India is unquestionably known for its exports of frozen shrimps and prawns. However, there is another category of seafood product that is fast gaining recognition the world over – cuttlefish and squid. This category is already contributing 5% to India’s total seafood exports basket. The Dollar Business measures the export potential of these sea-food items.
Can you name a dish made from cuttlefish or squid? Probably not. That’s because these items have never traditionally been a vital part of Indian cuisine. They perhaps will never be. Well, some authentic Spanish, Italian or Thai restaurants serve cuttlefish and squid even in India, but frankly speaking, India is not the best market to promote these products. On the contrary, if you speak with the Spaniards, Italians, Thais, Vietnamese, or even Americans, they will tell you that cuttlefish and squid are delicacies in their home countries. And they are also the largest importers of these seafood products.
NUMBERS DON’T LIE
Seafood, including squids and cuttlefish, play an important role in the Indian economy as it generates an enormous amount of employment in our coastal states while also contributing big time to the country’s exports. For the record, National Fisheries Development Board reports that India ranks third in fisheries and second in aquaculture in the world. And together, they account for roughly 1.07% of the Indian GDP.
As for the export of cuttlefish and squid, the number may not be on par with those of frozen shrimps and prawns – which India is widely known for. But on the positive side, the potential for growth in this segment is huge.
China is no doubt the big daddy when it comes to exports in this segment, clocking over $2.23 billion in CY2016. However, India’s growth has also been meteoric. Between FY2016 and FY2017, India’s exports of cuttlefish and squid leaped by 59.33% with exports touching $504.97 million in FY2017.
This story is from the July 2017 edition of The Dollar Business.
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This story is from the July 2017 edition of The Dollar Business.
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