India’s seafood industry marked a significant milestone in the fiscal year 2023-24 (FY24), achieving an all-time high in export volumes despite facing numerous challenges in its key markets. The country exported an impressive 17,81,602 metric tons (MT) of seafood, which was valued at Rs. 60,523.89 crore (US$ 7.26 billion). This marked a notable increase of 2.67% in export volumes compared to the previous fiscal year. In 2022-23, India exported 17,35,286 MT of seafood worth Rs. 63,969.14 crore (US$ 7.67 billion). Although there was a slight dip in the overall export value, the increase in volume underscored the resilience and growth of the Indian seafood industry.

Frozen Shrimp: The Crown Jewel

Frozen shrimp remained the cornerstone of India’s seafood export portfolio, generating a substantial Rs. 40,013.54 crore (US$ 4.80 billion). This accounted for 40.19% of the total export quantity and a significant 66.12% of the total dollar earnings from seafood exports. In FY24, India exported 7,16,004 MT of frozen shrimp, reflecting a modest growth of 0.69% in quantity terms compared to the previous year.

Leading Importers

The United States and China emerged as the largest importers of Indian seafood, particularly frozen shrimp. The USA imported 2,97,571 MT, while China followed with 1,48,483 MT. Other notable markets included the European Union, which imported 89,697 MT, Southeast Asia with 52,254 MT, Japan with 35,906 MT, and the Middle East importing 28,571 MT.

Black Tiger (BT) Shrimp and Scampi: Rising Stars

India also saw a significant uptick in the export of black tiger (BT) shrimp and scampi. BT shrimp exports surged by 24.91%, 11.33%, and 8.28% in quantity terms during FY24, totaling 38,987 MT worth Rs. 2,855.27 crore (US$ 342.3 million). China (including Hong Kong) was the major destination for BT shrimp, accounting for 28.43% of the export value, followed by the USA (18.21%), the European Union (18.06%), and Japan (13.12%).

Scampi exports showed a positive trend as well, increasing by 6.42%, 23.22%, and 18.96% in quantity terms. This highlights the growing global demand for Indian scampi, contributing to the diversity and strength of the seafood export sector.

Vannamei Shrimp: Mixed Results

Vannamei shrimp, another major export item, saw a mixed performance. While the export volume grew by 0.33%, the value declined by 11.56%, from US$ 4.81 billion to US$ 4.25 billion. This decline in value, despite the increase in volume, indicates potential pricing pressures or market dynamics that need to be addressed.

Challenges and Resilience

Despite these successes, the Indian seafood industry faced several challenges in major export markets such as the USA, the European Union, and the UK. These challenges included regulatory hurdles, market access issues, and fluctuating demand patterns. However, the industry’s ability to not only sustain but also grow export volumes in the face of these challenges speaks volumes about its resilience and adaptability.

Strategic Initiatives and Future Outlook

The Marine Products Export Development Authority (MPEDA), under the leadership of Chairman Mr. D V Swamy IAS, has been instrumental in driving this growth. MPEDA’s strategic initiatives, including enhancing aquaculture practices, improving supply chain efficiencies, and expanding market access, have played a crucial role in bolstering the export performance.

Looking ahead, the Indian seafood industry is poised for continued growth. With ongoing efforts to diversify product offerings, enhance quality standards, and explore new markets, India is well-positioned to maintain its upward trajectory in the global seafood market. The focus on sustainability and traceability will also be key in meeting the evolving demands of international markets and ensuring long-term success.

Conclusion

India’s seafood export sector has demonstrated remarkable growth and resilience in FY24, achieving record volumes and solidifying its position as a leading player in the global market. Frozen shrimp remains the flagship product, while the increasing demand for BT shrimp and scampi highlights the diversity and strength of the industry. Despite facing challenges in key markets, the strategic efforts by MPEDA and the industry’s adaptability have paved the way for continued success and expansion in the coming years.

This all-time high export volume is not just a testament to the hard work of Indian seafood exporters but also an indication of the vast potential and opportunities that lie ahead. As the industry continues to evolve and innovate, India’s seafood exports are set to reach new heights, contributing significantly to the country’s economy and global trade presence.

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