(MENAFN- KNN India) New Delhi, May 20 (KNN) India's poultry exports touched a record of USD 184.58 million (Rs 1,530 crore) in the 2023-24 financial year, driven by strong demand for products like eggs and egg powder from countries such as Oman and Sri Lanka.
This marks a significant increase from the previous year's exports of USD 134.04 million (Rs 1,081 crore).
According to Valsan Parameswaran, Secretary of the All India Poultry Exporters Association, factors such as the Ukraine crisis and the earthquake in Turkey, which disrupted production and shipments to West Asia, contributed to the surge in India's poultry exports during the year.
However, as production in those countries returns to normal, Indian products are facing tougher competition in overseas markets due to higher prices.
"The demand has slowed now. We are expensive in the Middle East market by about USD 4-USD 5 per box of 360 eggs each compared to other origins such as Turkey and Iran and even sometimes Ukraine," said Parameswaran.
He urged the government to provide incentives to producers and exporters to help sustain growth and maintain market share.
Poultry exporters are also seeking government support to tap into new markets such as Russia, Indonesia, and Malaysia.
West Asia remains the major market for Indian poultry products, with Oman being the largest buyer, accounting for nearly a third of Indian exports.
The UAE and Qatar are other significant destinations in the region. Notably, Sri Lanka emerged as the second-largest buyer of Indian poultry products during 2023-24, followed by the Maldives.
Parameswaran highlighted the need for a dedicated laboratory for quality control in the major production hub of Namakkal, which could help reduce costs for producers and exporters. Currently, producers rely on a lab in Bengaluru.
India's poultry exports, which stood at Rs 768 crore (USD 117.42 million) in 2015-16, had subsequently touched a six-year low of Rs 435 crore (USD 58.70 million) during 2020-21 but have rebounded strongly in the past three years.
(KNN Bureau)
MENAFN20052024000155011030ID1108236003
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.