India to register 14% growth in seafood exports products valued at close to $8.86 b in FY23

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India is likely to register around 14 per cent growth in exports of seafood products worth close to $8.86 billion (roughly Rs. 70,605 crore at current exchange rate) in 2022-23. The state shipped $7.76 billion worth of marine products in fiscal year ’22.

According to KN Raghavan, Chairman, MPEDA (Marine Products Export Development Authority), India witnessed a 30 per cent growth in exports of seafood products in FY22 during FY21 on the back of steadily increasing demand. This growth came despite challenges surrounding logistics and container shipping issues and concerns about antibiotic residue and sustainable practices raised from some key markets including Japan, the European Union and the United States.

Export of seafood products grew by nearly 15 percent to reach $1.99 billion during the first quarter of this fiscal year, compared to the same period last year. Our goal is to touch exports by about $8.86 billion this year and we are on the right track to achieve that. “We have a target of achieving nearly $14 billion in exports by FY25,” Raghavan said. Business line On the sidelines of the announcement on 23 Research and development An edition of the India International Seafood Expo (IISS) in Kolkata from 15th to 17th February 2023, here on Friday.

IISS, the remarkable biennial event in the seafood sector, will be jointly organized by MPEDA and the Seafood Exporters Association of India.

Diversification of the product basket

Shrimp currently account for the largest part of India’s total exports at about 74 percent. Plans are afoot to diversify the product basket to strengthen the portfolio. “We are trying to develop the market for fish such as tilapia, pomfret, squid, black tiger shrimp and others,” he said.

Andhra Pradesh currently has the largest share in terms of aquaculture production in the country, followed by Gujarat, West Bengal, and Tamil Nadu. He said West Bengal, which currently accounts for about 8 percent of total exports, has good potential to increase production as it has brackish water for aquaculture.

MPEDA is also looking to increase seafood exports to new markets with the aim of diversification. It is currently exported to 123 countries around the world. It will participate in an exhibition in Germany to explore the possibility of exporting there.

According to Raghavan, there was a need for disease-free shrimp production because consumers in the international market, especially Japan and the European Union, preferred high-quality stock without antibiotics.

The IISS event will not only provide a platform for interaction between Indian exporters and importers of marine products to the country but will also provide enormous scope for exploiting new avenues and introducing different technologies and products to the global market.

Another objective of the event is to highlight the country’s commitment towards sustainability in the entire value chain of seafood products such as primary production, processing and transportation. New technologies in processing, traceability and adding value to products for export will also be discussed.