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India’s export of marine products is likely to grow by nearly 9 per cent at $8.47 billion in 2022-23, up from $7.76 billion in 2021-22 backed by steady demand from existing markets and addition of newer markets.
According to Dodda Venkata Swamy, Chairman, MPEDA, the country’s exports are up by nearly three per cent till December 2022 at $6.28 billion, as against $6.1 billion same period last year. Shrimp is the major item in quantity and value terms, accounting for nearly 53 per cent in quantity and close to 75 per cent of the total revenue.
The US accounts for the largest share in the overall shrimp exports with a market share of close to 43 per cent, followed by China and Europe at close to 15 per cent and Southeast Asia at 10 per cent.
Incidentally, there has been close to 23 per cent decline in exports to the US during FY23 at $2.08 billion as of December 2022, as against $3.37 billion same period last year.
Also read:India, US agree on mechanism to export Indian shrimps for Americans
“This is the first time we were given export targets and this is because of the good growth in exports last year. Though there has been a decline in exports to the US, other markets, including China, Europe and Japan, have been growing. We hope to be able to achieve this target,” Swamy told businessline on the sidelines of a press conference to announce the 23rd edition of the India International Seafood Show (IISS) to be held in the city from February 15-17.
Marine exports from India have been growing at a CAGR of around six per cent over the last few years and with little more value addition, rolling out of better products and bringing down the cost of production, could help the industry clock a higher growth moving forward, he pointed out.
Also read:Fishing for wealth
Production
India currently produces close to 10 lakh tonnes of shrimp annually and the total area covered is close to 1.75 lakh hectares. There is scope to ramp up production by bringing in more area under shrimp cultivation across various states and also by increasing productivity.
“There is potential to scale up production in close to 5 lakh hectares of land. We are working with various State Governments to see how we can take this forward. We are hopeful of increasing production to close to 15 lakh tonne in the next three years by increasing the area under production and improving productivity,” Dr M Karthikeyan, Director, MPEDA said.
Seafood show
The 23rd edition of India International Seafood Show (IISS) will showcase India’s attempt to remain buoyant in seafood exports in the post-pandemic phase, the face of stiff global competition, and a stringent inspection regime imposed by the European Union and Japan on shrimp consignments.
The biennial showpiece event in the marine sector, organised by the Marine Products Export Development Authority (MPEDA) in association with the Seafood Exporters Association of India (SEAI), will offer a platform to various industry stakeholders for inking business deals, forging new contacts, leveraging market linkages, and introducing new technologies and products to the global market.
Also read:MPEDA to hold meet on harmonising seafood regulations among G-20 countries
An international buyer seller meet with particular emphasis on G20 countries will be organised along with IISS 2023.
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