Indian Shrimp Market 2019 Share, Current Trends, Opportunities, Growth Size & Forecasts 2024

The Indian shrimp market has witnessed robust growth over the past few years. Shrimp production is escalating across the region owing to geographical advantages along with support from various Government initiatives.

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The latest report by IMARC Group, titled “Indian Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian shrimp market reached a volume of 0.67 Million Tons in 2018. Shrimp is one of the most popular types of seafood consumed all across the world. It has a low saturated fat content along with a high percentage of calcium, iodine, vitamin D and B3, zinc, protein and omega 3s. With the easy availability of land, labor and raw materials, the cost of shrimp production in India is relatively lower than some of the other exporting countries. Moreover, the country has a long coastline and favorable geographical conditions which are suitable for shrimp culture. As a result, India represents one of the largest shrimp exporters in the world and is one of the primary sources of frozen shrimp products for the United States.

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Market Trends:

As a result of its nutritional benefits, shrimp consumption offers many health advantages. Some of these include aiding weight loss, protecting the skin from premature aging, and activating the enzymes needed for healthy metabolism and fighting cancer growth. Besides this, the Indian government is encouraging organic shrimp farming practices to develop high-quality shrimp with ‘organic’ status to reduce the environmental impact of shrimp aquaculture. In addition, the Seafood Exporters Association of India (SEAI) and the Marine Products Exports Development Authority (MPEDA) are promoting the export of shrimp, particularly the ready-to-eat and ready-to-cook products. Owing to these factors, the market is projected to reach a volume of 1.21 Million Tons by 2024, exhibiting a CAGR of 10.5% during 2019-2024.

Market Segmentation:

Market Breakup by Species:

1. Penaeus Monodon (Black Tiger Shrimp)

2. Penaeus Vannamei (White-leg Shrimp)

3. Others

Based on species, the market has been segmented into Penaeus Vannamei (White-leg shrimp) and Penaeus Monodon (Black Tiger Shrimp). Currently, Penaeus Vannamei is the most popular species in India, holding the largest share.

Market Breakup by Shrimp Size:

1. Size 31-40

2. Size 41-50

3. Size 51-60

4. Size 61-70

5. Size >70

6. Others

The market has also been categorized on the basis of the size into 31-40, 41-50, 51-60, 61-70, >70 and others. Amongst these, 31-40 represents the dominant size category, accounting for more than half of the total Indian shrimp industry.

Market Breakup by Region:

1. Andhra Pradesh

2. West Bengal

3. Tamil Nadu

4. Pondicherry

5. Gujarat

6. Orissa

7. Maharashtra

Region-wise, Andhra Pradesh is the leading shrimp producer, accounting for more than half of the total production. Other major regions include West Bengal, Tamil Nadu and Pondicherry, Gujarat, Orissa and Maharashtra.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Nekkanti Seafoods, Avanti Frozen Foods Private Limited, BMR Group, Devi Sea Foods Limited, Kader Exports Pvt. Ltd., Premier Marine Products Pvt. Ltd. and Liberty Frozen Foods Pvt. Ltd., Falcon Marine Export Ltd., Baby Marine Eastern Exports, Sandhya Marines and Apex Frozen Foods Limited.

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This release was published on openPR.