Growth and Sustainability Trend in Seafood Sector: A Strategic Approach to Sectoral Transformation in Odisha

Abstract

Given that Odisha is a coastal state, the seafood industry is one of its most promising industries. With 8.16 lakh MT of fish produced in 2019–20, Odisha is the fourth-largest fish-producing state in India, according to the Information & Public Relations report from 2021. It made about 6% of all the fish that was produced in India. A large number of business establishments participate in this broad industry by processing seafood, exporting it to overseas markets and generating foreign exchange for the state. At this critical juncture, the sector cannot afford to ignore practices that prioritize environmental, economic, and social sustainability in order to enhance capacity building and make efficient use of land. Thus, the importance of sustainability is realized. Sustainable seafood is produced by fisheries and aquaculture businesses that reduce their negative effects on the environment, provide safe and equitable working conditions, and promote economic gains and livelihoods along the whole supply chain. The current study intends to investigate the growth trends of the seafood sector in the state in order to comprehend the business outcome and various challenges faced by companies operating in Odisha. For that reason, ten business establishments in Odisha are taken into account. The study's goal is to investigate how the state's seafood industry is changing through a strategic approach that includes SWOT analysis, growth trend analysis, and actions taken to achieve sustainability. Primary data, which was gathered via questionnaires and interviews, as well as secondary data, were utilized and interpreted in the present research work.

Keywords: Growth trend, Seafood sector, Sectoral transformation, Sustainability