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.
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 1.13 Million Tons by 2024, exhibiting a CAGR of 9.4% during 2019-2024.
- 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.
- 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.
- 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.
- 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal