India’s Seafood Exports Will Increase to $12 Billion by 2025

12 April 2024
India Trade

India, the one of key players in the Indo-Pacific Ocean, is renowned for spices and state-of-the-art innovation, eying new emerging markets with rising seafood exports. India has 75,000 km of coastline along with, the Bay of Bengal, the Arabian Sea, and the Indian Ocean, offering vast marine resources.


As per recent reports, Indian seafood exports will rise to $12 Billion in the next two years. To prepare the market for export, the Govt, with its constructive policies, is focusing on the USA, EU, Middle East, and Southeast Asia to expand the market base beyond the regions.


Worldwide Indian Seafood Market


The table below demonstrates the last three years' seafood export trends from India to the world.  The products list reveals that frozen shrimp exports marginally declined by 5% from 2021-2022. However, the export of other seafood products increases year-on-year. The highest-ever growth in exports observed in dried items, from 2021-2022 took a downward trend with an 8.3% fall, but from 2022-2023 the export of the same item increased by 168%.

Products

2020-21

2021-22

2022-23

Frozen Shrimp

4426

5828

5481

Frozen Fish

402

471

687

FR Cuttle Fish

221

280

295

FR Squid

273

383

454

Dried Item

156

143

384

Chilled Items

65

63

77

Live Items

32

47

55

Others

378

540

658

Total

5956

7759

8094

 

***Value Million USD

 

India’s Top Trading Partner for Seafood


Based on India’s top destination for seafood export, the USA stood as the largest importer of Indian seafood products, but with a downfall of 21.9% from the previous year. Export of the same commodities to Southeast East Asia increased by 79 % from 2020-21 to 2022-23. In the same year, Exports to the EU rose by USD 442 million.

Countries

2020-21

2021-22

2022-23

USA

2451

3371

2632

China

939

1175

1508

European Union (EU)

821

1162

1263

South East Asia

665

779

1191

Japan

412

440

484

Middle East

251

303

330

Others

416

527

683

Total

5956

7759

8094

 

***Value Million USD

 

Seafood Market in the EU and Middle East


In the last few years, the EU emerged as the best trading partner for Indian products, to meet the rising demand both India and the EU are engaging in talks for free trade agreements. Once both the country signed the agreement, the flow of export-import goods became easier in a cost-effective manner.


To consider this, let's understand the demand of the Indian seafood market in the EU. For instance, the exports increased with all the top partners except Italy, and trade value with Italy decreased by USD 25 million, whereas exports to Belgium and Germany from Q2-Q3 of 2023, witnessed a drastic increase with 46 and 60% respectively.

Countries

2023 Q1

2023 Q2

2023 Q3

EU

250

212

195

Belgium

41

30

44

Spain

46

41

42

Italy

50

39

25

Netherland

21

22

23

Germany

13

10

16

 

***Value USD Million


The popularity of Indian seafood is continuously increasing in Middle Eastern countries. In these countries, the UAE emerged as the largest trading partner, the trade increased with UAE from Q1 to Q3 increased by USD 4.3 million. If one thoroughly goes through the table, then the export of Indian seafood from Q2 to Q3 of 2023 increased with all the major partners.

Countries

2023 Q1

2023 Q2

2023 Q3

UAE

36865

30688

41217

Kuwait

11130

8370

10253

Türkiye

1500

786

1542

 

***Value USD Thousand

 

Seafood Export to Southeast Asia


South East Asia, is a group of countries that share a strategic location in the Indo-Pacific region, connecting East Asia with the Middle Eastern Mediterranean world, and has good trade relations with India. The export of Indian seafood to this region is drastically increasing and providing a vast opportunity for business based on Seafood.


In Southeast Asia, exports to Thailand from Q2 to Q3 of 2023 increased by USD 28 million. On the other hand, trade with Vietnam and Malaysia slightly decreased from Q1 to Q3 2023. This marginal downfall in the exports from India may be attributed to climatic and other geo-political issues.

Countries

2023 Q1

2023 Q2

2023 Q3

Thailand

84

54

82

Viet Nam

95

73

73

Malaysia

40

29

20

 

***Value USD Million

 

Opportunity for Business


The rising demand for seafood across the world demonstrates a golden opportunity for businesses to enter the new field. They can explore and tap the exponential growth of seafood products. Here are the points


                    1.     Emerging Powerhouse of Aquaculture –


With more than 7500 km of coastal lines and a vast network of rivers, offers an upper edge in a highly competitive environment.


                    2.     Sustainable Practice –


The Indian seafood market is mostly based on sustainable practices, which are highly demanded by Western countries.


                    3.     Cost Friendly Export –


India is a peninsular country, surrounded by the Bay of Bengal, the Arabian Sea and the Indian Ocean which offers abundance of seafood production without using large fishing vessels.


                 4.     Subsidies  

     The Indian Govt provide incentives under the export promotion capital goods scheme which allows exporters to import machinery and equipment without paying duty.


                  5.     Trade Agreements –


Marine Products Export Development Authority (MPEDA) is working on negotiating trade agreements with other countries to reduce import tariffs and increase the export of seafood from India.


India is blessed with vast resources of seafood in the Indo-Pacific regions. To tap and utilise the full potential of seafood, govt needs to work on ease of doing business environment to increase the export of seafood products from India.

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