Arjun Gadre, Managing Director of value-added seafood manufacturer Gadre Marine, revealed the company’s ambitious target of achieving INR 1,500 crore in revenue by the end of fiscal year FY24. The company is also planning to enhance its retail presence across India.
Gadre Marine has maintained an impressive growth trajectory, boasting a compound annual growth rate (CAGR) of 20-25% in the Indian market over the past 4-5 years. In the previous fiscal year, the company reported overall revenues of INR 1,200 crore.
Arjun Gadre emphasized the company’s success, stating, “We are doing better in India and the international market as well.”
Currently, Gadre Marine supplies its seafood products to approximately 35 countries and has established a presence in over 100 cities in India. Notably, the company has risen to become the third-largest Surimi manufacturer globally, operating from four manufacturing plants.
In a recent study, it was reported that India’s seafood exports reached record levels in terms of both volume and value during the 2022-23 financial year. The nation shipped 1.7 million tonnes of seafood valued at INR 63,969.14 crore ($8.09 billion), marking a 26.73% increase in quantity and a 4.31% increase in value compared to the previous year.
Arjun Gadre highlighted the growing importance of frozen food, especially in a post-pandemic landscape. Consumers are increasingly interested in purchasing products they can store at home. He noted that in Europe, chilled products are favored and considered premium compared to frozen options, while in Japan, frozen goods are preferred due to their convenience.
Gadre explained that frozen food’s resurgence in popularity is due to its extended shelf life, making it an attractive choice for consumers.
Addressing inflation and global market conditions, Gadre praised India’s ability to manage inflation effectively. He stated, “India has been able to fight the inflation well, so we have become more competitive and can compete with the manufacturers in Japan or America. Global inflation has helped us to provide a better value for our products to the export market.”
Gadre Marine sees a substantial opportunity for growth in India’s HoReCa (Hotel, Restaurant, and Catering) segment. Arjun Gadre highlighted the disparity between the number of restaurants and non-vegetarian frozen food retailers, with a ratio of 1:10 or more. As a result, the company’s focus in India will revolve around expanding its presence in the HoReCa sector.
For now, HoReCa is expected to be a major area of focus for Gadre Marine, contributing to approximately 90% of the company’s efforts. To boost brand visibility and recognition, the company is investing in marketing initiatives.
Gadre Marine’s products are currently available in offline retail stores, including supermarkets and grocery retail chains like Spencer’s, Nature’s Basket, Foodhall, Le Marche, Lulu Hypermarket, Green Chick Chop, Modern Bazaar, and more. The company also has plans to strengthen its presence in general trade stores throughout the country.