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World seafood market set to touch $650 billion in 10 years

Posted on February 22, 2025

Experts at the marine sector have outlined some policy initiatives that the Kerala Government should focus on to help the sector grow and reach its full potential.

Speaking at a session on “Harnessing Marine Sector for Future Growth” at the Invest Kerala Global Summit, Abraham Tharakan, Chairman and Managing Director of Amalgam Group stressed the need to promote value addition by adopting a simplified procedure for importing seafood for processing and re-export.

He also suggested allowing brackish water aquaculture in all paddy fields lying unutilised during the last 10 years.

He called for a uniform policy nation-wide for trawling and implement it strictly to prevent juvenile catch. The State should also facilitate installation of Turtle Extruder Device (TED) in fishing nets in all trawlers and vessels and improve infrastructure at pre processing sheds/ units

The panel discussion was moderated by K. N. Raghavan, Secretary General of Seafood Exporters Association of India (SEAI).

Alex Ninan, Vice Chairman of MPEDA and Managing Director of Baby Marine Group said the world seafood market, which is presently estimated as $350 billion is all set to expand to $650 billion in the next decade and the sector should be able to make the most of this opportunity.

Jagdish Fofande, former President of Seafood Exporters Association of India, said Kerala used to lead the rest of the country in seafood till recently and it can easily get back its prime position if the units here work to full capacity. He also stressed the need for accessing new markets.

Anwar Hashim, Managing Director of Abad Group, sought for policy initiatives which will help to promote sustainability of the sector, while also catering to the requirements put in place by the buyer countries.

Rammohan, Joint Director (Quality Control) of MPEDA outlined the measures initiated for meeting the standards put in place by western world for antibiotic and other residues. He also spoke about the need to develop disease free zones and for bringing in innovative practices to aquaculture.

The audience asked questions about use of technology and the measures for growth of aquaculture through use of water bodies and cage farming.

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Published on February 22, 2025

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