The grants are projected to deliver 157 jobs and €45 million in additional sales for the 20 companies by 2016.
Taken in conjunction with private sector investment, the total investment will be almost €8 million in 2014.
The grants are co-funded by the Department of Agriculture Food and the Marine and the European Fisheries Fund.
Minister for Agriculture, Food and the Marine, Simon Coveney said: “Our Seafood industry has the potential to achieve sales of €1 billion per annum by 2017 and to deliver 1,200 additional jobs in that period.
“The processing sector is a key growth area in our seafood industry and can make a major contribution to those overall seafood industry growth targets.
“I am delighted to announce a major tranche of investment by Government and our processing sector that offers potential for real growth and employment.
“This commitment of investment funds will help to build scale, drive innovation and develop value added products to meet the considerable demand on our key international markets.
“It will enable these companies to invest in the required technology and resources to make this happen. I look forward to seeing the positive effect this investment has on the industry, both in terms of employment and sales, over the next three years.”
