Project report for Marine Products Industry

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India has an 8000-square-kilometer coastline as well as inland water supply. In the aquaculture market, India has a natural benefit. The country's freshwater culture facilities contain 2.43 million hectares of wetlands and tanks. Natural wetlands, ponds, drainage canals, and paddy fields are among the other opportunities readily available to seafood industry players, with 1.19 million hectares of brackish water. This sector employs 14.5 million people who work in various fisheries-related operations and contributes 6.3 percent of overall global sea-food production. Aquaculture has developed into a critical commercial industry due to its potential to produce profits. With an annual production of around 12.6 million metric tonnes (MMT), India is the world's second-largest fish producer, with a target of raising it to 15 million metric tonnes (MMT) by 2020.

Shrimp exports from India have been growing to China. India's main market for marine products is the United States, followed by Southeast Asia, the European Union, and Japan. Shrimps from India are in high demand around the world, followed by fish. India exports 1,87,873 metric tonnes of frozen shrimp to the United States and 9,533 metric tonnes to China. With a market share of 49.4 percent in dollars, Japan emerged as the most important market for Black Tiger shrimp, led by the United States (18.1 percent) and South East Asia (15.1 percent). In the global market, India has developed a strong demand and presence. For a long time, the United States was the primary buyer of Indian frozen shrimp, but after 1977, Japan overtook the United States as the primary buyer, led by West European countries. For a long time, Japan remained the single largest consumer of our marine goods, accounting for nearly 31% of overall export volume. The United States has recently emerged as India's single largest market for marine products. Fierce competition across the globe for the Indian marine products is not a recent trend.

Market potential & Strategy

The domestic market was worth INR 95 billion in FY 2018. The industry is extremely competitive and unorganised. On the west coast of the Indian peninsula, Kerala, Karnataka, Maharashtra, and Gujarat offer a range of seafood choices, as do West Bengal, Odisha, Andhra Pradesh, and Tamil Nadu on the east coast. These states' markets have the capacity to improve their ecosystems as well as their respective earning capacities. Andhra Pradesh, West Bengal, Odisha, and Gujarat are the most important shrimp-producing states in India. Maharashtra, on the other hand, produces the most marine products. The Indian government permits 100% foreign direct investment in aquaculture through an automatic route, but only under specific restrictions. The government has been working to implement new programmes, such as the Blue Revolution, with the goal of improving wetland fisheries, empowering communities and stakeholders through enhanced livelihoods, and fine-tuning region-specific fisheries enhancements.

Due to the demand for seafood products and decreasing capture in fishery landings from the oceans, the marine culture segment is expected to be the fastest-growing segment in the market during the forecast period. The creation of new and creative cages for culturing marine fish in near-shore and offshore habitats has been spurred by ocean cage culturing. Furthermore, technological advances such as water recirculation systems, along with an increase in global food demand, are creating exciting growth prospects for the marine aquaculture system.

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