India is likely to register around 14 per cent growth in exports of seafood products valued at close to $8.86 billion (approximately ₹70,605 crore at the current exchange rate) in 2022-23. The country had shipped marine products worth $7.76 billion in FY-22.
According to KN Raghavan, Chairman, MPEDA (Marine Products Export Development Authority), India had witnessed a 30 per cent growth in exports of seafood products during FY22 over FY21 on the back of a steadily growing demand. The growth was despite challenges surrounding logistics and container freight issues and concerns over antibiotic residue and sustainable practices raised from certain key markets including Japan, the EU and the US.
“Export of seafood products has grown by nearly 15 per cent at $1.99 billion in value terms during the first quarter of this fiscal, over the same period last year. We have a target of touching exports of around $8.86 billion during this year and we are on the path to achieving that. We have a target of touching close to $14 billion exports by FY25,” Raghavan told BusinessLine on the sidelines of the announcement of the 23rd edition of India International Seafood Show (IISS) in Kolkata from February 15-17, 2023, here on Friday.
IISS, the biennial showpiece event in the seafood sector, will be jointly organised by MPEDA in association with the Seafood Exporters Association of India
Diversification of product basket
Shrimp currently accounts for the largest chunk of the total exports from India at nearly 74 per cent. Plans are afoot to diversify the product basket to strengthen the portfolio. “We are trying to develop the market for fishes like tilapia, pomfret, squids and black tiger shrimp among others,” he said.
Andhra Pradesh currently holds the largest share in terms of aquaculture production in the country followed by Gujarat, West Bengal and Tamil Nadu. West Bengal, which currently accounts for around 8 per cent of total exports, has a good potential to grow production as it has brackish water for aquaculture, he said.
MPEDA is also looking to ramp up seafood exports into newer markets with a view to diversification. It currently exports to 123 countries across the globe. It will be participating in a fair in Germany to explore the possibility of exporting there.
According to Raghavan, there was a need to produce disease-free shrimp as the consumers in the international market, particularly Japan and the EU, were preferring quality stocks without antibiotics.
The IISS event will not only provide a platform for interaction between Indian exporters and importers of the country’s marine products but will also provide tremendous scope for tapping new avenues and introducing various technologies and products to the global market.
Another objective of the event is to highlight the country’s commitment toward sustainability in the entire value chain of seafood products such as primary production, processing and transportation. It will also deliberate on new techniques in processing and traceability and value addition to products for export.