Despite its long coastline, rich marine biodiversity, and strong position as one of the world’s leading seafood exporters, India’s seafood trade has hit a plateau. In 2024, export revenues hovered around USD 6 billion—showing little to no growth compared to previous years. While frozen shrimp continues to dominate the export basket, declining volumes, trade barriers, and shifting global demand are putting pressure on the industry. What’s keeping India’s seafood sector from scaling new heights? Export Genius unpacks the underlying factors behind the stagnant growth and explores what lies ahead for this vital segment of the economy.
India’s Seafood Exports
India’s seafood exports remained flat in 2024, with a USD 6 billion value recorded. India’s export data shows yearly trends of India’s seafood exports.
|
Variety |
2022 Value USD Billion |
2023 Value USD Billion |
2024 Value USD Billion |
|
Fish & Crustaceans, Molluscs and Other Aquatic Invertebrates (Total) |
6.7 |
6.3 |
6.1 |
|
Crustaceans |
4.9 |
4.4 |
4.5 |
|
Molluscs |
0.8 |
0.7 |
0.6 |
|
Frozen Fish |
0.5 |
0.7 |
0.6 |
India’s Top Export Destinations of Seafoods
India’s top export destinations of seafoods are the United States, China, Japan, Vietnam, Thailand, Belgium, Spain, Italy, the United Arab Emirates, and Canada. Chart shows data visualization of these countries.
|
Country |
2023 Value USD Billion |
2024 Value USD Billion |
|
United States |
1.9 |
1.9 |
|
China |
1.2 |
1.1 |
|
Japan |
0.3 |
0.3 |
|
Vietnam |
0.3 |
0.3 |
|
Thailand |
0.3 |
0.2 |
|
Belgium |
0.1 |
0.1 |
|
Spain |
0.1 |
0.1 |
|
Italy |
0.1 |
0.1 |
|
UAE |
0.1 |
0.1 |
|
Canada |
0.1 |
0.1 |
What’s Behind the Flat Export Value?
Price Resilience Offset Volume Dip
Even as shipment volumes slipped, higher unit prices-especially for premium items like frozen shrimp—helped sustain total export earnings.
Shrimp Continues to Dominate
Frozen shrimp remained the top export in both value and volume terms, contributing over 43% of total quantity and around 70% of export earnings.
Global Market Challenges—Tariffs and Diversification
U.S. tariffs on Indian seafood added cost pressure, prompting industry and government to explore alternative markets like the UK, EU, Japan, Russia, West Asia, and South Korea.
Port and State Performance
Visakhapatnam and JNPT were top ports for seafood exports. Andhra Pradesh led in state-wise exports (~USD 2.54 billion), followed by Tamil Nadu, Kerala, and others.
India’s USD 6 billion seafood export performance in 2024 reflects both resilience and a wake-up call. While the industry has weathered global disruptions and shifting market dynamics, stagnant growth underscores the urgent need for diversification, innovation, and better market intelligence. For exporters, policymakers, and industry stakeholders, understanding real-time trade trends is now more critical than ever.
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