Demand for Indian shrimp in the United States and North America has surged by nearly 10% since the Covid-19 pandemic, says Valsaraj Thotori, founder and managing director of Coastal Corporation Limited. told NDTV Profit on Thursday, January 9.
Tortori noted that the pandemic brought everything to a standstill, but now demand is slowly returning. “In the U.S. market, (demand growth) could be around 8% to 10%,” he said.
Demand for shrimp in India is increasing despite many challenges, a top executive said.
“There are other challenges in the U.S. market, such as anti-dumping duties. Then there are also challenges on the freight (availability) side, which has resulted in longer delivery times. But still, demand is increasing. “There is,” he said.
The lack of competition from Ecuador, the world’s largest shrimp exporter, is also driving demand, Tortoli said.
In this scenario, the company is targeting sales of over Rs 500 crore in FY2025, the MD said. EBITDA margin for the current financial year will be in the range of 6%, he added.
Coastal Corporation expects sales to increase 15% next year due to improved capacity utilization and increased demand for shrimp.
