India's seafood industry achieves 31% growth in 5 years

India has witnessed an increase in seafood exports over the past few years, achieving growth of 30.81 per cent from 2019-20 to 2023-24.

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The concerted efforts of the government have played a pivotal role in this success, positioning India as a key player in the global seafood market.

According to a release by the Ministry of Commerce and Industry, India’s seafood industry has experienced notable growth over the past five years, marked by increasing production and export volumes as well as rising export values.

Over the past five years, India’s marine product production and exports have steadily increased. From 141.64 lakh tonnes in production and 13.29 lakh tonnes in exports in 2019-20, production rose to 147.25 lakh tonnes while exports dipped in 2020-21 primarily due to the global COVID-19 pandemic.

By 2021-22, production reached 162.48 lakh tonnes and exports 13.98 lakh tonnes. This trend continued with production at 175.45 lakh tonnes and exports at 17.54 lakh tonnes in 2022-23. For 2023-24, production is projected to be 182.70 lakh tonnes, with exports expected to reach 18.19 lakh tonnes.

India’s seafood export value has shown a significant upward trend over the past five years. In 2019-20, the export value stood at Rs. 46,662.85 crore, followed by a slight decline to Rs. 43,720.98 crore in 2020-21.

However, the sector rebounded strongly in the subsequent years, with exports reaching Rs. 57,586.48 crore in 2021-22 and further increasing to Rs. 63,969.14 crore in 2022-23.

For the year 2023-24, the export value is projected to be Rs. 61,043.68 crore, reflecting the sustained efforts and strategic initiatives implemented by the government to boost the seafood industry.

India exported marine products to 132 countries, demonstrating its extensive reach in the global seafood market.