August 15, 2016

Indian buffalo exports on 'healthy' growth path-report

Indian buffalo meat exports are expected to hit INR40 billion (US$598 million) over the next five years, credit-rating and research agency ICRA said.

In its study on the Indian buffalo meat export industry, ICRA also said buffalo exports would have a compounded annual growth rate (CAGR) of 8% over the next five years.

"In the long term, ICRA expects buffalo meat exports to continue to report healthy growth, driven by improving infrastructure, a sizeable buffalo population, relatively lower price of Indian buffalo meat, and steady demand in the international market", Sabyasachi Majumdar, ICRA senior vice president, was quoted as saying in a news report in The New Indian Express.

Exports have grown at a CAGR of 29% from 2007-08 to 2015-16, and now account for around 20% of the world's buffalo meat exports in terms of volume. India has overtaken Brazil and Australia as the largest exporter of buffalo meat, ICRA said.

"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 percent in 2015-16 from 0.76 per cent in 2010-11", it said.