India Shrimp Market- Trend Analysis & Forecast

India Shrimp Market Overview:
India’s shrimp industry has emerged as a key player in the global seafood market, with production reaching 902.53 thousand tonnes in 2022, reflecting a robust CAGR of 17% from 2010 to 2022. As one of the world’s largest shrimp exporters, India plays a pivotal role in supplying major markets, including the U.S., Europe, and Japan. The sector’s rapid expansion is driven by favorable climatic conditions, strong government support, and advancements in aquaculture technology.

In FY 2022-23, India’s total fish production stood at 17.55 million tonnes, securing its position as the third-largest producer globally with an 8% market share. To further strengthen the fisheries sector, the Indian government allocated a record ₹2,584.50 crore (~$309M) in the FY 2024-25 budget. However, despite these advancements, shrimp production is expected to decline by 12-15% in 2023 due to reduced stocking density, a response to falling global shrimp prices.

Primary Areas/ Elements of Research & Analysis
The report provides comprehensive and valuable insights into the supply and demand dynamics of the India shrimp market.

Below are the variables considered and analyzed in the report:
• Supply-demand trends, market growth, and trade (exports & imports)
• Market structure, conduct, and performance analysis
• Historical and forecasted market size (volume & value)
• Trade analysis, including key partners, quantities, values, and price trends
• Supply chain mapping, pricing, and regulatory framework
• Competitive landscape profiling major players
• Factors influencing market performance, including sustainability trends

Market Growth Drivers
The rising demand for shrimp is fueled by increasing health consciousness, with consumers recognizing its high protein, low fat, and omega-3 content. Changing dietary preferences, especially in emerging markets, are further boosting shrimp consumption. However, the industry faces notable challenges, including price volatility and infrastructure constraints. Global price fluctuations directly impact profitability, while inadequate cold storage and transportation facilities create supply chain inefficiencies. Additionally, regional disparities in farming practices lead to inconsistent quality, making it difficult for exporters to meet stringent international standards.

India continues to dominate global shrimp exports, with the U.S., China, and the EU as key markets. While export volumes have shown consistent growth, challenges persist in the form of non-tariff barriers and strict quality regulations. To strengthen trade resilience, India is diversifying its export destinations, particularly targeting the Middle East and Southeast Asia. The country benefits from competitive pricing, thanks to lower production costs and economies of scale, making Indian shrimp highly attractive to international buyers. In FY 2023, shrimp exports stood at 711.10 thousand tonnes, generating $5.48 billion in revenue, further reinforcing India’s stronghold in the global market.

Competitive Landscape
The Indian shrimp market remains highly competitive, with key players such as Avanti Frozen Foods, Waterbase Ltd., Apex Frozen Foods, Devi Sea Food, and Nekkanti Sea Foods leading the industry. These companies leverage advanced processing technologies, strategic market expansion, and stringent quality control measures to maintain their dominance.

Outlook
Looking ahead, the industry is well-positioned for sustained growth, driven by rising global demand and ongoing innovations in aquaculture. Strengthening quality assurance measures, addressing infrastructure bottlenecks, and expanding into new markets will be crucial in securing India’s leadership in global shrimp production and exports by 2030.

Scope of the Report:
• Historical Years: 2015-2022
• Base Year: 2023
• Forecast Period: 2024-2030
• Units: Value (US$ Million) and Volume (Tonnes)
• Report Coverage: Production, Consumption, Export, and Import
• Segments Covered: By Type (Whiteleg Shrimp, Tiger Shrimp, Indian white shrimp, and Others), by Size, and Application
• Companies Profiled: The market players include Avanti Frozen Foods Pvt. Ltd, The Waterbase Limited, BKV Industries Ltd., Coastal Corporation Limited, Zeal Aqua, IFB Agro Industries Ltd., Suryo Foods & Industries Limited, Apex Frozen Foods, Nekkanti Sea Foods Limited, and Kadalkanny Frozen Foods, and more.

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