Frozen shrimp has once again emerged as the undisputed leader of India’s seafood exports, despite facing formidable challenges in key international markets. According to recent data from the commerce ministry, India’s seafood exports in the fiscal year 2023-24 totaled 1,781,602 metric tons, valued at USD 7.38 billion. This represents a modest 3% increase in volume but an 8% decrease in value compared to the previous fiscal year.

Frozen Shrimp: A Cornerstone of India’s Seafood Trade

Frozen shrimp, contributing significantly to India’s seafood exports, accounted for a substantial USD 4.88 billion in earnings. This product alone constituted 40.19% of the total export quantity and 66.12% of the total export value. Despite economic headwinds in major markets such as the USA, European Union, and the UK, frozen shrimp maintained its dominant position, buoyed by consistent demand and strategic market penetration.

In the fiscal year 2023-24, the United States reaffirmed its status as the largest importer of Indian frozen shrimp, importing 297,571 metric tons. China followed closely behind with 148,483 metric tons, while the European Union, Southeast Asia, Japan, and the Middle East also demonstrated significant appetites for Indian shrimp, reinforcing its global appeal and market reach.

Growth Trajectory and Diversification Efforts

The ministry highlighted robust growth in exports of black tiger shrimp. While frozen fish remained the second-largest export item, contributing USD 6.71 billion in earnings, the sector experienced a slight decline of 2.31% in dollar terms, reflecting market volatility and competitive pressures.

Beyond Shrimp: Diverse Export Portfolio

Apart from frozen shrimp and fish, India’s export portfolio includes frozen squid, Surimi, frozen cuttlefish, and frozen octopus—each contributing to the country’s role as a versatile player in the global seafood market. Despite challenges, these products continue to find niche markets and maintain a steady presence internationally.