India sets USD 1.6 billion target for value-added seafood production by 2030

Published Nov 28, 2023

Tridge summary

India's Marine Products Exports Development Authority (MPEDA) aims to double the production of value-added seafood in the next seven years in order to meet the growing demand in international markets and increase profits. Currently, value-added products account for 10% of India's seafood exports, but the goal is to achieve 20% value addition by 2030. MPEDA is implementing capacity-building initiatives, training programs, and lobbying for tariff removals to facilitate the industry's transition and reach the target of USD 14 billion in seafood exports by 2025.

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Original content

India’s Marine Products Exports Development Authority (MPEDA) is pushing to double the country's production of value-added seafood over the next seven years.Value-added seafood products are in higher demand in the U.S, E.U., Japan, and Asia, and deliver higher profits, according to MPEDA Chairman D V Swamy.“We are aiming to achieve 20 percent value addition by 2030 given the changing preferences in the consumer market and rising competition from countries such as Thailand, Vietnam, and China,” Swamy told the Hindu BusinessLine.India’s seafood exports reached USD 8.09 billion (EUR 7.36 billion) in value the most recent fiscal year, with value-added products accounting for 10 percent of the total, or roughly USD 860 million (EUR 783 million). The global seafood market is valued at USD 189 billion (EUR 172 billion), with value-added products representing 18 percent of that amount, or USD 34 billion (EUR 31 billion). India therefore controls around 2.5 percent of the global ...

Source: Seafoodsource