Rising demand for convenience food boosts value addition in Indian seafood exports

Asia's Tech News Daily

#Covid-19, #export, #Marine Product Export Development Authority, #MPEDA, #seafood, #Seafood export, #Surimi

Representative image

Indian seafood exporters are churning out more value-added products to cater to the rising demand for convenience foods in overseas markets, particularly the US, after the outbreak of Covid-19.

The retail market is booming as a large section of people are still hesitant to go to restaurants and catering is yet to regain normalcy. Since home consumption has come to stay, people are buying more ready-to-eat foods.

Demand for value addition

Value addition in the total annual seafood export from India was stagnant at around 6-7 percent till Covid-19 hit the world. In the last couple of years, it has risen to around 10 percent, according to Marine Product Export Development Authority (MPEDA) sources. India exported marine products worth $5.96 billion in FY21 and the country is hoping to touch the $7 billion mark in the current year.

“Rising demand for value-added products has created the need for different packaging. Instead of bulk packets, we have to produce smaller ones like 500 gms, 250 gms etc,” said Anwar Hashim, Managing Director of Abad Fisheries. This includes fish fillets and other ready-to-fry or steam products.

The pandemic has compelled exporters to give more thrust to value addition to cash in on the current situation. But it requires more investment and trained manpower.

“We have exclusive contracts with buyers in the US. They provide us training programmes and help us in importing food materials needed for value addition, like breading,’’ said M Nagesh, finance director of Nekkanti Sea Foods Ltd.

Unlike bulk supply, volumes will be lower for value-added products. So, value addition beyond a limit will affect the topline, though profitability will be more as the special products will bring in bigger margins. “We will have to balance both,” Nagesh added. At present the company’s value addition in exports is around 15 percent.

Freight rates, which have gone up by four to five times, have however eaten into the profitability of exporters. But as people have started stocking more during this winter, probably dreading Omicron, the new variant of the virus, prices are moving up, bringing some relief to Indian exporters. According to Nagesh, consumers are buying three months’ stocks instead of just one month earlier.

Breaded shrimps have become a big draw in the US and Japan. Meal kits that have pasta, sauce with shrimp or fish are much sought after in several countries, according to the exporters.

Surimi exports up

The craze for value-added products bought from retail chains and supermarkets has helped boost the shipments of Surimi products from India. Surimi is a paste made from fish meat that is used in making value-added products. It is used to imitate the texture and taste of more expensive products like crab or lobster. Crab stick is a popular Surimi product worldwide.

“Our export of crab sticks to the US has gone up by 20 percent as supply from the local producers in the country has been hit by the pandemic,” said Arjun Gadre, MD of Gadre Marine Export Pvt. Ltd., which accounts for 40 percent of the Rs 2,000 crore or so Surimi shipments from India.

The consumption of Surimi products has also increased in Asian countries such as Japan, Taiwan, Thailand and Korea. “The supply of Surimi from Malaysia, Indonesia and Thailand has dwindled after Covid-19 due to a shortage of workers. But India has managed with local workers despite the lockdowns,” said Satish Pandit, Director, Amal Sagar Seafoods Ltd., another major Surimi exporter.

As threadfin bream, the staple fish used in Surimi, has become expensive after a sharp fall in the catch, manufacturers have been going for a Surimi mix from the meat of croaker, lizard fish, ribbon fish etc.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Culpan a los antivacunas por la muerte de la cantante que se contagió voluntariamente de Covid

© Proporcionado por El Universal Online Culpan a los antivacunas por la muerte de la cantante que se contagió voluntariamente de Covid © Proporcionado por El Universal Online Hana Horká ... Read more »

Brokerages report strong earnings in December quarter

Indian brokerage firms continued reporting record earnings in the December quarter amid a buoyant stock market fuelled by increased retail participation. Revenue of top listed brokerages grew 65 percent on ... Read more »

Wetherspoons takes aim at Number 10 parties and says PM should have gone to the pub

J D Wetherspoon has made a tongue-in-cheek attack on No. 10 over its parties during lockdown – and said it would never have happened in one of its pubs. Today ... Read more »

‘I quit and go f – – k yourself': Craziest worker resignation letters

Plenty of workers have had it with their jobs lately. Many are going online to post screenshots where they quit their jobs to an apparently abusive boss. Getty Images Sometimes ... Read more »

Hainan Customs speeds up import procedures by 10.6 hours in 2021

It took 66% less time to review documents and issue permits by the end of the year Read more »

China drafts rules to give property developers more access to escrow funds to ease industry's cash crunch, sources say

China is drafting nationwide rules to make it easier for property developers to access funds from sales still held in escrow accounts in its latest move to ease a severe ... Read more »

US-China tech war: Shanghai showers the cash to woo semiconductor talent and support local chip development

The Shanghai municipal government is rolling out a slew of generous incentives to attract talent and firms along the semiconductor supply chain, as part of China’s drive to fast track ... Read more »

US home construction rises third straight month in December

The Associated PressFILE – A sign sits in front of a KB Home construction site, Tuesday, Feb. 2, 2021, in Simi Valley, Calif. The Biden administration is giving state and ... Read more »

18,1 Juta Remaja Tuntas Divaksinasi Covid-19

© Fachri Audhia Hafiez Jumlah itu setara 68,05 persen dari target 26.705.490 remaja. Jakarta: Progres vaksinasi covid-19 bagi remaja dan lanjut usia (lansia) terus dipercepat. Sebanyak 18.173.268 remaja telah menerima ... Read more »

Bank of America profits rise 28%, wage expenses up too

The Associated PressA Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America said, Wednesday, Jan. 19, 2022, its profits rose 28% in the ... Read more »

Term insurance is getting cheaper

Research agency Moneyview made an overview of the current public health insurance premiums. Since 2002, this policy has become on average 62% cheaper. In 2021 the average premium was again ... Read more »

CDC warns against travel to 22 destinations over Covid-19

In total, the CDC now lists just over 100 countries and territories at “Level 4.” Read more »

Army Corps of Engineers gets $14B to help ease supply chains

The Biden administration on Wednesday announced the release of $14 billion to the Army Corps of Engineers to fund 500 projects, with a focus on easing supply chain problems. The ... Read more »

Stocks making the biggest moves premarket: Bank of America, UnitedHealth, P&G and more

Check out the companies making headlines before the bell: Bank of America (BAC) – Bank of America shares rallied 3.2% in the premarket after it beat estimates by 6 cents ... Read more »

121 Juta Orang Tuntas Divaksinasi Covid-19

© Fachri Audhia Hafiez Indonesia menargetkan 208,2 juta penduduk menerima vaksin covid-19. T Jakarta: Jumlah masyarakat Indonesia yang disuntik vaksin covid-19 dosis kedua terus meningkat. Total 121.566.591 orang telah menerima ... Read more »

Ratan Tata's brother Jimmy Tata 'lives in a humble 2 bhk': Harsh Goenka

Photo of Ratan Tata’s younger brother, Jimmy Tata, shared by Harsh Goenka on Twitter. Harsh Goenka, Chairman of the RPG Group, on Wednesday introduced Twitter to industrialist Ratan Tata‘s younger brother Jimmy ... Read more »

Emerging talents in spotlight at hybrid Paris Fashion Week

The Associated PressA model wears a creation for the Bluemarble fall-winter 22/23 men’s collection, in Paris, Tuesday, Jan. 18, 2022. (AP Photo/Francois Mori) PARIS — A spattering of Paris Fashion ... Read more »

Interest rates rise: stocks under pressure, good news for pensions

Interest rates on the European capital market are rising. Ten-year government bond yields have passed the zero limit, ending a long period of extremely low and almost continuous negative yields. ... Read more »

Europe surpassed green energy target in 2020

Photo: ANP The European Union has more than met its own target for the share of green electricity in 2020, Eurostat has calculated. According to the European statistical office, 22.1 ... Read more »

Vijay Mallya faces prospect of bailiffs knocking on doors of his luxury London home any time now

Vijay Mallya Embattled liquor tycoon Vijay Mallya, who is based in Britain for over five years, faces the prospect of bailiffs knocking on the doors of his luxury London home ... Read more »

Interview: JSW Energy will invest Rs 10,000 crore on capex every year for next 10 years: CEO

Prashant Jain, joint managing director and chief executive officer, JSW Energy Sajjan Jindal-led JSW Energy is in the process of reorganising its business into two entities—the parent which will house ... Read more »

Aircraft manufacturer Airbus wants to hire thousands of employees

Photo: ANP Aircraft manufacturer Airbus needs thousands of new employees. According to the group present in several countries, the aerospace industry is showing strong signs of recovery after the previous ... Read more »

Incels are targeting ‘next generation of extremists' online. Could algorithm reform help?

Four clicks on an incognito browser is all it takes for YouTube to churn up a video about, as the host puts it, “embracing the idea of violence” in a ... Read more »

Co-working firm Awfis plans to double office centres to 200 this year

Homegrown co-working space provider Awfis plans to double to 200 its office centres by adding another 60,000 seats by the end of 2022, founder and CEO Amit Ramani said on ... Read more »

What do rising bond yields to signal to the markets?

A note on the data: Interest rates on personal loans for all listed (BSE) public and private sector banks have been considered for data compilation. Banks for which data is ... Read more »

Burberry forecasts 35 per cent surge in annual profit as luxury fashion brands bounce back from pandemic

Burberry Group predicted a 35 per cent jump in profit for the current financial year, driven by a surge of online sales as luxury brands recovered from the pandemic. The ... Read more »

Budget 2022 expectations: Education sector seeks tax concession, low cost loans and expansion of 80C deductions

“For two years, the education sector is struggling in various ways. While the public institutions are looking for more budget allocations, private sector players in higher education need low-cost loans,” ... Read more »

Refrain from publishing paid news, violating RP Act during elections: PCI to print media

Representative Image Ahead of the upcoming Assembly polls in five states, the Press Council of India (PCI) asked the print media on Wednesday to follow the norms of journalistic conduct ... Read more »

This Morning's 'tone deaf' fashion segment slammed for items pricier than energy bills

This Morning ‘s ‘tone deaf’ fashion segment has been slammed by viewers for featuring items even pricier than escalating energy bills. The ITV show’s fashion editor Amber Jackson joined hosts ... Read more »

Helsinki Shipyard Oy to build new icebreaker for Norilsk Nickel

The icebreaker will operate in the Yenisei River basin, the Yenisei Bay and the Kara Sea Read more »

India's oil production continues to slip, down 2% in December

Representative image India’s production of crude oil, which is refined to produce petrol and diesel, continued to decline in December 2021, with lower output from state-owned ONGC leading to a ... Read more »

After pressure from investors, ExxonMobil also sets itself climate target for 2050: ‘net zero' emissions

ExxonMobil is also the last of the major international oil companies to set a climate target for 2050. The American oil and gas company announced this on Tuesday. ExxonMobil’s climate ... Read more »

Covid-19: Auch milde Fälle bringen laut Oxford-Studie Gedächtnisschwund

Was heißt schon mild? Selbst von Corona Genesene, die an sich selbst gar keine Symptome mehr bemerken, sind noch bis zu neun Monate nach der Infektion geistig eingeschränkt. © Sigrid ... Read more »

Optum center stage at UnitedHealth in 2021, driving revenue

MINNETONKA, Minn. — UnitedHealth Group posted strong fourth-quarter earnings led by double-digit growth in its Optum division. The largest U.S. health insurer posted fourth quarter net income on Wednesday of ... Read more »

Bulgarian president takes oath of office for second term

The Associated PressBulgaria’s President Rumen Radev arrives for an EU Summit at the European Council building in Brussels, Thursday, Dec. 16, 2021. European Union leaders meet for a one-day summit ... Read more »

When will Plan B be reviewed? Everything we know so far

© Christopher Furlong/PA The PM warned cases of the omicron variant are “growing much faster” than the delta variant – Christopher Furlong/PA Boris Johnson’s “Plan B” measures are currently in ... Read more »

BAM allowed to renovate famous building in London's Covent Garden

Photo: ANP Construction company BAM has been commissioned to carry out the redevelopment of the Space House in the London district of Covent Garden. Real estate company Seaforth has a ... Read more »

COVID-19 update | WHO counts 18 million virus cases last week as omicron slows

Representative image The number of new coronavirus cases globally rose by 20% last week to more than 18 million, marking a slowdown in the surge caused by the omicron variant’s ... Read more »

Delaying Nord Stream 2 hurts Europe's economic development, warns Kremlin

The construction of Nord Stream 2 was fully completed on September 10, 2021 Read more »

Taking Stock | Market ends lower for the second day; Sensex dives 656 points, Nifty below 18,000

The market continued to see profit-booking for the second consecutive day, with benchmark Sensex and Nifty falling a percent each on January 19 on weak global cues and high crude ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic