Rising Global Demand for Shrimp Products will Boost Indian Seafood Export Earnings

According to news on February 25, with the increase in demand for prawns in the United States and China, it will expand the export earnings of Indian seafood in this fiscal year. During the period from April to December 2021, India’s seafood export earnings were US$6.11 billion.

Monthly export earnings fell slightly, but the first 10 months of fiscal 2022 have already reached $6.7 billion.

Export earnings in the last fiscal year were $5.96 billion, and earnings in the 2019-20 fiscal year were $6.67 billion.

The largest export destination of Indian shrimp is the United States, accounting for 35% of its market share. In 2020, the export volume of Indian shrimp to the United States was 340,387 tons, an increase of 25%. Demand from China is also increasing, and the global market for prawns is surging.

According to the Seafood Exporters Association of India, shrimp prices will remain firm given strong demand and pushed up seafood prices around the world. Exports of Indian shrimp are expected to reach 40,000 tonnes to the US in the coming months, 20,000 tonnes to China and 10,000 tonnes to Japan.