A blueprint for global seafood industry leadership

Ranking among the world’s top five seafood exporters, India recently achieved an all-time high export volume of 1.78 million tonnes (mt) of marine production, valued at ₹60,523.89 crore ($7,381.89 million). Yet Indian seafood struggles with strong brand value.While Norwegian Salmon, Japanese Sushi, Mediterranean Sea bass, and others command immediate recognition and premium value, Indian seafood is still waiting to carve out a similar global identity. The disparity is more baffling when we look at the data.

 India, the world’s third-largest seafood producer, generates ten times Norway’s volume—an astounding 17.5 mt annually. Yet, its market capitalisation stands at less than one-tenth of Norway’s (under $2 billion), with an export value that falls way further behind. One could argue that India is not in a position to extract similar value in any food supply chain with the resources at hand. However, unlike other food commodities, seafood presents a unique opportunity—it caters to high-value, high-capita markets such as the US and Europe. Imagine if India ups its game in terms of extracting value per tonne... we are looking at potentially transforming this sector into a mammoth $80 billion export powerhouse.

This is an enormous value-creation opportunity. To put this in perspective... India  seafood export alone could grow to become almost twice the size of cumulative agri export, which is now pegged at nearly $50 billion. First, global brand identity... Norwegian salmon commands premium shelf space, Chilean sea bass is sought after, Thai and Japanese seafood dominate the ready-to-eat sections. Indian supply, even as it significantly stocks shelves across seafood counters, remains largely anonymous in the US while struggling to stand out in discerning markets like Europe.

Second, tech-led infrastructure and regulatory compliance. India’s seafood industry relies on outdated technology... Rigorous adherence to government-mandated regulations remains a challenge for many Indian seafood exporters. The tech infrastructure gaps result in significant value loss.

Third, a void for vertically integrated players. The most significant barrier is the absence of large vertically integrated players within India’s seafood sector...Since we do not have a front-end presence, we cannot funnel back consumer insights, which is indispensable to staying ahead of the curve for innovation. All is not lost. India’s advantages are undeniable.  The global market is transforming rapidly, driven by health-conscious consumers choosing seafood over traditional meat-based proteins, a growing demand for sustainability, and a rising preference for premium products that can be traced back to its source...India should play to its strength by leveraging its traditional wisdom and augmenting it with modern thinking.

By combining its abundance of supply, proven prowess in technology...India can transition from being a raw material supplier to a global leader brand. Let’s outline the steps this would entail. Government support is foundational...Effective policies and regulations to promote sustainable fishing and aquaculture practices are a must. We can learn from how the Norwegian government played an active role in elevating the credibility of the country’s seafood quality...National branding strategies have transformed several countries into premium food hubs... The scope of incentives should extend to include technological solutions...As digitisation becomes an imminent theme in organizing global supply chains, India can position itself as an exporter of commodities and also technologies that transform the value chain...Market signals are unambiguous...we are looking at India’s next sunrise sector with a potential market capitalization of over $200 billion on the stock exchange, redefining the future of India’s economy and global trade standing.