India: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in India

The Indian frozen cuttlefishes market expanded to $X in 2021, rising by 2.7% against the previous year. Overall, consumption, however, enjoyed a significant expansion. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Frozen Cuttlefishes Production in India

In value terms, frozen cuttlefishes production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 24%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Frozen Cuttlefishes Exports

Exports from India

In 2021, frozen cuttlefishes exports from India expanded rapidly to X tons, growing by 5.5% on the year before. Over the period under review, exports, however, showed a dramatic setback. The most prominent rate of growth was recorded in 2019 when exports increased by 34%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports rose remarkably to $X in 2021. In general, exports, however, faced a dramatic curtailment. The growth pace was the most rapid in 2016 with an increase of 46% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for frozen cuttlefishes exports from India, with a 66% share of total exports. Moreover, frozen cuttlefishes exports to Thailand exceeded the volume sent to the second major destination, Spain (X tons), eightfold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled -14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-37.4% per year) and the United Arab Emirates (-18.2% per year).

In value terms, Thailand ($X) remains the key foreign market for frozen cuttlefishes exports from India, comprising 59% of total exports. The second position in the ranking was taken by Spain ($X), with a 9.5% share of total exports. It was followed by the United States, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at -12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-35.4% per year) and the United States (-28.6% per year).

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, surging by 7.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2016 when the average export price increased by 23% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into India

In 2021, overseas purchases of frozen cuttlefishes were finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, imports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 7,819% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, frozen cuttlefishes imports skyrocketed to $X in 2021. In general, imports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 4,486% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of frozen cuttlefishes to India, with a 29% share of total imports. Moreover, frozen cuttlefishes imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to -9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.9% per year) and Indonesia (-0.6% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen cuttlefishes to India, comprising 34% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+61.8% per year) and Indonesia (-3.0% per year).

Import Prices by Country

In 2021, the average frozen cuttlefishes import price amounted to $X per ton, increasing by 66% against the previous year. Overall, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes import price increased by +78.8% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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