India has a diverse seafood export portfolio, meeting various market demands with a range of products. In the 2023-24 period, frozen prawns were the most popular item, accounting for a significant 66% of total seafood exports. This is largely due to their strong demand in key markets such as the US, EU, and China.
Aside from frozen shrimp, India supplies a variety of other seafood products to the global market, including frozen fish, shrimp, frozen octopus, canned goods, and frozen lobster. Frozen fish, in particular, has seen a substantial increase in export volume, now accounting for 21% of the total quantity and 8.5% of the total value of seafood exports from India. This diversification of exports helps India mitigate risks and adapt to the diverse needs of international markets.
The country’s seafood industry is renowned for its superior quality, a result of strict quality control procedures and adherence to global guidelines. Additionally, the growing adoption of sustainable fishing practices enhances India’s reputation as a conscientious exporter and contributes to marine habitat preservation.
Indian seafood has successfully penetrated strategic international markets, with the USA, China, the European Union, Southeast Asia, and Japan being the primary destinations. This market presence has been crucial for the industry’s growth and sustained demand for Indian seafood.
Over the last decade, India’s seafood exports have shown remarkable resilience and growth. Between 2013-14 and 2023-24, exports increased from USD 5 billion to USD 7.4 billion. This trajectory is driven by the consistent increase in the production and export of high-demand products, particularly frozen shrimp and fish.
Despite global challenges, India’s seafood industry has demonstrated its adaptability and strength. Export volumes increased from 1,149,510 MT in 2020-21 to 1,781,602 MT in 2023-24, with a corresponding value increase from USD 6 billion to USD 7.4 billion during the same period.
India’s Seafood Exports in Focus
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The United States remains the largest importer of Indian seafood, with imports valued at approximately USD 2.55 billion, accounting for 34.5% of India’s total seafood exports. China and Japan are also significant markets, while Southeast Asian countries like Vietnam and Thailand show strong demand for Indian seafood products. Additionally, the European Union, including Belgium, is a key destination for Indian seafood imports.
This impressive growth is attributed to several factors, including significant government investment in the fisheries sector. Initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) have aimed for a “Blue Revolution” through sustainable development, with a focus on infrastructure, sustainable practices, and increased production and export capacities.
Furthermore, the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) has provided crucial financial support for modernizing and expanding aquaculture infrastructure. This has resulted in state-of-the-art processing, storage, and transportation facilities, ensuring the consistent quality of Indian seafood.
Seafood exports now represent a notable share of India’s total merchandise exports, highlighting the sector’s growing importance to the country’s economy. India has solidified its position as a leading global exporter of seafood, known for its quality and market diversification.
Among South Asian and Asian countries, India stands out for its substantial seafood export volume and value. The country’s consistent focus on quality, strategic market penetration, and exploration of emerging markets give it a competitive edge. India’s efforts to maintain and grow its market share in the competitive Asian seafood export industry are testament to its dynamic approach.
In conclusion, India’s seafood export industry has experienced significant growth and adaptability over the past decade, establishing the country as a key player in the global seafood market. This expansion is driven by a strategic emphasis on quality, sustainability, and market diversification, supported by government initiatives. Looking ahead, maintaining a focus on innovation, quality, and sustainability will be crucial for sustaining this positive trajectory.
India is well-positioned to solidify its role as a leading exporter in the global seafood market and make significant contributions to international food supply chains.
