Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Rising demand for convenience food boosts value addition in Indian seafood exports

Value addition in India’s total annual seafood exports was stagnant at around 6-7 percent till Covid-19 exploded globally. In the last couple of years, it has risen to around 10 percent, according to MPEDA sources.

December 02, 2021 / 05:30 PM IST
Representative image

Representative image

Indian seafood exporters are churning out more value-added products to cater to the rising demand for convenience foods in overseas markets, particularly the US, after the outbreak of Covid-19.

The retail market is booming as a large section of people are still hesitant to go to restaurants and catering is yet to regain normalcy. Since home consumption has come to stay, people are buying more ready-to-eat foods.

Demand for value addition
Value addition in the total annual seafood export from India was stagnant at around 6-7 percent till Covid-19 hit the world. In the last couple of years, it has risen to around 10 percent, according to Marine Product Export Development Authority (MPEDA) sources. India exported marine products worth $5.96 billion in FY21 and the country is hoping to touch the $7 billion mark in the current year.

“Rising demand for value-added products has created the need for different packaging. Instead of bulk packets, we have to produce smaller ones like 500 gms, 250 gms etc,” said Anwar Hashim, Managing Director of Abad Fisheries. This includes fish fillets and other ready-to-fry or steam products.