Gadre Marine plans to double revenue this fiscal

The Dollar Business Bureau

Gadre Marine Export Pvt Ltd aims to double the company’s revenue this financial year. This company is one among the leading producers of sea food in India. It also exports large quantities of packaged seafood from the country.

Gadre Marine Export Chief Executive Officer Arjun Gadre said that the company has registered a revenue of Rs.550 crore in last fiscal year. The company targets to double its revenue by increasing its sales two-fold in the current fiscal.

Gadre Marine Export has recorded a 50% year-on-year growth in the retail sea food industry of the country. During the previous fiscal, the company had reported its sales at 250 tonnes, and are planning to double its sales to 500 tonnes this fiscal, he said.

The Maharashtra-based seafood firm has exported over 34,000 tonnes of fish in the previous fiscal. It had produced more than 14,000 tonnes of value added products during last fiscal year, Gadre said.

According to the industry estimates, the retail frozen sea food market has a potential to grow from Rs.365 crore in 2012 to Rs.930 crore in 2017 growing at 20.5% compounded annual growth rate (CAGR) in a period of five years. As per market research company Technavio, frozen seafood market will grow at a 5% CAGR in between 2016 and 2020.

The company’s sea food products are currently available in about 500 outlets in 20 cities of the country. It is now preparing to enter the markets of Telangana and few East Indian states, Gadre informed.

He further said, there is a significant rise in the demand for quality seafood. Fish is mostly consumed in the coastal areas of the country. However, seafood is gaining popularity in all regions of the country, including the interiors.

Crabsticks, Masala Prawns, Masala Mackerel, Lobster Bytes, Amritsari Crab Claw, Shrimp Samosa, Masala Seer Fish Steak, Crumbed Fish Finger and Premium Pomfret are some of the premium sea food items that the company exports. Around 40% of the company’s earnings in the country come from the products like crabsticks and crab claw, he said.

Gadre exports its packaged frozen premium seafood products to the European and South Eastern countries that include Belgium, Greece, Italy, Korea, Netherlands, Spain, the UK, the US, New Zealand, Vietnam, Japan, the UAE, Indonesia, France, Hong Kong, China and Australia.