Indian Shrimp Market Report by Species (Penaeus Vannamei, Penaeus Monodon, and Others), Shrimp Size (Size 31-40, Size 41-50, Size 51-60, Size 61-70, Size >70, and Others), and State 2024-2032

Indian Shrimp Market Report by Species (Penaeus Vannamei, Penaeus Monodon, and Others), Shrimp Size (Size 31-40, Size 41-50, Size 51-60, Size 61-70, Size >70, and Others), and State 2024-2032

The Indian shrimp market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 10.6% during 2024-2032. The increasing consumer preference for protein-rich seafood, the rising popularity of shrimp-based cuisines, and numerous advancements in aquaculture practices, are among the key factors driving the market growth.

Shrimps are small, marine crustaceans belonging to the order Decapoda. They are an essential part of the seafood industry and are widely consumed worldwide. They have a slender, elongated body with a tough exoskeleton and five pairs of legs, including two specialized claws. They inhabit various marine environments, such as coastal waters, estuaries, and deep oceans. They are highly valued for their delicate, sweet flavor and tender texture, making them a popular ingredient in numerous cuisines and dishes. As a result, shrimps are commonly harvested through fishing or aquaculture, and their high nutritional content, including protein, vitamins, and minerals, contributes to their popularity as a healthy and nutritious seafood option.

In India, the rising shrimp exports due to the escalating global demand for shrimp and seafood, particularly in countries like the United States, European Union, and Japan, represents the primary factor driving the market growth. Shrimp is known for its quality, competitive pricing, and compliance with international standards, making it a preferred choice in the global market. Moreover, the increasing popularity of shrimp-based cuisine and the growing consumer preference for protein-rich seafood within India has accelerated the product adoption rate. Apart from this, the widespread adoption of shrimp in various dishes and the country's diverse culinary traditions have augmented the demand for shrimp among Indian consumers. Additionally, numerous advancements in aquaculture practices and sustainable shrimp farming techniques, including increasing shrimp production in India, is propelling the market growth, Furthermore, the rising government support through favorable policies, subsidies, and research and development (R&D) initiatives that improves production efficiency and ensures adherence to environmental regulations is contributing to the market growth.

Indian Shrimp Market Trends/Drivers:
Growing Export Demand

One of the major trends driving the shrimp market in India is the escalating demand for shrimp around the world. In recent years, India has emerged as a leading exporter of shrimp, with a strong presence in key international markets, including the United States, European Union, and Japan. The growing preference for seafood, particularly shrimp, among international consumers, has fueled India's export-oriented growth in the shrimp industry. The country's competitive pricing, high-quality produce, and compliance with international food safety standards have positioned it favorably in the global market, driving sustained export growth and contributing significantly to the overall expansion of the shrimp market in India.

Rising Technological Advancements in Aquaculture

The Indian market for shrimp is witnessing significant advancements in aquaculture technologies and practices. Innovations in shrimp breeding, disease management, water quality control, and feed formulations have led to higher productivity and improved yield. Modern aquaculture techniques, including pond management systems, biofloc technology, and recirculating aquaculture systems, are increasingly being adopted by shrimp farmers to enhance efficiency and sustainability. Such technological advancements have improved the supply of shrimp as well as product quality, making Indian shrimp more competitive in the global market. The rising focus on environmentally friendly practices and sustainable aquaculture has also gained traction, fueling consumer confidence in Indian shrimp products and driving the industry's long-term growth prospects.

Indian Shrimp Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Indian shrimp market report, along with forecasts at the country and state levels from 2024-2032. Our report has categorized the market based on species and shrimp size.

Breakup by Species:

Penaeus Vannamei
Penaeus Monodon
Others

Penaeus vannamei holds the largest market share

The report has provided a detailed breakup and analysis of the market based on the species. This includes Penaeus Vannamei (White-leg shrimp), Penaeus Monodon (Black Tiger Shrimp) and others. According to the report, Penaeus Vannamei represented the largest segment.

Penaeus vannamei, commonly known as the Pacific white shrimp, has gained immense popularity among shrimp farmers and exporters due to its fast growth rate, high reproductive capacity, and adaptability to different aquaculture systems. The successful introduction of Penaeus vannamei in India has revolutionized the shrimp farming industry, leading to increased production and improved product quality. Its ability to thrive in a wide range of environmental conditions has allowed farmers in different regions, including Andhra Pradesh, Gujarat, and West Bengal, to cultivate this species with great success. Additionally, Penaeus vannamei's excellent market acceptance, both domestically and internationally, has significantly contributed to India's position as one of the leading shrimp producers and exporters globally. The widespread cultivation and demand for Penaeus vannamei have thus become a driving force behind the growth and expansion of the Indian shrimp market.

Breakup by Shrimp Size:

Size 31-40
Size 41-50
Size 51-60
Size 61-70
Size >70
Others

Size 31-40 accounts for the majority of the market share

A detailed breakup and analysis of the market based on the shrimp size has also been provided in the report. This includes size 31-40, 41-50, 51-60, 61-70, >70 and others. According to the report, size 31-40 accounted for the largest market share.

This size category refers to the number of shrimp pieces per pound, with 31-40 indicating that there are 31 to 40 pieces of shrimp per pound. This size range is highly preferred in both domestic and international markets due to its versatile applications and consumer demand. Shrimps within this size range are ideal for various culinary uses, including grilling, frying, and cooking in curries or stir-fries. They are also popular for value-added products like shrimp cocktail and shrimp skewers. As a result, shrimp size 31-40 holds a considerable portion of the market share, attracting attention from buyers and processors alike. Its popularity contributes to increased production and export of this size category, making it a key driver in the overall growth of the Indian shrimp market.

Breakup by State:

West Bengal
Gujarat
Andhra Pradesh

A detailed breakup and analysis of the Indian shrimp market has been provided based on state. This includes West Bengal, Gujarat, and Andhra Pradesh.

West Bengal, Gujarat, and Andhra Pradesh are three major states in the Indian shrimp market. West Bengal's strategic location along the Bay of Bengal provides ample access to brackish water, making it conducive to shrimp farming. The state's extensive coastline and suitable climate have fostered the growth of the aquaculture industry. Moreover, Gujarat's coastal geography and well-developed infrastructure have attracted substantial investment in shrimp farming. The state's proactive government policies and export-oriented approach have bolstered its position as a major shrimp producer and exporter. Furthermore, Andhra Pradesh is a dominant player in the shrimp market in India, boasting a large coastal area and a strong expertise in shrimp farming. The state's adoption of modern aquaculture practices and commitment to high-quality production contribute significantly to India's overall shrimp production and export, driving the market growth.

Competitive Landscape:
Key players in the Indian shrimp market have been actively pursuing innovations to enhance shrimp production, product quality, and sustainability. Advanced breeding techniques have led to the development of high-yielding and disease-resistant shrimp varieties, improving farm productivity. Integration of digital technologies and data analytics has enabled better monitoring of water quality, feeding patterns, and disease outbreaks, optimizing farm management and reducing environmental impacts. Furthermore, the leading manufacturers are heavily investing in modern processing and freezing technologies to maintain the freshness and quality of shrimp during transportation and export. The rising adoption of eco-friendly and responsible aquaculture practices, such as biofloc technology and closed-loop systems, has gained traction, promoting sustainable shrimp farming and meeting consumer demands for environmentally conscious products. These innovations collectively contribute to the continued growth and competitiveness of the Indian shrimp market in the global seafood industry.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:

Nekkanti Sea Foods Limited
Avanti Frozen Foods Private Limited
Devi Sea Foods Limited
Falcon Marine Exports Ltd.
BMR Group
Baby Marine (Eastern) Exports
Sandhya Marines Ltd.
Apex Frozen Foods Limited
Ananda Aqua Exports Private Limited
Crystal Sea Foods Private Limited
Citrus Alpha Marine LLP
Jaya Lakshmi Seafoods Private Limited
Ifb Agro Industries Limited
SSF Limited
A.M.Fisheries
JRJ Seafoods India Private Limited
Anjaneya Sea Foods
Kings Infra Ventures Limited
Kadalkanny Frozen Foods
The Waterbase Limited
Geo Sea Foods Exports Private Limited
Abad Fisheries Private Limited
K V Marine Exports
Liberty Group of Seafood Companies
Kader Exports Private Limited
Liberty Frozen Foods Private Limited
Devi Marine Foods Exports Private Limited
Zeal Aqua Limited
Frontline Exports Private Limited
Jude Foods India Private Limited

Key Questions Answered in This Report

1. What was the size of the Indian shrimp market in 2023?
2. What is the expected growth rate of the Indian shrimp market during 2024-2032?
3. What are the key factors driving the Indian shrimp market?
4. What has been the impact of COVID-19 on the Indian shrimp market?
5. What is the breakup of the Indian shrimp market based on the species?
6. What is the breakup of the Indian shrimp market based on the size?
7. What are the key regions in the Indian shrimp market?
8. Who are the key players/companies in the Indian shrimp market?