When it comes to agricultural imports, traders expect an uninterrupted flow of scotch, lamb, sweet products, and salmon into India.
Though, when it comes to frozen buffalo meat and processed meat products of which India is a major exporter globally, non-tariff barriers such as stringent phytosanitary norms mean India, at present, export negligible quantities of meat products to the UK. But traders feel abolition of the duties could mean opening up of the new markets.
“As of now, we don’t export meat from India to the UK due to non-tariff barriers but we see good potential in the UK for our frozen as well as ready to eat products,” said Fauzan Alavi of the All India Meat and Livestock Exporters Association.
India, in the financial year 2023-2024 (FY24) exported around ₹32,000 crore worth of buffalo meat, of which, a sizable quantity was to the Gulf countries.
Meanwhile, shrimp exporters who were staring at an uncertain future due to the threat of US retaliatory tariffs, have found a new lease of life due to opening up of the UK markets.
Over the past decade, the UK’s shrimp imports have remained relatively stable, fluctuating between 11,000 and 15,000 metric tonnes annually since 2014, a report by InCred Equities showed.
However, in 2022, total imports surged past 75,000 tonnes, positioning the UK as India’s ninth-largest shrimp export destination.
India was the UK’s leading shrimp supplier until 2017, before Vietnam took the lead. Since 2020, Ecuador has rapidly expanded its shrimp exports to the UK, emerging as a strong competitor to both Vietnam and India.
“By 2022, Vietnam held a 25 per cent market share, followed by India at 18 per cent and Ecuador at 10 per cent,” the report said. Vietnam and Ecuador paid zero per cent tariff while India was stuck between 12 per cent and 20 per cent tariff.
Nitin Awasthi of InCred Equities said that following the India-UK FTA, India should capture around 35 per cent share of the UK shrimp market by 2026 which now has fallen to around 15 per cent.
The UK is the world’s sixth largest shrimp import market.
Joint managing director of Globus Spirits Ltd Shekhar Swarup said that the India-UK FTA is a great leap forward for Indian spirits, particularly in categories where we marry rich heritage with innovation. The removal of tariffs will enable Indian spirits to find their way onto UK shelves and compete on a more level playing field with international brands.
“For Indian whisky, it’s an opportunity to receive the acclaim it really deserves. And for Craft Gin, where Indian botanicals and imagination truly come into their own, it marks the beginning of a new chapter,” Swarup said.
- Animal products and processed food exporters are expecting a surge in demand from the South-East Asian diaspora in UK
- Agriculture traders expect an uninterrupted flow of scotch, lamb, sweet products, and salmon into India
- New markets are likely to open up for frozen buffalo meat and processed meat products
- In FY24, India exported ₹32,000 crore worth of buffalo meat to the Gulf countries and Middle East
- Shrimp exporters have found a new lease of life due to opening up of UK markets
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