India prawns market is expected to reach more than INR 49000 Crore by FY 2022: Bonafide Research
Oct, 30
2018

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India prawns market is expected to reach more than INR 49000 Crore by FY 2022: 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.

From last one decade India is ranked at second position after China in total global aquaculture production. Indias frozen shrimps have huge demand in the U.S market contributing major share in total fisheries industry. World per capita apparent food fish consumption was 20.3 Kg in 2014-16 which is projected to reach 21.6 kg in live weight equivalent by 2026. Moreover world food fish consumption is projected to increase more than 15% and so Seafood production is expected to grow at the CAGR of more than 6% in next 4 years. 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.

According to recently published report of Bonafide Research "India Frozen Prawns Market Outlook 2022" seafood market is growing with a CAGR of close to 8% from the last three years with major contribution from prawns. The Indian market has maximum volume sale of freshwater fish accounting for more than 50% which is followed by Marine fishes with over 20% of the Seafood volume. Crustaceans have contributed to 10% of the volume sale which is primarily lead by shrimps and prawns. 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.

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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