India is aiming to significantly boost its seafood export turnover, targeting USD 12 billion by the year 2025. This ambition follows a successful fiscal year ending in March 2023, during which India’s seafood export turnover hit USD 8 billion, with frozen shrimp exports contributing USD 5.6 billion to this figure. Notably, frozen shrimp exports to the US market alone accounted for USD 2.6 billion.

Focus on High-End Markets

The Indian government’s strategy to achieve this growth involves prioritizing value-added seafood products and targeting premium markets. The Ministry of Commerce emphasized the importance of raising awareness among consumers about labor practices and environmental sustainability in the seafood industry.

India’s growth strategy will be centered around high-end markets, particularly the United States and Europe, while also maintaining a presence in secondary markets such as China, Southeast Asia, Japan, and the Middle East for products like shrimp, octopus, and cuttlefish.

Trade Agreement Boosts Prospects

India expects a potential boost in seafood exports following the signing of a free trade agreement (FTA) with the European Free Trade Association (EFTA) countries—comprising Iceland, Liechtenstein, Norway, and Switzerland. This FTA, recently concluded after 16 years of negotiations, is expected to eliminate tariffs on a range of traded products, including seafood.

Despite the growth prospects, the Indian shrimp industry faces challenges related to environmental practices and labor issues. International organizations have raised concerns, which the Indian government views as potentially influenced by industry competition. The Federation of Indian Export Organizations (FIEO) has affirmed that Indian shrimp exporters adhere to stringent food safety and quality standards.

Commitment to Quality and Compliance

In response to these concerns, India’s Ministry of Commerce intends to collaborate with shrimp exporters and state governments to ensure compliance with foreign consumers’ expectations. Moreover, initiatives like the upcoming Shrimp Summit organized by the Center for Responsible Seafood (TCRS) will address allegations of labor abuses and seek to reinforce confidence in India’s shrimp exports.