India’s Marine Products Exports Development Authority (MPEDA) is targeting a 20 percent value addition in seafood production by 2030. This initiative is driven by shifting consumer preferences and increasing competition from countries like Thailand, Vietnam, and China.
Currently, India’s seafood exports stand at USD 8.09 billion, with value-added products contributing around 10 percent, equivalent to USD 860 million. Recognizing the potential for higher profits in the U.S., E.U., Japan, and Asia, MPEDA aims to enhance the country’s share in the global market for value-added seafood, which is valued at USD 34 billion.
To achieve this ambitious goal, MPEDA has initiated a comprehensive development plan, encompassing capacity-building programs for the processing sector, worker training initiatives, and efforts to streamline bureaucratic processes and reduce transition costs. As part of the strategy, MPEDA recently conducted its first training session with Vietnamese seafood processing experts, providing valuable insights to 22 Indian seafood companies.
In response to industry demands, MPEDA is actively lobbying for the removal of tariffs on essential components of value-added seafood processing, such as breadcrumbs, sauces, pre-dust, coconut shavings, and plastic trays. Exporters have also requested an increase in India’s import duty exemption from 1 percent to 3 percent of the freight on board (FOB) value for value-added exports.
India, already a major player in the global seafood market as the third-largest fish producer, second-largest aquaculture producer, and fourth-largest seafood exporter, has set an ambitious target of reaching USD 14 billion in seafood exports by 2025.
Despite facing challenges, including political turbulence in the U.S., India’s largest export market, the country’s seafood industry remains resilient. MPEDA Chairman D V Swamy reported a 6 percent increase in seafood exports by volume in the current fiscal year, with a particular surge in August and September.
At the Global Fisheries Conference, India’s Minister of State for Fisheries, Animal Husbandry, and Dairying, L Murugan, affirmed the government’s commitment to supporting the industry’s transition to deep-sea fishing. Financial assistance of up to 60 percent for converting fishing boats, along with low- or no-interest loans through programs like India’s Blue Revolution and Pradhan Mantri Matsya Sampada Yojana, will facilitate this shift.
Murugan emphasized the need for technological advancements and research collaboration to harness the untapped potential of deep-sea fishing sustainably. World Bank Consultant Arthur Neiland estimated that India is utilizing only 12 percent of its exclusive economic zone’s tuna resources, indicating significant room for growth in this sector.
