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Captain Fresh Secures 20 Million
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Captain Fresh Secures $20 Million

by Fishery News
written by Fishery News

Captain Fresh, a B2B fish and seafood startup, has successfully raised $20 million in an extended Series C funding round, with primary investments from SBI Investment and Evolvence Capital, both based in Japan. The round also saw continued support from existing investors including Accel, Matrix Partners India, Prosus Ventures, and Tiger Global, highlighting the startup’s growing appeal within the industry. The fresh injection of capital will be instrumental in realizing Captain Fresh’s global ambitions, as it sets its sights on expansion into European and US markets.

The company has already commenced discussions with potential partners in these regions as part of its strategic growth plan. To bolster its European expansion, Captain Fresh has appointed Basola Valles as CEO – Europe, who expressed the company’s commitment to introducing their tech-enabled sourcing capabilities to Europe. This initiative aims to streamline distribution processes, reduce turnaround times, invest in product innovation, and address growing demands for transparency and traceability.

Captain Fresh relies heavily on the Indian Ocean Region for its supply, with India accounting for a substantial 90% of its sourcing. In terms of demand, Europe, the US, and India each contribute roughly equal shares, with additional demand originating from South East Asia. The startup boasts an extensive product portfolio, offering over 100 varieties of fish and seafood, and serves clients in more than 30 countries globally. Its operational footprint spans across India, the US, Dubai, and Madrid.

Rohit Batra, Managing Partner at Evolvence India, commended Captain Fresh for successfully consolidating a previously fragmented and unorganized industry. He also praised the company for building a robust demand network, demonstrating impressive execution capabilities, and showcasing attractive unit economics.

Founded in 2019 by Utham Gowda, Captain Fresh has been on a mission to revolutionize India’s fish and seafood supply chain. Their innovative approach combines a digital commerce platform with a strong physical fulfillment layer, enabling retailers across various formats to access dependable, equitable, and transparent purchasing experiences

Captain Fresh has been steadily attracting investment interest, with a $50 million Series C round last March, co-led by existing investors Prosus Ventures and Tiger Global. In June 2021, it raised $12 million in a Series A round led by Accel Partners, with participation from Matrix Partners India, Ankur Capital, and Incubate Fund.

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Trade

India Achieves Record-breaking Seafood Exports Valued at $8.09 Billion in FY 2022-23

by Fishery News
written by Fishery News

In an astounding achievement, India has reached an unprecedented height in its seafood exports during the fiscal year 2022-23, breaking all previous records. Despite encountering numerous challenges in key export markets, particularly the United States, India managed to ship a staggering 17,35,286 metric tonnes (MT) of seafood valued at Rs. 63,969.14 crore (US$ 8.09 billion).

Record-breaking Export Performance

The latest data reveals remarkable growth in seafood exports for India, with an impressive increase of 26.73% in quantity, 11.08% in rupee terms, and 4.31% in US dollar terms when compared to the preceding fiscal year 2021-22. In that year, India had exported 13,69,264 MT of seafood, totaling Rs. 57,586.48 crore (US$ 7,759.58 million).

Frozen shrimp remained the leading export item both in terms of quantity and value. The United States and China emerged as the top importers of India’s seafood, underlining the global demand for Indian marine produce.

Frozen Shrimp Dominance

Frozen shrimp, with earnings of Rs. 43,135.58 crore (US$ 5,481.63 million), continued to occupy a prominent position, constituting 40.98% of the total quantity and a substantial 67.72% of the overall US dollar earnings. Shrimp exports experienced a modest growth of 1.01% in rupee value.

The cumulative export of frozen shrimp for the fiscal year 2022-23 reached an impressive 7,11,099 MT. The United States, being the largest market, imported a significant portion (2,75,662 MT) of India’s frozen shrimp, followed closely by China (1,45,743 MT), the European Union (95,377 MT), South East Asia (65,466 MT), Japan (40,975 MT), and the Middle East (31,647 MT).

Black Tiger Shrimp Surges

Notably, the export of the coveted Black Tiger (BT) shrimp surged by an astounding 74.06% in quantity, 68.64% in rupee value, and 55.41% in US dollar terms during 2022-23. BT shrimp exports reached 31,213 MT, valued at Rs. 2,564.71 crore (US$ 321.23 million). Japan emerged as the primary market for Black Tiger shrimp, accounting for 25.38% of the US dollar value, followed by the European Union (25.12%) and the United States (14.90%). In contrast, Vannamei shrimp exports experienced an 8.11% decline from US$ 5,234.36 million to US$ 4,809.99 million in 2022-23.

Diverse Seafood Portfolio

Frozen Fish emerged as the second-largest exported item, contributing Rs. 5,503.18 crore (US$ 687.05 million), representing 21.24% in quantity and 8.49% in US dollar earnings. Its export saw substantial growth in quantity, rupee, and US dollar terms, with increases of 62.65%, 58.51%, and 45.73%, respectively.

Other seafood items, collectively valued at US$ 658.84 million, included Surimi (Rs. 2,013.66 crore or US$ 253.89 million), frozen Octopus (Rs. 725.71 crore or US$ 91.74 million), Surimi Analogue products (Rs. 558.51 crore or US$ 70.35 million), canned products (Rs. 326.48 crore or US$ 41.56 million), frozen lobster (Rs. 215.15 crore or US$ 27 million), and various other products.

Frozen Squid, the fourth-largest export item, generated Rs. 3,593.75 crore (US$ 454.61 million), constituting 4.83% of the total quantity and 5.62% of US dollar earnings. It experienced an impressive growth of 28.07% in rupee value and 18.58% in US dollar value.

Diversification and Challenges Ahead

The export of Dried Items witnessed remarkable growth, with 243.27% in quantity and 167.70% in US dollar terms, accumulating Rs. 3,080.92 crore (US$ 384.05 million). Dried fish and shrimp meal together contributed US$ 307.96 million, while dried fish maws fetched US$ 24.88 million.

Export of frozen Cuttlefish, totaling 54,919 MT, displayed growth of 14.09% in rupee value and 5.50% in US dollar value, accumulating Rs. 2,353.34 crore (US$ 295.49 million).

The chilled and live seafood sectors also exhibited promising growth, with increases of 20.73% and 24.53% in US dollar terms, respectively.

International Markets

The United States remained the paramount importer of Indian seafood in terms of value, importing goods worth US$ 2,632.08 million, representing 32.52% of total US dollar value. Exports to the US decreased by 21.94% in US dollar terms due to subdued demand. Frozen shrimp remained the principal item exported to the US, accounting for 92.70% in US dollar terms.

China emerged as the second-largest seafood import destination from India, both in terms of quantity and US dollar value, importing 4,05,547 MT worth US$ 1,508.43 million, constituting 23.37% of the total quantity and 18.64% in US dollar terms. Exports to China surged by 51.90% in quantity, 32.02% in rupee value, and 28.37% in US dollar value. Frozen shrimp, the primary export item to China, held a substantial share of 35.94% in quantity and an impressive 60.92% in US dollar value.

The European Union retained its position as the third-largest destination with imports of 2,07,976 MT valued at US$ 1,263.71 million. Frozen shrimp constituted the major export item, registering an increase of 15.12% in rupee value and 7.20% in US dollar value.

South East Asia ranked fourth among the largest markets, importing 4,31,774 MT worth US$ 1,191.25 million. Here, frozen shrimp played a pivotal role, capturing 15.16% of the total quantity and 35.17% of US dollar value, with an impressive growth of 46.08%. Frozen fish, the second major export to South East Asia, accounted for 36.02% in quantity and 20.57% in US dollar value, displaying a substantial growth of 46.84%.

Japan maintained its position as the fifth-largest importer, representing 6.29% of quantity and 5.99% of US dollar value, with a growth rate of 9.99%. Frozen shrimp remained the dominant export item to Japan, constituting 71.35% in US dollar value and experiencing a growth of 5.26% in US dollar terms.

Exports to the Middle East, by quantity, amounted to 77,677 MT and were valued at US$ 330.68 million. This market exhibited growth of 32.95% in quantity, 17.33% in rupee, and 9.09% in US dollar terms.

India’s astounding seafood export performance in FY 2022-23 underscores its resilience and adaptability in the face of global challenges while reaffirming its position as a prominent player in the international seafood market.

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Trade

CPF Invests INR 600 Crore in Indian Aquaculture and Agro-Business

by Fishery News
written by Fishery News

Vijayawada: Thailand’s Charoen Pokphand Foods (CPF) is set to pump INR 600 crore into India’s aquaculture and agro-business sectors. This investment was announced during the launch of two cutting-edge premium shrimp feed products, Blanca Extra and CP Mondon Advance Super Marine Extra, along with seed products Turbo Rocket and Turbo Kong.

Distinguished figures from CPF, including Dr. Pong Visedpaitoon, Chairman, and Kwanchai Chaiprem, Vice Chairman, joined Sirapong Na Pongs, CPF President for Indian Business, at the launch event held in Vijaywada.

CPF’s Vice Chairman, Kwanchai Chaiprem, expressed the company’s dedication to the Indian agribusiness landscape. He stressed that this significant investment reflects CPF’s commitment to fostering aquaculture and agro-based industries in India, particularly in Andhra Pradesh.

Having a solid 30-year presence in India, CPF’s investment reinforces its mission to strengthen and nurture its Indian operations, benefitting the nation’s agriculture and aquaculture sectors.

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Trade

Tassal Explores Indian Market Opportunities with Tariff Cuts under AI-ECTA

by Fishery News
written by Fishery News

Tasmania, Australia – Tassal, Australia’s leading salmon producer and a member of the global Cooke Seafood group, is seizing the opportunity created by tariff reductions under the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) to enter the potentially lucrative South Asian market.

The company, which specializes in Atlantic salmon production across five marine farming zones and four land-based freshwater hatcheries in southern Tasmania, has been collaborating with Austrade, Australia’s national investment promotion agency, to facilitate trade with India.

Until recently, high import tariffs of 30% made India an impractical market for Tassal. However, AI-ECTA has significantly improved the prospects for the company. Under the agreement, the import tariff has been reduced to 21%, and it is set to drop further to 17% starting in 2024. These tariff reductions are expected to open up substantial export opportunities for Tassal.

Matt Vince, Tassal’s Head of Sales and Marketing, expressed enthusiasm about the company’s venture into India, saying, “We have always been interested in India, but the previous 30% import tariff was too high.” With the tariff reductions, Tassal aims to boost its salmon exports to India from the current 30 tonnes to 100 tonnes within the next 12 months

Tassal’s operations also extend beyond salmon farming. They include tiger prawn farming in northern Queensland, and in recent developments, the acquisition of Australia’s sole ocean-based barramundi farm at Cone Bay in Western Australia.

Exports constitute a significant portion of Tassal’s business, accounting for 25% of its operations. The company’s diverse range of products, encompassing salmon, prawns, as well as fresh, smoked, and frozen seafood, are distributed across several international markets. Southeast Asia stands as its largest market, followed by China, Japan, Korea, and the United States.

In recognition of its achievements, Tassal was named a finalist in the Agribusiness, Food, and Beverages category of the 2022 Australian Export Awards. With the doors to India’s market now more accessible than ever, Tassal’s expansion endeavors in South Asia represent a strategic move to further diversify and grow its global presence.

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Trade

Big Benefit for Small Farmers

by Fishery News
written by Fishery News

In a significant development for India’s coastal aquaculture sector, the country’s parliament has passed a series of amendments to the Coastal Aquaculture Authority (CAA) Act of 2005. These amendments are expected to have far-reaching implications for small marginal aquaculture farmers and the sustainable growth of coastal aquaculture practices.

Relief from CRZ Clearances

One of the key amendments clarifies that small-scale aquaculture farmers are no longer required to obtain Coastal Regulatory Zone (CRZ) clearances from multiple agencies. This simplification of the regulatory process is expected to reduce bureaucratic hurdles for these farmers, providing them with greater ease of doing business.

Expansion of Aquaculture Units

The amendments also include specific exemptions for the establishment of critical aquaculture units such as hatcheries, broodstock multiplication centers (BMC), and nucleus breeding centers (NBC) within the No Development Zone (NDZ) of CRZs. This NDZ extends 200 meters from the high tide line and is crucial for maintaining coastal ecosystems. These units can only be set up in areas with direct access to seawater. The government’s intention is to actively facilitate the establishment of such units as part of its strategy to produce genetically improved and disease-free stocks for coastal aquacultur

Diversification of Coastal Aquaculture

Recognizing the changing landscape of coastal aquaculture, the amendments acknowledge that the sector has evolved beyond traditional shrimp farming. They now encompass more environmentally friendly practices, including cage culture, seaweed culture, bi-valve culture, marine ornamental fish culture, and pearl oyster culture. These practices can be conducted in coastal areas, often falling within CRZs. Importantly, they offer substantial revenue potential and represent an opportunity to create employment, particularly among coastal fishing communities, including women.

Reformed Penalties

In an effort to make the regulatory framework more balanced and responsive, the amendments replace the previous provision of imprisonment of up to three years for conducting coastal aquaculture without proper registration with civil penalties. This change aligns penalties with non-criminal civil transgressions, ensuring that regulatory violations are met with proportionate consequences.

Comprehensive Coverage

The Amendment Bill broadens the definition of “coastal aquaculture” to encompass all related activities comprehensively. This inclusive approach ensures that no aspect of coastal aquaculture is left outside the purview of the Act, guaranteeing that all operations adhere to environmentally responsible practices.

Economic Impact

The CAA Act of 2005, in conjunction with these amendments, has played a pivotal role in promoting the rapid and sustainable development of environmentally friendly coastal aquaculture in India’s coastal states and territories. This growth has led to the creation of millions of jobs, self-employment opportunities, increased incomes for aquafarmers, and the flourishing of businesses and entrepreneurship in the aquaculture sector.

Shrimp Production Growth

India has experienced a remarkable surge in shrimp production over the past nine years, with production increasing by a staggering 267% from 322,000 tonnes in 2013-14 to a record 1.184 million tonnes in 2022-23 (provisional figures). The value of shrimp exports has also more than doubled during this period, registering a 123% increase from 19,368 crore Indian rupees in 2013-14 to Rs 43,135 crore in 2022-23. Notably, the United States stands as the largest importer of Indian shrimp. States such as Andhra Pradesh, Gujarat, Odisha, and Tamil Nadu have made substantial contributions to this growth in coastal aquaculture shrimp production and export.

In conclusion, these legislative amendments in India are poised to strengthen the coastal aquaculture sector, support small farmers, foster sustainable practices, and stimulate economic growth while preserving the coastal environment and safeguarding the livelihoods of local communities. This represents a significant milestone in India’s journey towards a more vibrant and sustainable coastal aquaculture industry.

To know about the rule changes, click here

 

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