Globally, India is the second biggest aquaculture and fish producer. The country is the fourth biggest seafood exporter in the world, with exports of marine products worth close to USD 7 billion. The country currently exports to over 115 countries, and the Government has prioritized the goal of making India the world’s top seafood exporter.
India accounts for approximately 6.3% of the global fish production. The fisheries sector sustains close to 14.5 million fishermen and is growing at 7% per annum. In 2018-2019 India’s fish production grew by approximately 6% to reach 13.34 million tons, up from 12.59 million tons a year ago. Total fisheries production in the country has seen a steady increase annually, from been steadily increasing recently. It was 11.43 million MT in 2016-2017, and 10.26 million MT in 2014-2015.
Both the domestic market for seafood and exports from India have been hit hard by the impact of the global Covid-19 outbreak. Restaurants and shopping malls have been shut across the country as part of social distancing measures, leading to the decline in demand for seafood. In the wake of the outbreak, now a global pandemic, India has followed in the steps of other countries around the world to impose travel and trade restrictions in an effort to slow the spread of the virus. In India, marriages have put off and public movement is at a near halt in the nation-wide lockdown imposed since March 2020. Domestic tourism is at a standstill and various logistics restrictions are in place.
Why should the report be purchased?
The report ‘Assessment of India's Seafood Sector 2020’ highlights key dynamics ofthe global and India’s seafood sector.The current market scenario, growing opportunity in the sector and the impact of the Covid-19 global outbreak has been studied. The report contains latest views and opinions of industry leaders.
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