India Shrimp Market Size Zooming 2.3X at CAGR of More Than 10%

India Shrimp Market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Shrimp Market size by value at USD 8.1 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Shrimp Market size to expand at a CAGR of 10.24% reaching a value of USD 18.27 billion by 2030. The Shrimp Market in India is propelled by the growing consumer demand for protein-rich seafood, the rising popularity of shrimp-based dishes, and significant advancements in aquaculture practices. The rising shrimp exports due to escalating global demand, particularly from countries like the United States, the European Union, and Japan is expected to further boost the expansion of the India Shrimp Market. Indian shrimp is favored for its quality, competitive pricing, and compliance with international standards. Within India, the growing popularity of shrimp-based cuisine and the preference for protein-rich seafood have accelerated adoption rates. Notably, the widespread use of shrimp in various dishes, supported by India’s diverse culinary traditions, has boosted domestic demand. Also, advancements in aquaculture practices and sustainable shrimp farming techniques, along with increased shrimp production, are propelling market growth. Government support through favorable policies, subsidies, and research and development initiatives further enhances production efficiency and ensures adherence to environmental regulations, contributing significantly to the market’s expansion.

By volume, BlueWeave estimated the India Shrimp Market size at 697,141 metric tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Shrimp Market size by volume is projected to grow at a CAGR of 10.09% reaching the volume of 832,389 metric tons by 2030. In India, shrimp production through capture reached 343,000 metric tons in 2006. The commercial development of shrimp culture in India has surged in recent years due to economic liberalization, high profitability, and strong international demand. From 70,686 metric tons in 1996-97, shrimp production increased to 143,170 metric tons in 2005-06. Andhra Pradesh emerged as the leading producer of shrimp in India, contributing over the estimated 70,000 metric tons in 2005-06.

Opportunity – Advancements in aquaculture technology

The India Shrimp Market is experiencing notable advancements in aquaculture technologies and practices. Innovations in shrimp breeding, disease management, water quality control, and feed formulations have significantly boosted productivity and yields. Modern techniques, such as pond management systems, biofloc technology, and recirculating aquaculture systems, are being widely adopted to enhance efficiency and sustainability. These advancements have improved shrimp supply and product quality, making Indian shrimp more competitive globally. The growing emphasis on environmentally friendly and sustainable aquaculture practices is also increasing consumer confidence and driving the industry’s long-term growth.

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Impact of Escalating Geopolitical Tensions on India Shrimp Market

Geopolitical tensions can have a multifaceted impact on the India Shrimp Market by disrupting export routes and increasing trade barriers. Uncertainty in international relations can lead to fluctuating demand and stricter import regulations in key markets like the United States, the European Union, and China. These tensions also cause volatility in currency exchange rates, affecting profitability for exporters. Additionally, geopolitical conflicts may lead to higher transportation costs and delays, further straining the supply chain. Consequently, these challenges hinder market growth and create instability for shrimp producers in India.

India Shrimp Market

Segmental Information 

India Shrimp Market – By Species

By species, the India Shrimp Market is divided into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and other segments. The Penaeus vannamei segment holds the highest share in the India Shrimp Market by species. The Pacific white shrimp (Penaeus vannamei) has become highly favored among shrimp farmers and exporters due to its rapid growth, high reproductive rates, and adaptability to various aquaculture systems. Its introduction in India has transformed the shrimp farming industry, boosting production and enhancing product quality. This species thrives in diverse environmental conditions, enabling successful cultivation in regions like Andhra Pradesh, Gujarat, and West Bengal. Its strong market acceptance, both domestically and internationally, has solidified India’s status as a leading shrimp producer and exporter. The widespread cultivation of Penaeus vannamei is a key driver of the Indian shrimp market’s growth and expansion.

India Shrimp Market – By Region

Geographically, the India Shrimp Market is divided into North India, South India, East India, and West India regions. West Bengal, Gujarat, and Andhra Pradesh emerge as key players in the India Shrimp Market. West Bengal, situated along the Bay of Bengal, benefits from abundant access to brackish water, ideal for shrimp farming. Its extensive coastline and favorable climate support a thriving aquaculture industry. Gujarat’s coastal geography and robust infrastructure attract significant investment in shrimp farming, aided by proactive government policies and an export-oriented approach. Meanwhile, Andhra Pradesh stands out with its vast coastal area and expertise in shrimp farming, adopting modern practices and emphasizing high-quality production, thus driving India Shrimp Market.

Competitive Landscape

The India Shrimp Market is fragmented, with numerous players serving the market. The key players dominating the India Shrimp Market include Nekkanti Sea Foods Limited, Devi Sea Foods Limited, Avanti Frozen Foods Private Limited, Kings Infra Ventures Limited, Liberty Group of Seafood Companies, Jayalakshmi Sea Foods Pvt. Ltd, SSF Limited, Apex Frozen Foods Ltd, Megaa Moda Private Limited, Zeal Aqua Limited, and Coastal Corporation Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

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