Initiative to promote brand equity of Indian marine products in markets
India’s seafood export industry, dominated by small and medium enterprises (SMEs), and growing at 20 per cent a year, will soon get a shot in the arm. In a bid to help entrepreneurs, the Marine Products Export Development Authority (MPEDA) under the ministry of commerce is undertaking a major co-branding drive, which will promote the brand equity of Indian marine products in regulated markets.
Seafood exports from India are expected to touch $4.3 billion in the current fiscal year and $10 billion a year by 2020, according to MPEDA.
A J Tharakan, president, Seafood Exporters Association of India, said there is no large company in this industry, which comprises 400-500 exporters. It consists almost entirely of SMEs, most of them family-run businesses.
There are some 150 major players, with about 100 exporters contributing 70 per cent of total exports. The largest of them have revenues in the region of Rs 100-400 crore. The industry is a 100 per cent net foreign exchange earner.