Date : October 14, 2022
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India seafood exports record an all-time high in 2021-22 with increased demand for Indian prawns: Bonafide Research

India seafood exports record an all-time high in 2021-22 with increased demand for Indian prawns: Bonafide Research

Frozen seafood products are slated for deeper market penetration and entry of more players and products. The increase in demand for frozen seafood is being driven by the modern retail chains and big supermarkets, increased in refrigerated display units and increasing acceptance of frozen products are expected to drive the sales of frozen seafood in India. USA, China, EU, South East Asia, Japan and Middle East are the major importers.

According to recently published report of Bonafide Research "India Frozen Prawns Market Outlook, 2027-28" the frozen prawn market is expected to grow rapidly over the forecast period. Demand for frozen prawns is gradually rising in the country due to middle class and double income families bending towards ready to eat and ready to cook frozen segment. The tastes and habits of the Indian consumers are changing; people are accepting frozen prawns due to its good quality and availability throughout the year. Export market of frozen prawns is already very huge and the players earn majority of their revenue from exporting their products to various countries. However, there is an enormous opportunity in the domestic market as well due to the fact that it is largely untapped. Domestic players are trying to convert consumers of fresh and unpackaged prawns to the frozen super safe prawns.

Fisheries represent a significant economic activity in India and offer vast growth opportunities on account of the long coastline and favourable geographical conditions. This, coupled with the easy availability of healthy and disease-free shrimp, represents one of the key factors impelling the growth of the market. Apart from this, the escalating demand for ready-to-eat (RTE) food products on account of rapid urbanization and hectic lifestyles of individuals are facilitating the consumption of frozen and processed shrimp products in India. The Indian Government is promoting sustainable shrimp farming practices to produce high-quality 'sustainable' shrimp in order to minimise the environmental effects of shrimp aquaculture. Moreover, the Seafood Exporters Association of India (SEAI) and the Marine Products Export Development Authority (MPEDA) are supporting the export of shrimp, especially for ready-to-eat and ready-to-cook products.

India's frozen shrimps have huge demand in the U.S market, contributing major share in total fisheries industry. The main driver of this increase will be aquaculture and Asian countries are expected to account for about 90% of total production and the continent is expected to consume more than two-thirds of the total.

The domestic prawns market is highly unorganised; where retail markets are miniatures of wholesale markets, the variations being in terms of size (small, medium, large and jumbo), quality of shrimps, number of traders, facilities proximity to the consumers etc. Most retailers sell shrimps and fish by roadside without maintenance of quality or hygiene and without access to drinking water shelter and fish dressing platform. In recent years, a slow transformation of this unorganised market into an organised one is visible through the entry of private players and retailing giants. Organized frozen prawn players are more active on online retailing for selling of products and approaching their prospective clients. West Coast Fine Foods (Cambay tiger), Al Kabeer, Apex Frozen Food, Avanti Frozen Food, Forstar, Gadre Marine Export, IFB Agro, Innovative Foods and ITC Limited are the major players operating in the frozen prawns market of India. ITC recently launched its frozen prawns with the brand ITC Masterchef in four variants. The products pricing range lies between Rs. 180 to Rs. 400 for 200 gm.

Major companies operating in the frozen prawns market of India are Al Kabeer Exports Private Limited, Apex Frozen Food Limited, Avanti Frozen Food Private Limited, Britto Seafood Exports Private Limited, Forstar Frozen Food Private Limited, Gadre Marine Export Private Limited, IFB Agro Industries Limited, Innovative Foods Limited, ITC Limited and West Coast Fine Foods (India) Private Limited.

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India seafood exports record an all-time high in 2021-22 with increased demand for Indian prawns: Bonafide Research

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