As the Indian shrimp season draws to a close, the second crop’s tail-end mass harvests have resulted in a sharp price drop for farmers, mirroring the lowest pre-Christmas peak in five years. This decline in prices is a recurring pattern, coinciding with the end of the season when an influx of shrimp floods the market, overwhelming demand and driving prices down.
Indian and Ecuadorian shrimp suppliers are facing a confluence of challenges in the Chinese market, leading to financial losses and heightened uncertainty for their businesses. Already grappling with low shrimp prices and a demanding market environment, these exporters encountered further setbacks at the China Fisheries and Seafood Expo (CFSE) in Qingdao last week.
India’s seafood export industry is facing a significant challenge due to its need to adhere to the strict regulations of the US Marine Mammal Protection Act (MMPA). This act prohibits the intentional killing of marine mammals in commercial fisheries, a requirement that has far-reaching implications for India’s seafood sector.
The inextricable link between marine mammal conservation and India’s seafood export industry was underscored at a recent workshop held at the 16th Agricultural Science Congress (ASC). Experts highlighted the importance of adhering to the US Marine Mammal Protection Act (MMPA), which mandates the protection of marine mammals during commercial fishing activities.
The Indian seafood industry, which recently achieved a record $8 billion export in FY23, is now facing a slump due to a combination of factors, including tepid global demand for shrimp, falling prices, and excess shrimp stocks. This downturn has raised concerns among industry experts and exporters, who fear a prolonged slump in the near term.
Indian seafood trading platform Captain Fresh is making a bold move to expand its reach in Europe by appointing Basola Valles as CEO of its European operations. Based in Madrid, Valles will spearhead the company’s efforts to broaden its buying base beyond India and establish a strong presence in the European market.
The Indian seafood industry, valued at over $8 billion, has reiterated its demand for increased aquaculture area and the creation of a conducive ecosystem to foster sustainable growth. This call for expansion highlights the industry’s recognition of aquaculture’s potential to enhance India’s position as a global seafood leader.
Facing setbacks in the US market, its largest export destination, India’s seafood industry is charting a new course to achieve its ambitious target of $14 billion in exports by 2025. The industry is exploring alternative strategies that involve diversifying export markets, focusing on value-added products, and leveraging free trade agreements (FTAs) to expand its global reach.
In a significant development that will provide a much-needed boost to India’s seafood exports, China has lifted the suspension of shipments from 99 Indian seafood processing and exporting units. This decision comes as a result of India’s assurances over source control measures and the sustained efforts of the Marine Products Export Development Authority (MPEDA).
seafoodofindia.com
