The demand for crustaceans in India has shown significant fluctuations over the past decade. Starting at 512.14 thousand metric tons in 2014, the demand saw a high of 571.21 in 2018 before experiencing a sharp decline to 481.54 in 2020. Post-2020, the demand rebounded and reached 593.21 in 2023, marking a 0.72% year-on-year increase. The CAGR for the past five years stands at 0.76%.
Looking ahead, the forecast suggests a steady climb, with the demand expected to reach 613.73 thousand metric tons by 2028, supported by a forecasted 5-year CAGR of 0.59%, culminating in a 3.01% overall growth rate. Maintaining demand consistency, the yearly variations hint at stabilization and gradual growth.
Future trends to watch for include:
- Impact of economic fluctuations on demand.
- Shifts in consumer preferences towards sustainable seafood.
- Policy changes affecting the fisheries sector.
- Technological advancements in aquaculture practices.
