INDIA SEAFOOD MARKET

INTRODUCTION

India's fishing industry can be essentially divided into two categories: inland and sea. The Ministry of Agriculture's Fisheries Statistics Section of the Department of Animal Husbandry and Dairying is in charge of gathering information about this industry.

The demand for Indian seafood products has led to a rapid shift in the dynamics of the seafood industry in India, which has experienced substantial expansion in recent years.

As the world's biggest shrimp exporters, India's modern seafood industry is closely tied to the expansion of the shrimp export market, which is a direct result of trade liberalisation.

INDIA SEAFOOD MARKET SIZE AND FORECAST

The India seafood market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

INDIA SEAFOOD MARKETRECENT DEVELOPMENT

Pescafresh, the world's first direct-to-consumer (D2C) seafood and meat brand, is introducing Pescalive, the first live commerce tech property in the seafood and meat industry. A lot of consumers think that ordering fresh, premium seafood online is fraught with uncertainty, deceit, and difficulties.

An in-house tech team created Pescalive, which will present the "fresh catch of the day" and connect users to the source instantaneously. Showcasing fresh stock from shore to door, Pescalive promotes the idea of "catch" to "kitchen." 

On a first-come, first-served basis, customers can purchase seafood in real time. Customers can choose to visit processing facilities, go on a voyage from fishing boats to fresh farms, take in live cooking demonstrations, attend expert panel discussions, and interact with influencers.

The company is the owner of the whole back-end supply chain, which includes procurement, processing, storage, and strict cold chain control. This ensures that the products remain fresh and of high quality from the moment they are made until they are delivered to customers. In the raw and RTE-RTC product lines, Pescafresh is adding 100 new items.

INDIA SEAFOOD MARKETMARKET DYNAMICS 

Despite various obstacles in its main export markets, such as the USA, India shipped 17,35,286 MT of seafood valued at Rs. 63,969.14 crore (US$ 8.09 billion) during FY 2022–2023, setting a record for both volume and value (in US dollars and Rupees).India's top seafood importers were China and the United States, while its top export in terms of quantity and value continued to be frozen shrimp.

The second most popular product, frozen fish, brought in Rs. 5,503.18 Cr. (US$ 687.05 million), or 21.24% of total export value and 8.49% of total US dollar earnings.

The third-largest export basket, valued at US$ 658.84 million, included canned goods, frozen lobster, canned products, and surimi. Frozen octopus brought in Rs. 725.71 crore (US$ 91.74 million), canned products brought in Rs. 326.48 crore (US$ 41.56 million), and frozen octopus brought in Rs. 215.15 crore (US$ 27 million), among other products.

The fourth-largest export, frozen squid, brought in Rs 3593.75 crore (US$ 454.61 million), or 4.83 percent of total revenue in US dollars and 5.62 percent of quantity. Frozen fish exports rose by 18.58 percent in US dollars and 28.07% in rupees.

In terms of international markets, the United States remained the largest importer of Indian seafood in terms of value, bringing in US$ 2,632.08 million, or 32.52% of the country's total US$ value. 

China, on the other hand, became the second-largest destination for Indian seafood exports in terms of both quantity and US dollars, bringing in US$ 1,508.43 million, or 23.37% of the country's total US$ value, and the third-largest destination overall, followed by South East Asia and Japan, which continued to be the fifth-largest importer with a share of 6.29% in quantity and 5.99% in US$ value terms with a growth of 9.99 %.

INDIA SEAFOOD MARKETCOMPETITIVE LANDSCAPE 

2011 saw the establishment of Jeelani Marine Products in Ratnagiri, which has since grown to become a well-known company in India's seafood sector and contributed to this expansion. With its unwavering quality and high standards of business, seafood exported and supplied to Asia, the Middle East, and many other countries has earned an extraordinary reputation with prestigious clientele worldwide.

One of the integrated producers and exporters of high-quality, shelf-stable aquaculture products is Apex Frozen Foods Ltd. They provide ready-to-cook items to a wide range of clients, including distributors operating in developed markets, restaurants, retail chains, food corporations, and club shops.

The majority of the output is processed Vannamei prawns, also known as White prawns, which are marketed under the names Bay Fresh, Bay Harvest, and BayPremium.

Farms can be found between 10 and 200 kilometres from the Kakinada processing plant along the coast of the state of Andhra Pradesh. The company has 1,032 acres of cultivable land for prawn farming, of which 105.78 acres are owned and 926.22 acres are leased. 

One of the biggest seafood enterprises in India is called Avanti. They use a vertically integrated infrastructure of aquaculture farms, feed mills, hatcheries, and processing factories to operate with a coherent supply chain and a farm-to-fork approach. Currently over 16000 farmers, and the number is always growing with new members.

INDIA SEAFOOD MARKETTHIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many seafoods are manufactured per annum in India? Who are the sub-component suppliers in different regions?
2. Cost breakup of a India seafood and key vendor selection criteria
3. Where is the Indian seafood manufactured? What is the average margin per unit?
4. Market share of India seafood market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture India seafood in-house
6. key predictions for next 5 years in India seafood market
7. Average B-2-B India seafood market price in all segments
8. Latest trends in India seafood market, by every market segment
9. The market size (both volume and value) of the India seafood market in 2024-2030 and every year in between?
10. Production breakup of India seafood market, by suppliers and their OEM relationship