Project Report For Marine products industry
Project report for Marine products industry is as follows.
India has a coastline of 8000 square kilometres as well as an inland water supply. India has a natural advantage in the aquaculture business. There are 2.43 million hectares of wetlands and tanks in the country’s freshwater culture facilities. With 1.19 million hectares of brackish water, natural wetlands, ponds, drainage canals, and paddy fields are among the numerous prospects easily available to seafood sector participants.
This industry employs 14.5 million people in different fisheries-related operations and accounts for 6.3 per cent of worldwide sea-food output. Because of its financial potential, aquaculture has grown into a significant commercial activity. India is the world’s second-largest fish producer, with an annual production of roughly 12.6 million metric tonnes (MMT), with an aim of increasing to 15 million metric tonnes (MMT) by 2020.
Shrimp exports from India to China are increasing. The United States is India’s largest market for marine products, followed by Southeast Asia, the European Union, and Japan. Shrimp and fish from India are in great demand across the world. India exports 1,87,873 metric tonnes of frozen shrimp to the US and 9,533 metric tonnes to China.
Japan emerged as the most significant market for Black Tiger shrimp, with a 49.4 per cent market share in USD, followed by the United States (18.1 percent) and South-East Asia (15.1 per cent). India has established a significant demand and presence in the worldwide market. For a long period, the United States was the principal consumer of Indian frozen shrimp, but after 1977, Japan surpassed the United States as the leading customer, aided by West European nations.
For a long time, Japan was the sole purchaser of our marine products, accounting for approximately 31 per cent of total export volume. The United States has lately surpassed India as the country’s single largest market for maritime items. The fierce rivalry for Indian marine goods throughout the world is not a new phenomenon.
Market potential & Strategy
In the fiscal year 2018, the domestic market was valued at INR 95 billion. The industry is very competitive and disorganised. Kerala, Karnataka, Maharashtra, and Gujarat on the west coast of the Indian peninsula, as do West Bengal, Odisha, Andhra Pradesh, and Tamil Nadu on the east coast, provide a variety of seafood options.
Markets in these states have the potential to strengthen their ecosystems as well as their respective earning capacities. The most prominent shrimp-producing states in India are Andhra Pradesh, West Bengal, Odisha, and Gujarat. Maharashtra,
On the other hand, is the state that generates the most marine goods. The Indian government allows for 100 per cent foreign direct investment in aquaculture via an automatic approach, but only under certain conditions. The government has been striving to put new programmes in place, such as the Blue Revolution, with the purpose of boosting wetland fisheries, empowering communities and stakeholders via improved livelihoods, and fine-tuning region-specific fisheries upgrades.
The marine culture category is predicted to be the fastest-growing segment in the market throughout the forecast period, due to increased demand for seafood items and decreased capture in fisheries landings from the seas.
Ocean cage culturing has inspired the development of novel and inventive cages for growing marine fish in near-shore and offshore settings. Furthermore, technical advancements such as water recirculation systems, along with a rise in global food demand, are offering exciting development opportunities for the marine aquaculture system.
Create 100% Bankable Project Report