KOLKATA: Over the next 5 years, Indian buffalo meat exports would reach close to Rs 40,000 crore at a compounded annual growth rate (CAGR) of 8%, says ICRA in its study on the Indian Buffalo Meat Export Industry.
Mr. Sabyasachi Majumdar, Senior VP – Corporate Sector ratings, said, “While India has been exporting buffalo meat for almost two decades; this industry has only gained momentum in the last decade. This can be attributed to multiple factors, such as – increasing demand from developing countries (like China, Vietnam, Thailand, etc), slaughtering method meeting the religious requirements of certain ethnicities, price competitiveness, high buffalo population, and low domestic consumption.”
” Within India, Uttar Pradesh accounts for the highest share (28%) of the total buffalo population and has also emerged as the leading buffalo meat-producing state – housing around 60% of the total standalone slaughter houses, standalone meat processing units and fully-integrated meat processing units.
Indian buffalo meat exports have grown at a CAGR of 29%, from Rs. 3,533 crore in FY2008 to Rs 26,682 crore in FY2016, accounting for ~20% of the world’s total buffalo meat/beef exports (in volume terms) and becoming the largest volume exporter of buffalo meat/beef, overtaking Brazil and Australia. It is noteworthy that India by and large exports only buffalo meat as opposed to other countries which export primarily beef.
This growth has been driven both by volume expansion (CAGR of 13%) and an increase in realisations (CAGR of 13%). For the last two consecutive years, buffalo meat has been the highest agri-related export from India and its contribution to the total export revenue has almost doubled to 1.56% in FY2016 from 0.76% in FY2011.
