Gadre Marine Export, one of the largest producers and exporters of packaged seafood in the country, is aiming to double its revenue this fiscal year, a top company official said.
"We have finished at Rs 550 crore (revenue) and we are aiming at doubling this year," Gadre Marine Exports Chief Executive Officer Arjun Gadre told PTI here.
The company entered India in 2008 and the market contributes around 7-8 per cent of the total turnover at present. It expects to double its sales in the country this year.
"We are having a 50 per cent yearly growth in Indian retail industry. We had a sales of 250 tonnes last fiscal, and we are targeting sales of 500 tonnes this fiscal. We exported 34,000 tonnes of fish and produced about 14,000 tonnes of value added products last year," he said.
As per industry estimates, the retail market for frozen food has a potential to grow at a compounded annual growth rate (CAGR) of 20.5 per cent over next five years from Rs 365 crore in 2012 to Rs 930 crore in 2017.
The Maharashtra-based company's products are available in more than 500 outlets across 20 cities in India and it is planning to enter Telangana and East India.
"Fish has been eaten mainly in the coastal regions in our country. But now seafood is becoming very popular all across the region, even in the interiors. There is a growing demand for good quality frozen seafood," he said.
The company's product portfolio includes Crabsticks, Masala Prawns, Masala Mackerel, Lobster Bytes, Amritsari Crab Claw, Shrimp Samosa, Masala Seer Fish Steak, Crumbed Fish Finger, Premium Pomfret among others, and he said Crabsticks and crab claw account for more than 40 per cent of the revenue in India.
It exports products to countries like Belgium, Greece, Italy, Korea, the Netherlands, Spain, the UK, the US, New Zealand, Vietnam, Japan, the UAE, Indonesia, France, Hong Kong, China and Australia.
According to market research firm Technavio, global frozen fish and seafood market will grow at a compounded annual growth rate of 5 per cent between 2016 and 2020.
