The Ministry of Marine Affairs and Fisheries (MMAF) is offering investment opportunities in the downstream sector of marine and fisheries commodities. With an estimated global seafood product market size reaching USD 605.46 billion by 2029, as projected by Fortune Business Insight, there are significant prospects ahead. Director-General of Strengthening the Competitiveness of Marine and Fisheries Products (SDCMP), Budi Sulistiyo, emphasized the immense potential of downstream fisheries, highlighting the risk of being left behind by 2029 for those not involved. Budi emphasized that quality, nutrition, and value-added products are key factors sought by consumers, leading to increasing demand for traceable, eco-friendly, sustainable, ready-to-eat, ready-to-cook, and ready-to-serve products. Furthermore, Budi highlighted the various value-added possibilities of fisheries commodities, ranging from raw materials for cooking to livestock feed processing, health products, cosmetics, and pharmaceuticals. Responding to market demands, the MMAF ensures the continuous supply of raw materials meeting standards in terms of type, size, and quality, exemplified by certifications like Good Manufacturing Practice (GMP) indicating adherence to good processing practices.
Budi also discussed the competitiveness analysis of five priority commodities. For instance, the global shrimp market was valued at USD 60.4 billion in 2023, seaweed at USD 16.7 billion, tilapia at USD 13.9 billion, crab at USD 879 million, and lobster at USD 7.2 billion in the same year. Indonesia's market share in the global market reached 16.4% for seaweed, 9.7% for tilapia, and 6.7% for shrimp in 2022. However, crab was only at 1.9% and lobster at 0.5%. Despite this, there is potential for improvement. To boost investment interest in the marine and fisheries sector, the government has prepared several incentives, including tax allowances such as a 5% income tax reduction per year for six years based on the investment value and a 60% net income reduction from the total investment value for six years or 10% annually.
