The import of crustaceans to India has shown a strong growth trend over the past decade, starting from $5.4019 million in 2013 to $47.295 million in 2023. The year-on-year variation has fluctuated, with particularly high increases in 2014 (113.75%) and 2017 (57.95%), and occasional declines as in 2019 (-4.81%) and 2020 (-11.31%). Over the last two years, the values have shown stability, with a year-on-year variation of 11.36% in 2022 and 5.37% in 2023. The Compound Annual Growth Rate (CAGR) for the last five years (2018-2023) stood at 3.8%, reflecting a stable growth pattern.
Looking forward to forecasted data, imports are expected to continue growing, reaching $59.753 million by 2028. The forecasted 5-year CAGR is projected to be 3.72%, indicating a steady but moderate increase. The overall growth rate over these five years is anticipated to be 20.01%.
Future trends to watch for in this market include potential impacts of global trade policies, changes in domestic demand, supply chain disruptions, and environmental regulations affecting the aquaculture industry. Monitoring these factors will be crucial for understanding and adapting to market dynamics.
