India Prawns market gaining robust growth in global Countries
India's export of seafood remained on the upward curve despite a fall in global shrimp prices triggered by an oversupply from major shrimp-producing countries and more stringent test regimes imposed by the EU to detect antibiotic residues.
By: BONAFIDE RESEARCH & MARKETING PVT. LTD.
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On the other hand, introduction of L. Vannamei shrimps into India's coastal aquaculture system has significantly contributed to maintaining the momentum in the country's marine product export. India farms mainly two varieties of shrimp-Pacific white leg shrimp and Indian black tiger shrimp. Black tiger shrimp is mostly farmed in the traditional ponds of West Bengal, Odisha and Kerala, whereas the L. vannamei variety is farmed mainly in states of Andhra Pradesh, Gujarat, Tamilnadu and Odisha.
According to recently published report of Bonafide Research "India Frozen Prawns Market Outlook, 2020, India frozen prawns market is expected to attain CAGR of more than 12% from 2017-18 to 2019-20. The rising disposable incomes and fast paced lifestyle in metro and urban cities have increased the purchasing power of the consumers towards frozen seafood. India is now one of the world's fastest growing markets for packaged processed fish and seafood, a category that includes frozen and canned products. In packed frozen prawns, temperature is controlled throughout the chain to make sure that consumer always get fresh, soft and juicy prawns. Packaging of frozen prawns usually comes in 200 gram to 600 gram with price ranging between Rs. 180 to Rs. 450. Growing Domestic Packed Frozen Prawns market has attracted big giant like ITC Limited, to enter in packed frozen prawns market in 2017 with its ITC Masterchef Brand.
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In 2017-18, Japan emerged as the major market for Black Tiger shrimp with a share of 49.38 per cent in dollar terms, followed by the US (18.09 per cent) and South East Asia (15.06 per cent). Import by Japan, the fourth largest destination for Indian seafood, increased by 17.51 per cent in quantity and 6.7 per cent in dollar terms. The US, which imported 203,837 tonnes of Indian seafood worth $1.917 billion, remained the major importer with a share of 33.99 per cent in dollar terms. Export of frozen shrimp to the EU region decreased by 6.98 per cent and 3.26 per cent in quantity and dollar value, respectively. Visakhapatnam, Kochi, Kolkata, Pipavav, Krishnapatanam and JNP were the major ports for the marine products cargo. Overall, Indian ports carried seafood cargo to the tune of 13, 77,244 tonnes worth Rs 45,106.89 crore (7,081.55 million dollars).
The decrease in anti-dumping tariff on Indian shrimp and its increased market acceptance led to a significant increase in shrimp supply from India and the average wholesale price of Indian shell-on vannamei was 6-10% higher than the Ecuadorian product. Indian aquaculture production is estimated to touch a record 7 lakh tonne during the current fiscal and reach 1 million tonne by 2020. However, entry of new players and countries in the supply chain has led to a glut in the market with shrimp prices in free fall.
Major companies operating in the frozen prawns market of India are Al Kabeer Exports Private Limited, Apex Frozen Food Limited, Avanti Frozen Food Private Limited, Britto Seafood Exports Private Limited, Forstar Frozen Food Private Limited, Gadre Marine Export Private Limited, IFB Agro Industries Limited, Innovative Foods Limited, ITC Limited and West Coast Fine Foods (India) Private Limited.