Seafood Industry Looking Into A Total Overhaul

The seafood sector is essential to feeding billions of people worldwide. Additionally, it is a huge economic driver because, according to the United Nations, 820 million people depend on fishing and aquaculture for their livelihoods globally. The export of seafood is a rapidly expanding sector in India. The Seafood Exporters Association of India said that the country exported seafood worth $8 billion in 2021, an increase of $1 billion over 2022. India's seafood industry is eager to reach the export goal set by the Center Government despite a recurrent lack of shipping containers and high freight costs.

The amazing progress made by the world's businesses toward digital technology has been the COVID pandemic's silver lining. The global trend is not in any way unrelated to the fish business. In reality, the development of digital technology has given many aquaculture suppliers and fishermen around the world access to new markets.

Digital technology is now helping the fishing sector modernise long-standing traditions, which is leading to a massive increase in profit and the adoption of best practises. Data is the new oil of modern industry, and this phrase holds true for the seafood industry as well. Data achieved from the fishery industry can be used to monitor the trends in the market such as trades, prices and consumption. In the seafood industry, there are now digital platforms that are aiding the businesses to analyse and aggregate big data, such as production, trade, and movement of prices. These prices can be consequently used for predictive analysis to generate a broad understanding of the future trends.

The marine food business is currently very concerned about sustainability, and all stakeholders, from the government to the public, are calling for total traceability. Businesses today frequently 'over-exploit' and 'under-exploit', which results in lost opportunities and unexpected hurdles, but the sustainable seafood system frequently does the opposite, focusing more on innovation development than adoption.