India has ascended to become the world's fourth-largest exporter of marine products, a significant leap from its eighth-place ranking in 2014-15. This progress highlights the country's increasing competitiveness and reliability in the global market.
In the fiscal year 2024-25, India's marine product exports reached 16.85 lakh metric tonnes (LMT), a notable increase from the 10.51 LMT recorded in 2014-15. The value of these exports grew to $7.2 billion in 2024-25, up from $5.4 billion in FY15. This growth is supported by advancements in aquaculture practices, improved cold chain infrastructure, and adherence to international quality standards.
The rise in marine exports reflects the increasing global demand for Indian seafood and the proactive efforts of exporters in tapping into high-value markets. The diversification of export destinations reduces market risks and creates opportunities for sustained growth. The number of countries importing Indian marine products has expanded from 105 in 2014-15 to 130 in 2024-25, indicating a significant expansion in this sector.
India's seafood industry has demonstrated substantial growth, with a Compound Annual Growth Rate (CAGR) of 3.15% over the past decade. This exceeds the global average growth rate of 2.7%, solidifying India's position in the international seafood arena. The government's support has been crucial in this achievement, with initiatives aimed at enhancing production and promoting the seafood industry.
In the fiscal year 2023-24, India's seafood exports reached an all-time high in volume, with 17,81,602 MT of seafood worth US$7.38 billion and ₹60,523.89 crore. Despite challenges in key export markets, this performance underscores the resilience and potential of the Indian seafood sector. The Marine Products Export Development Authority (MPEDA) has played a vital role in achieving these figures, by promoting exports and implementing measures to maintain quality and sustainability.
The United States and China are the top importers of Indian seafood, with frozen shrimp remaining the major export item. Frozen shrimp exports constitute a significant portion of India's total earnings from marine products. Other key export destinations include Southeast Asia, Japan, the Middle East, and the European Union.
The Indian fisheries and aquaculture sector is a significant contributor to the country's economy, employing over 28 million people. India is the world's third-largest producer of fish and aquaculture, accounting for approximately 7.96% of global fish production. The sector is also supported by government schemes like the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which aims to increase fish production and enhance aquaculture productivity.
However, the Indian seafood industry faces certain challenges. These include reciprocal tariffs imposed by the U.S. which could impact exports, particularly of frozen shrimp. To mitigate these challenges, the government and industry stakeholders are focusing on diversifying export markets and enhancing the competitiveness of Indian seafood products.
Despite these challenges, the long-term outlook for India's marine product exports remains positive. The government aims to double seafood exports to US$14 billion by 2025. This target is supported by measures such as reduced import duties on fish meal and other essential ingredients for aquaculture, as well as revisions in export promotion schemes.
India's rise as a major marine product exporter is a testament to its growing capabilities in aquaculture and fisheries, its commitment to quality and sustainability, and the proactive efforts of its government and industry stakeholders. As the country continues to invest in infrastructure, technology, and market diversification, it is poised to further strengthen its position in the global seafood trade.
