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 were hit hard by the impact of the global COVID-19 outbreak. Restaurants and shopping malls were shut across the country in the lockdown period, leading to the decline in demand for seafood. Travel and trade restrictions were also imposed in an effort to slow the spread of the virus. Weddings and large scale celebrations were put off and public movement was at a near halt for several months in 2020.
In FY22 the seafood market in the nation is expected to recover boosted largely by rise in domestic demand. Though export demand is also expected to recover, increasing competition from nations including Ecuador, Vietnam and Thailand can prove to be challenging.
Why should the report be purchased?
The report highlights key dynamics of the 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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