India Shrimp Market Outlook
According to the report by Expert Market Research (EMR), the India shrimp market is projected to grow at a CAGR of 9.60% between 2024 and 2032. Aided by the robust export demand and advancements in aquaculture practices, the market is expected to grow significantly by 2032.
Shrimp farming in India has evolved significantly, transitioning from traditional methods to more sophisticated, sustainable, and biosecure practices. This evolution has been instrumental in catapulting India to the forefront of global shrimp suppliers. Indian shrimp, primarily consisting of the Penaeus vannamei species, is renowned for its quality and flavour, catering to a diverse international market.
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The India shrimp market growth is primarily fuelled by the rising global demand for seafood, particularly in developed countries where shrimp is a preferred delicacy. This demand is driven by the growing awareness of the health benefits associated with seafood consumption, including high protein content, low fat, and rich omega-3 fatty acids. Additionally, the expansion of retail chains and e-commerce platforms has made Indian shrimp more accessible to consumers worldwide, further bolstering market growth.
Another critical factor propelling the India shrimp market demand is the government’s supportive policies aimed at enhancing shrimp production and exports. Initiatives such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and subsidies for aquaculture infrastructure have incentivised farmers to adopt modern farming techniques. These policies are aimed at not only increasing production but also ensuring sustainability and environmental responsibility in shrimp farming.
As per the India shrimp market analysis, the states of Andhra Pradesh, West Bengal, Odisha, and Gujarat emerge as the leading producers of shrimp in India. These regions benefit from favourable climatic conditions, abundant water resources, and established infrastructure for shrimp farming. The local governments in these states have also been proactive in promoting shrimp farming through various initiatives and support programs.
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Furthermore, the India shrimp market is witnessing a trend towards value-added products, which is opening new avenues for growth. The development of ready-to-cook and ready-to-eat shrimp products caters to changing consumer preferences, especially in urban areas where convenience is highly valued. This segment is expected to witness significant growth in the coming years, adding a new dimension to the market’s expansion.
India Shrimp Market Segmentation
The market can be divided based on environment, species, product category, sales channel, and region.
Market Breakup by Environment
- Farming
- Processing
Market Breakup by Species
- Penaeus Vannamei
- Penaeus Monodon
- Macrobrachium Rosenbergii
- Others
Market Breakup by Product Category
- Peeled
- Shell-on
- Cooked
- Breaded
- Others
Market Breakup by Sales Channel
- Hypermarkets and Supermarkets
- Hotels and Restaurants
- Convenience Stores
- Online
- Others
Market Breakup by Region
- North India
- East and Central India
- West India
- South India
India Shrimp Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India shrimp market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nekkanti Sea Foods Limited
- Devi Sea Foods Ltd
- BMR Group
- Jayalakshmi Sea Foods Pvt. Ltd.
- SSF Limited
- Apex Frozen Foods Ltd.
- Megaa Moda Private Limited (MMPL)
- Zeal Aqua Limited
- Coastal Corporation Limited
- BKV Industries Limited
- Others
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