India’s seafood exports have been showing a positive trend, with a 3% growth in volume this fiscal year. This success is attributed to India’s commitment to safe and sustainable seafood production for export. During the India International Seafood Show 2023, Union Minister of State for Commerce and Industry Anupriya Patel announced, that the Indian government has set an ambitious target of doubling its seafood exports to $14 billion by 2025. Here are the factors that will help to boost seafood exports by 2025:

India’s Growing Presence In The Global Seafood Market 

India has become one of the largest seafood markets in the world, supplying safe seafood to about 100 countries around the globe. Currently, India is among the top five seafood-exporting countries. Patel emphasized India’s favorable progress with free trade agreements with different important-export destinations. She believes India’s commitment to safe and sustainable seafood production will lead to enhanced foreign direct investment and contribute to the Make in India initiative.

Addressing Antibiotics Use In Shrimp Export

The use of antibiotics on shrimps for exports to European markets is a major issue. Patel assured that the matter has been taken up with the concerned authority and will be resolved soon. It’s important to note that Europe has imposed strict regulations on antibiotic residues in shrimp exports.

Harmonizing Seafood Regulations

Patel said that the Marine Products Export Development Authority (MPEDA) will host a conference in Delhi in the second half of 2023 on harmonizing laws for seafood among G20 countries to further boost the Indian seafood export industry. This initiative is expected to benefit Indian seafood exporters who struggle with varying regulations from different countries. Harmonization will help streamline the process, ensuring consistent quality and safety standards for Indian seafood exports.

Insight

The Indian seafood export industry is showing growth and progress. The government’s ambitious target of doubling seafood exports to $14 billion by 2025 reflects this positive trend. India’s commitment to safe and sustainable seafood production is likely to attract more foreign investment, which will benefit the industry and contribute to India’s economic growth. As the country continues to enhance its position as a global seafood basket, it will be interesting to watch how the industry shapes up in the coming years.

According to the recent market report from Techanvio, the world’s total aquaculture seafood production reached over 86 million tons in 2019, while the global aquaculture industry was valued at USD 180.2 billion in the same year, and the figure is anticipated to reach USD 224.2 billion by 2022. UN’s Food and Agriculture Organization also reports that the contribution of aquaculture to the global production of capture fisheries and aquaculture combined has risen continuously, reaching 46.8 percent in 2016, up from 25.7 percent in 2000. With a 5.8 percent annual growth rate during the period 2001–2016, aquaculture continues to grow faster than other major food production sectors

The aquaculture industry around the world makes essential contributions to employment, especially in developing countries. According to the FAO, aquaculture provides employment to more than over 41 million people globally. The vast majority of aquaculture activities are carried out in developing countries working in fish and fisheries production. As most capture fisheries worldwide are considered fully exploited or overexploited, the aquaculture industry has become an important sector to cater to the global seafood demand, which will continue to increase with population growth, rising incomes, and increasing urbanization.

At present, the global aquaculture market is dominated by China, which accounts for nearly three-fourths of the market in terms of both volume and value, according to the report. China’s CAGR from 2017-2022 is predicted to be 3.99 percent. The second-largest market share for aquaculture products is India, followed by Indonesia, Chile, Norway, Japan, South Korea, the United States, and the United Kingdom. Of those countries, Indonesia will see the highest CAGR through 2022 at 17.24 percent; South Korea will experience the second-highest growth rate at 14.77 percent; and the remaining countries will see compound annual growth rates of between four and nine percent, the report predicted. The aquaculture sector in the United States is estimated to have a CAGR of 4.10 percent.

From humble beginnings in 1991, in the idyllic village of Iskapally in the Nellore District of Andhra Pradesh, BMR Group has grown to be the industry leader in the shrimp farming and export sector. Under the able leadership of its Chairman, Dr. B. M. Masthan Rao, the Group has been credited as the pioneer of L.Vannamei cultivation in India. BMR Group is vertically integrated and can boast of total traceability with its farm-to-fork program.

Over 25 years the BMR Group has grown to an industrial conglomerate with 250 hectares of hatcheries, 600 hectares of farming, on-site labs and feed mills, a state-of-the-art factory covering 50,000 sq. ft. in Dhamavaram, Nellore District in Andhra Pradesh, with a capacity of 25 metric tonnes per day and compliance with industry-specific standards like BAP, BRC, HACCP, etc. BMR Group has many awards and accolades to its name, including Best Hatchery in India 2014 from the Ministry of Commerce, Govt. of India & MPEDA.

Lauded for introducing the L.Vannamei species to the Indian subcontinent, the Group utilizes its certified seed and premium feed to produce shrimp that is acclaimed for its exceptional color and flavor. BMR group is also known for its commendable support to local farmers.