Agri Business

Seafood sector growing at 7% CAGR: Study

K.V. Kurmanath Hyderabad | Updated on November 23, 2011

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Appetite for Indian marine products and fish, both raw and ready-to-eat format, is growing in India and abroad. This segment is growing at an encouraging 7 per cent compound annual growth rate. Assocham has pegged the industry at Rs 67,800 crore in the next four years from the present level of Rs 53,000 crore.

In its study ‘Indian Marine and Fish Industry’, the Associated Chambers of Commerce and Industry of India, however, felt that the processed segment comprised only Rs 8,000 crore or 15 per cent of the domestic marine and fish industry.

Encourage FDI in infrastructure

The chamber asks the Government to encourage foreign direct investment in infrastructure for distribution and storage to help fishermen and exporters discover better price overseas.

India, with 6 per cent share in global fish production, is the second largest fish producer in the world after China.

Andhra Pradesh, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Tamil Nadu and West Bengal are expected to take the lead in tapping this opportunity.

The study estimated that fish production would touch 1.2-crore tonne mark by 2015 from the current level of about 93 lakh tonnes.

Seafood exports will touch Rs 23,500-crore mark by 2013 from Rs 14,000 crore in 2010-11.

Published on November 23, 2011

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