The country exported around US$4bn-worth of buffalo meat in 2013 - an increase of $3bn on 2009 figures.
The report said India’s exports of water buffalo meat (carabeef) were very competitively priced, with south-east Asia its largest export market, accounting for around 60% of its exports last year.
"Since India supplies boneless halal cuts, it is very attractive supplier for predominantly Muslim countries. As a result, another 32% of its exports went to Middle East/North African countries," said the report.