Shrimp exports - An ocean of opportunity: Fresh Newsletter, August 26-30, 2024
Welcome to the 3rd edition of the Fresh Newsletter by Indusfood, Asia's premier F&B trade show. In this edition, we cover;
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Shrimp exports: Ocean of opportunity for India
India's shrimp industry is a cornerstone of its seafood sector, significantly contributing to the nation's economy. It is the second-largest shrimp producer and exporter (after Ecuador) and has seen its exports thrive despite sectoral challenges and global competition, reaching US$ 5.2 billion in 2023.
The global shrimp market, valued at US$ 69.22 billion in 2023 and expected to reach US$ 91.23 billion by 2029, presents a significant opportunity for Indian exporters.
Indian shrimp exporters are expected to see revenue growth of 8-10% this fiscal year as demand from key importing nations recovers and realisations improve, according to Crisil Ratings.
Frozen shrimp is the top exported product, it constituted a major portion of 82.5% in the total exports, valued at US$ 4.3 billion in 2023. Following this segment, processed shrimp exports were valued at US$ 476.8 million, holding 9.1% share.
India's shrimp exports are primarily directed towards the US, which is the top destination, importing approximately US$ 2.3 billion in 2023. China ranks second, with imports of US$ 762.9 million. EU region, Japan and Vietnam, are also importing large quantities from India and boosting its shrimp export landscape. These markets reflect the increasing global appetite for high-quality shrimp, with India positioning itself as a reliable supplier.
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FACT OF THE WEEK
Shrimp, with its delicate flavour and versatile cooking properties, has secured its place as a culinary favourite globally.
Whether featured in Asian stir-fries, Mediterranean pasta dishes, or classic shrimp cocktails, shrimp is a beloved ingredient across diverse cuisines. Its popularity is reflected in consumption patterns; it has become the most consumed seafood world-wide, surpassing even canned tuna.
The increasing awareness of shrimp's nutritional benefits, particularly its high protein content and low-fat profile, has further contributed to its culinary acclaim and growing demand globally.
INDUSFOOD RECAP
Neeraj Makhijani, a category buyer from Choithram & Sons (UAE), reflects on his enriching experience at Indusfood 2024. He represented a premier retail chain with over 39 supermarkets across the Emirates. Neerak also emphasised on the pivotal role of TPCI in facilitating seamless connections with both new and established buyers and exhibitors.
F&B INDUSTRY UPDATES
India leads APAC in double-digit FMCG and tech durables growth
India stands out in the Asia-Pacific region for consistently achieving double-digit sales growth in the FMCG and tech durables sectors through modern trade channels, as per a report by NielsenIQ. The report highlights India’s leading position, with premium-priced products contributing significantly to this growth—over 40% in FMCG and 30% in tech durables. Despite the rapid expansion of online shopping, modern trade, characterised by large, organised retail formats like supermarkets and hypermarkets, remains the dominant sales channel in the country.
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领英推荐
Turkish Hazelnuts gets entry into India with four-year campaign
Turkish hazelnuts have been officially launched in India through a major four-year campaign by the Turkish hazelnut exporters associations in collaboration with the Nuts and Dry Fruits Council of India. The launch, held at the Turkish Embassy in New Delhi, was attended by key dignitaries, including Turkish Ambassador Mr. F?rat Sunel and NDFCI President Mr. Gunjan Jain.
Türkiye, which produces 65% of the world’s hazelnuts, is introducing these nutritious nuts to the Indian market as both a healthy snack and a culinary ingredient, aiming to enhance India’s culinary landscape while strengthening bilateral relations.
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India’s hospitality sector to see highest investment since pandemic
India’s hospitality sector is set to attract US$ 436 million in investments by the end of the year, a 29% increase from last year and the highest since the pandemic. Hotel transactions have surged from US$ 11 million in 2021 to US$ 76 million in 2022, contributing US$93 million to a US$ 27.5 billion global market in early 2024.
The industry is projected to nearly double in size, growing from US$247.31 billion in 2024 to US$ 475.37 billion by 2029.
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TPCI organised India-Oceania Business & Strategic Meet (BSM) in Sydney
The India-Oceania Business & Strategic Meet (BSM) on Food & Beverages, organised by the Trade Promotion Council of India (TPCI) in association with the Australia India Business Council (AIBC), commenced today in Sydney. The event was inaugurated by Dr. S. Jankiraman, Consul General, Consulate General of India, in Sydney, highlighting the growing trade relations between India and Australia in the food and beverage sector.
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ITC foods targets 45+ market with new health-conscious line
ITC Foods is shifting its focus to consumers aged 45 and above, a demographic often overlooked in favour of younger generations like Gen Z and millennials. The company is launching a new line of health-conscious foods under the brand “Right Shift,” targeting approximately 10 million households. ITC believes that the 45+ age group represents a significant market opportunity, with an increasing number of consumers in this segment seeking healthier food options due to age-related changes.
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Industry updates are presented by India Business & Trade , the thought leadership platform of the Trade Promotion Council of India , known for its comprehensive news, analysis, and insights on the business & trade ecosystem.
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