The Indian seafood sector faced challenges in 2024, particularly from its main market, the US. Issues such as the entry of Ecuador into the market and increased supply of seafood posed challenges for Indian exporters. Additionally, fresh duties imposed by US authorities, including countervailing duty (CVD) and investigations into dumping allegations, threatened to squeeze Indian seafood exports.
The situation in other major markets like the European Union, Japan, China, and Russia also presented challenges. The EU continued to inspect a significant percentage of consignments for antibiotics, leading to delays and increased costs for exporters. Japan and Russia had their own strict inspection requirements, further complicating export processes for India.
Despite these challenges, India exported marine products worth $4,946.72 million in the first eight months of 2024, a 17% decrease from the previous year. Analysts noted that oversupply from Ecuador’s shrimp industry had created a period of consolidation, but India was poised to capitalize on market opportunities as global demand recovered.
Looking ahead to 2025, experts predicted a rise in India’s dominance in the shrimp industry, fueled by a structural downtrend in input commodity prices like feed and fuel. As Ecuador’s production slowed and demand for shrimp rebounded, India was expected to fill the market gap and increase its share of shrimp exports to the US.
In conclusion, while the Indian seafood sector faced challenges in 2024, including increased competition and regulatory issues in major markets, the outlook for 2025 appeared promising. With strategic positioning and favorable market conditions, India was likely to see a robust recovery and increased influence in the global seafood industry.
