.80% a year to USD 3.59 billion by 2035.

| State or group | Value 2025 | Share 2025 | Value 2026 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- | --- |
| Andhra Pradesh | USD 11.41 billion | 43.0% | USD 11.95 billion | 4.70% | USD 18.06 billion |
| West Bengal | USD 3.58 billion | 13.5% | USD 3.75 billion | 4.60% | USD 5.62 billion |
| Bihar | USD 1.86 billion | 7.0% | USD 1.98 billion | 6.80% | USD 3.59 billion |
| Odisha | USD 1.59 billion | 6.0% | USD 1.69 billion | 6.40% | USD 2.96 billion |
| Rest of India | USD 8.09 billion | 30.5% | USD 8.56 billion | 5.80% | USD 14.22 billion |

Andhra Pradesh produced 55.39 lakh tonnes of fish in 2024-25, about 28% of national output, ahead of West Bengal at 23.74 lakh tonnes and Odisha at 11.92 lakh tonnes, the [10 February 2026 release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2225760&reg=3&lang=1) shows. Its value share is higher still because the state raises most Indian whiteleg shrimp: [MPEDA data](https://mpeda.gov.in/?page_id=684) put it at 6,34,672 of 8,15,745 tonnes in 2020-21, about 78%.

West Bengal is the carp and freshwater prawn heartland, and its fish sells mostly at home. Bihar and Odisha grow fastest because their ponds and reservoirs start from low yields and get large PMMSY allocations; Bihar's output rose by about 40% between 2020-21 and 2024-25. Uttar Pradesh, Gujarat, Tamil Nadu and Assam make up most of the rest of India. State values sum to USD 27.93 billion in 2026 and USD 44.44 billion in 2035, 0.90% above the headline.

## Which companies dominate India fish farming, from shrimp packers to feed mills?

No company dominates India fish farming: the Devi group leads with about 0.45% of 2025 farm-gate value farmed or bought, a Douglas Insights estimate, ahead of Avanti Feeds at 0.40% and Sandhya Aqua at 0.30%. Millions of smallholders hold the rest.

| Company | Role in fish farming | Latest filed figure | Estimated share 2025 |
| --- | --- | --- | --- |
| Devi Fisheries group | Shrimp farming and export packing | United States anti-dumping rate 4.04%, September 2026 | 0.45% |
| Avanti Feeds | Shrimp feed and processed shrimp | Revenue Rs 1,899.86 crore, quarter to 30 June 2026 | 0.40% |
| Sandhya Aqua Exports | Shrimp farming and export packing | United States anti-dumping rate 7.01%, September 2026 | 0.30% |
| Apex Frozen Foods | Shrimp farming, processing and export | Profit after tax Rs 38.8 crore, 2025-26 | 0.25% |
| Godrej Agrovet | Fish and shrimp feed | Consolidated sales Rs 2,852 crore, quarter to 30 June 2026 | Feed supplier |

Avanti Feeds earned Rs 1,561.71 crore from shrimp and other feeds and Rs 333.71 crore from processed shrimp in the quarter to 30 June 2026, with net profit of Rs 116.31 crore, its [filing of 13 August 2026](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_186864_13082026190840_iXBRL_WEB.html) shows; Douglas Insights counts only the raw shrimp its processing arm buys, about USD 107 million a year. Apex Frozen Foods raised the European share of its sales to 47% from 26% two years earlier and has 34,240 tonnes a year of processing capacity, its [investor presentation of 1 June 2026](https://nsearchives.nseindia.com/corporate/APEX_01062026164031_InvestorPresentation__1_.pdf) shows.

Godrej Agrovet lifted consolidated sales to Rs 2,852 crore from Rs 2,603 crore, its [release of 5 August 2026](https://nsearchives.nseindia.com/corporate/GODREJAGRO_05082026183519_BSENSEPRESSRELEASE05082026.pdf) shows, but it sells feed rather than fish, so it has no farm-gate share. The Devi and Sandhya shares are estimated from their export packing and the rates in the [September 2026 review](https://public-inspection.federalregister.gov/2026-18184.pdf); all shares are Douglas Insights estimates.

## How much does India fish farming output cost, from carp ponds to export shrimp?

Indian farmed fish fetches an average USD 2,211 per tonne at the farm gate in 2025, about Rs 193 a kilogram, Douglas Insights estimates, from about Rs 150 for pangasius to above Rs 400 for large export shrimp. The price leg rises 1.94% a year.

Shrimp sets the top of the range. Coastal shrimp farmers were paid about Rs 415 a kilogram for 40-count head-on shrimp on 29 October 2026, while 100-count fell below Rs 250 after Cyclone Arnab forced early harvests, [S&P Global reported on 30 October 2026](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/103026-cyclone-arnab-forces-distress-shrimp-harvest-in-indias-andhra-pradesh). Douglas Insights puts the 2025 average for farmed shrimp at about USD 4,960 per tonne, or Rs 433 a kilogram at Rs 87.3 to the dollar.

Carp is the volume price. Rohu and catla sell at about Rs 160 to 190 a kilogram at the pond, a Douglas Insights estimate, close to USD 1,970 per tonne, and pangasius and tilapia at about Rs 140 to 160. Feed is about 55% to 65% of the cost of shrimp and 40% to 50% of fed carp, so a feed price move passes to farm-gate price with a lag of one crop.

The blended price reaches about USD 2,254 per tonne in 2026 and USD 2,679 in 2035, as the mix shifts toward shrimp, pangasius and cage fish, a Douglas Insights estimate. The rupee rate sets export shrimp prices; the government cut GST on prepared and preserved fish and shrimp from 12% to 5%, the [20 November 2025 release](https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2192114&reg=48&lang=2) notes.

## Can India fish farming replace lost shrimp sales with new export buyers?

Mostly yes. Douglas Insights estimates that about 85% of the shrimp volume India lost in the United States in 2025-26 was resold to China, the European Union and Southeast Asia, at prices about 6% lower per kilogram.

United States seafood imports from India fell to 2,79,193 tonnes in 2025-26 from 3,46,868 tonnes a year earlier, a drop of 67,675 tonnes, the [1 June 2026 release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2267484&reg=3&lang=2) and the [MPEDA 2024-25 note](https://mpeda.gov.in/wp-content/uploads/2026/04/Approved_Press-Release_Note_2024-25.pdf) show, while total exports rose by 2,73,848 tonnes. Frozen shrimp exports rose to 7,92,647 tonnes from 7,41,529 tonnes, so farms did not cut stocking on a national scale.

The cost is margin. China and Southeast Asia buy more head-on and smaller shrimp, which pay less per kilogram than the peeled, cooked shrimp sold to American retailers. Budget 2026-27 also removed duty on artemia from 1 May 2026 and raised the duty-free input ceiling for processors to 3% of export value, [FAO GLOBEFISH reported on 23 February 2026](https://www.fao.org/in-action/globefish/news-events/news/news-detail/india-announces-record-budget-allocation-for-the-fisheries-and-aquaculture-sector-in-2026-2027/en), which cuts hatchery and processing costs.

## Which laws and schemes govern India fish farming, from CAA rules to PMMSY?

Three layers govern India fish farming: the Coastal Aquaculture Authority rules for brackishwater farms and inputs, central schemes such as PMMSY and PM-MKSSY, and state fisheries departments that lease ponds and reservoirs, plus foreign trade rules for exports.

The coastal layer is the strictest. The CAA Rules 2024 and the input guidelines notified as S.O. 1456(E) in March 2024 require certified antibiotic-free feed, probiotics and chemicals, and the authority's [17 April 2026 advisory](https://caa.gov.in/uploaded/2026/advisory.pdf) sets a Rs 10,000 renewal fee through Form-III. The scheme layer sets the money: PMMSY's outlay since 2020-21 is now given as Rs 20,750 crore in the [September 2026 backgrounder](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/sep/doc_9838_20260910_12140901.pdf), against Rs 20,312 crore cited in the [November 2025 release](https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2192114&reg=48&lang=2).

Marine rules matter less for farms but shape the wider sector: rules for fishing in the exclusive economic zone were notified on 4 November 2025, giving cooperatives priority access, that release states. Export rules come from the importing country: the United States anti-dumping order on frozen warmwater shrimp, with its [9 February 2026](https://www.govinfo.gov/content/pkg/FR-2026-02-09/pdf/2026-02486.pdf) and September 2026 review results, and European Union residue limits.

## What if tariffs bite harder or cages scale up: how large is India fish farming in 2035?

The India fish farming market ends 2035 between USD 35.04 billion and USD 53.26 billion across our three cases, around a base of USD 44.05 billion. PMMSY delivery and shrimp export access set most of the spread.

| Case | Volume leg | Price leg | Revenue rate | 2035 value |
| --- | --- | --- | --- | --- |
| Slower | 1.60% | 1.20% | 2.82% | USD 35.04 billion |
| Base case | 3.20% | 1.94% | 5.20% | USD 44.05 billion |
| Faster | 4.50% | 2.60% | 7.22% | USD 53.26 billion |

In the slower case approved cages and RAS units stay half-used, shrimp disease returns and United States duties rise again, taking 1.60 points off the volume leg. In the faster case the PMMSY pipeline is fully built by 2028, reservoir cage culture scales in the eastern states and exports keep the 13.6% dollar growth of 2025-26 for two more years. One extra point of yearly volume growth adds about USD 4.46 billion to 2035 value.

Published signals bracket the base case. Fish output grew 8.74% a year from 2013-14, export value 13.6% in 2025-26, Godrej Agrovet's sales 9.6% and Bihar's output 9.9%, while exports to the United States fell 14.22%, the sources above show; our 5.20% revenue rate sits below the past decade because the pond area that drove it is now largely in use.

## Douglas Exclusive: the India Pond-to-Cage Intensification Ledger

The Pond-to-Cage Intensification Ledger is a Douglas Insights model of how much India fish farming tonnage the subsidised new systems can add, built from 10 published sources: 9 government records and 1 company filing, listed below.

| Date | Input | What it moves |
| --- | --- | --- |
| 2020-21 data | MPEDA state shrimp area and yield | Shrimp base |
| 20 November 2025 | PIB: PMMSY outlay, GST cut, EEZ rules | Policy |
| 17 December 2025 | Parliament answer: Bihar output series | State growth |
| 12 January 2026 | PIB: 4.77 t per hectare productivity | Pond yield |
| 10 February 2026 | PIB: 197.75 lakh tonnes, state output | Volume base |
| 6 April 2026 | Budget backgrounder: Rs 2,761.80 crore | Funding |
| 17 April 2026 | CAA advisory on certified inputs | Compliance |
| 1 June 2026 | PIB: 2025-26 exports, USD 8.46 billion | Export demand |
| 13 August 2026 | Avanti Feeds Q1 filing | Feed signal |
| 10 September 2026 | PMMSY backgrounder: cages, RAS, biofloc, ponds | New capacity |

The finding, a Douglas Insights estimate: the systems PMMSY has approved can add about 377,000 tonnes a year once running, 3.1% of the 2025 base, or roughly one year of base-case volume growth. Reservoir cages are the largest piece, about 156,000 tonnes from 52,058 cages at 3 tonnes each; new ponds add about 111,000 tonnes at the national 4.77 tonnes per hectare; 12,081 RAS units add about 97,000 tonnes at 8 tonnes each; and biofloc adds about 13,000 tonnes.

The ledger shows why Douglas Insights does not forecast a return to the 8.74% yearly growth of the last decade. Subsidised systems add one year of growth, not ten; the rest must come from higher pond yields, which at 4.77 tonnes per hectare are well below the shrimp ponds' 8.82, so feed, seed and aeration matter more than new area.

## How does the methodology turn 12.0 million tonnes into USD 26.53 billion?

Our methodology multiplies about 12.0 million tonnes of India fish farming harvest by an average USD 2,211 per tonne to reach USD 26.53 billion in 2025, then grows tonnage 3.20% and price 1.94% a year.

The model covers 5 species groups, 3 system types and 5 state groups, using 56 data points, 21 sourced and 35 modelled. Tonnes: about 7.0 million tonnes of Indian major carps, 1.25 million of other carps, 1.15 million of shrimp, 1.6 million of pangasius, tilapia and other finfish and 1.0 million of other species, Douglas Insights estimates, inside the 151.60 lakh tonnes of inland output the [ministry reported](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2225760&reg=3&lang=1) plus brackishwater shrimp. Arithmetic: 12.0 million x USD 2,211 = USD 26.53 billion; USD 26.53 billion x (1.0320 x 1.0194)^10 = USD 44.05 billion. Tonnage reaches about 12.4 million in 2026 and 16.4 million in 2035.

Two cross-checks agree. First, USD 26.53 billion equals the India row of our Asia Pacific model, USD 26.53 billion in 2025, USD 27.91 billion in 2026 and USD 44.05 billion in 2035 at 5.20%. Second, frozen shrimp export value of USD 5.62 billion in 2025-26 against our farm-gate shrimp value of USD 5.70 billion in 2025 fits a market where most shrimp is exported after processing adds value and some is eaten at home. AI tools help draft the text and automated checks test the arithmetic and links; the Douglas Insights research desk chooses the sources, builds the model and approves publication, as our [editorial standards](https://www.douglasinsights.com/research-methodology/) explain.

## What counts in the India fish farming study, and what is excluded?

This study counts fish, shrimp and other aquatic animals farmed in India, valued at the farm gate on a live-weight basis. Wild capture fisheries, seaweed, ornamental fish, feed, seed sold between farms and processing margins are excluded.

The study splits value by 5 species groups, 3 farming systems and 5 state groups. The worldwide and regional pictures appear in our [Fish Farming Market](https://www.douglasinsights.com/fish-farming-market/) and [Asia Pacific Fish Farming Market](https://www.douglasinsights.com/asia-pacific-fish-farming-market/) reports.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Indian major carps | 52% | $13.80 Bn |
| Shrimp | 21.5% | $5.70 Bn |
| Pangasius, tilapia and other finfish | 11.5% | $3.05 Bn |
| Exotic and other carps | 8% | $2.12 Bn |
| Freshwater prawn, molluscs and other species | 7% | $1.86 Bn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 26,532.9 | 27,912.6 | 44,049.6 | 5.2% |
| Andhra Pradesh | 11,409.1 | 11,945.4 | 18,060.1 | 4.7% |
| West Bengal | 3,581.9 | 3,746.7 | 5,616.1 | 4.6% |
| Bihar | 1,857.3 | 1,983.6 | 3,585.9 | 6.8% |
| Odisha | 1,592 | 1,693.9 | 2,960.4 | 6.4% |
| Rest of India | 8,092.5 | 8,561.9 | 14,221.4 | 5.8% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 26,532.9 | USD million |
| Market size 2035 | 44,049.6 | USD million |
| Revenue CAGR 2026-2035 | 5.2 | percent |
| Volume CAGR 2026-2035 | 3.2 | percent |
| Price per tonne CAGR 2026-2035 | 1.94 | percent |

## Frequently asked questions

### How big is the India fish farming market in 2025 and 2035?

USD 26.53 billion in 2025, from about 12.0 million tonnes at USD 2,211 a tonne, rising to USD 44.05 billion by 2035 at a 5.20% revenue CAGR.

### Which farmed species earns the most in India?

52.0% of 2025 value, about USD 13.80 billion, comes from Indian major carps (rohu, catla and mrigal); shrimp follows with 21.5%, USD 5.70 billion.

### Which Indian state farms the most fish?

43.0% of 2025 value, USD 11.41 billion, sits in Andhra Pradesh, which produced 55.39 lakh tonnes of fish in 2024-25, about 28% of national output.

### Which state grows fastest in India fish farming?

6.80% a year for Bihar, from USD 1.86 billion to USD 3.59 billion by 2035; its output rose from 683.17 to 959.76 thousand tonnes between 2020-21 and 2024-25.

### How did United States tariffs affect India shrimp farming?

14.22% lower dollar exports to the United States in 2025-26, but total seafood exports hit a record USD 8.46 billion as China and the European Union bought more.

### What does farmed shrimp fetch at the pond in India?

Rs 415 a kilogram for 40-count head-on shrimp on 29 October 2026, while 100-count fell below Rs 250 after Cyclone Arnab, S&P Global reported.

### How much new capacity has PMMSY approved?

52,058 reservoir cages, 12,081 RAS units, 4,205 biofloc units and 23,285 hectares of ponds by 11 August 2026, about 377,000 tonnes a year once running, a Douglas Insights estimate.

### How far apart are the slower and faster 2035 cases?

USD 35.04 billion in the slower case and USD 53.26 billion in the faster case, against a USD 44.05 billion base.

## Sources

- [Press Information Bureau, Government of India, Record seafood exports in 2025-26](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2267484&reg=3&lang=2)
- [Press Information Bureau, Ministry of Fisheries, Boom in Aquaculture: fish production 197.75 lakh tonnes](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2225760&reg=3&lang=1)
- [Press Information Bureau, Ministry of Fisheries, Fisheries sector achievements and productivity](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2213532&reg=3&lang=1)
- [Press Information Bureau, Ministry of Fisheries, Fish production by state, reply in Parliament](https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2205029&reg=6&lang=1)
- [Press Information Bureau, Ministry of Fisheries, World Fisheries Day 2025](https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2192114&reg=48&lang=2)
- [Press Information Bureau, Six years of PMMSY backgrounder](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/sep/doc_9838_20260910_12140901.pdf)
- [Press Information Bureau, Fisheries in Union Budget 2026-27 backgrounder](https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/apr/doc202646840201.pdf)
- [Marine Products Export Development Authority, Seafood exports 2024-25 press note](https://mpeda.gov.in/wp-content/uploads/2026/04/Approved_Press-Release_Note_2024-25.pdf)
- [Marine Products Export Development Authority, State-wise aquaculture production](https://mpeda.gov.in/?page_id=684)
- [US Customs and Border Protection, Federal Register, Additional ad valorem duty on products of India (EO 14329)](https://www.govinfo.gov/content/pkg/FR-2025-08-27/html/2025-16419.htm)
- [The White House, United States-India Joint Statement](https://www.whitehouse.gov/briefings-statements/2026/02/united-states-india-joint-statement/)
- [US Department of Commerce, Federal Register, Frozen warmwater shrimp from India: final results of AD review 2024-2025](https://public-inspection.federalregister.gov/2026-18184.pdf)
- [US Department of Commerce, Federal Register, Frozen warmwater shrimp from India: final results of AD review 2023-2024](https://www.govinfo.gov/content/pkg/FR-2026-02-09/pdf/2026-02486.pdf)
- [Coastal Aquaculture Authority, Advisory on certificate of compliance for aquaculture inputs](https://caa.gov.in/uploaded/2026/advisory.pdf)
- [Avanti Feeds via NSE, Avanti Feeds Q1 FY27 results](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_186864_13082026190840_iXBRL_WEB.html)
- [Apex Frozen Foods via NSE, Apex Frozen Foods FY26 investor presentation](https://nsearchives.nseindia.com/corporate/APEX_01062026164031_InvestorPresentation__1_.pdf)
- [Godrej Agrovet via NSE, Godrej Agrovet Q1 FY27 press release](https://nsearchives.nseindia.com/corporate/GODREJAGRO_05082026183519_BSENSEPRESSRELEASE05082026.pdf)
- [FAO GLOBEFISH, India announces record budget allocation for fisheries 2026-27](https://www.fao.org/in-action/globefish/news-events/news/news-detail/india-announces-record-budget-allocation-for-the-fisheries-and-aquaculture-sector-in-2026-2027/en)
- [S&P Global Commodity Insights, Cyclone Arnab forces distress shrimp harvest](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/103026-cyclone-arnab-forces-distress-shrimp-harvest-in-indias-andhra-pradesh)

## How to cite

Douglas Insights, "India Fish Farming Market", DI-FB-10807, updated 2026-11-06, https://www.douglasinsights.com/india-fish-farming-market/