India’s Bold Ambition: Doubling Seafood Value Addition by 2030 to Triumph Over Global Rivals

“India’s Bold Ambition: Doubling Seafood Value Addition by 2030 to Triumph Over Global Rivals

In a strategic move to counter growing competition from nations like Thailand, Vietnam, and China, the Marine Products Exports Development Authority of India (Mpeda) is gearing up to double the share of value-added seafood products over the next seven years.

Currently constituting around 10% of the $8 billion total seafood exports, India aims to elevate this figure to 20% by 2030. D. V. Swamy, Chairman of Mpeda, emphasized the necessity of this endeavor in response to changing consumer preferences and heightened global competition.

The demand for value-added seafood products is surging in international markets, with a particular focus on the US, EU, Japan, and West Asia. Swamy highlighted India’s 4.3% share in the $189 billion global seafood market but acknowledged the need for improvement in the $34 billion value-added seafood products segment, where India currently holds a 2.5% share.

Addressing the challenge, Swamy revealed Mpeda’s initiatives, including infrastructure development, capacity building for value addition, and comprehensive training programs for workers. The goal is clear: elevate India’s standing in the global seafood market and secure a more substantial share in the lucrative value-added products sector.

As India takes decisive steps to enhance its seafood industry, the world watches as the nation strives to make waves and carve a more prominent niche in the evolving market landscape.”