INDIA - Despite the controversy over beef selling and consumption in India, the country’s beef export is expected to grow at an annual growth rate (CAGR) of 8 per cent over the next five years and reach INR 40000 crore ($5.98 billion), says ICRA, a Gurgaon based rating agency.
Since there is a steady demand in the international market, ICRA expects that buffalo meat exports would continue to report healthy growth driven by improving infrastructure, a sizeable buffalo population and the relatively lower price of Indian buffalo meat.
Indian buffalo meat exports have surged at a CAGR of 29 per cent to INR 26682 crore ($3.99 billion) in 2015-16.
So far, buffalo meat has been the highest agri-related export item from India for the past two consecutive years and its contribution to the total export revenues of India has almost doubled from 0.76 per cent in the 2011 financial year to 1.56 per cent in 2016.
Over the years, the share of buffaloes in the total livestock population in India has grown to 21 per cent. India accounts for around 7 per cent of the world’s total beef production; however, it has low consumption, at 4 per cent of the world’s total beef consumption.
Having 28 per cent of total buffalo population in the country, the northern state of Uttar Pradesh has been the leading buffalo meat-producing state that houses around 60 per cent of the total standalone slaughter houses, standalone meat processing units and fully-integrated meat processing units in India.
However, “in spite of having developed over the past few years, there is considerable scope for improvement in the industry infrastructure, which, at present, is not at par with the standards of some of the other major global beef exporting countries,” the report says.
TheCattleSite News Desk