According to the latest report by IMARC Group, titled "Indian Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Indian shrimp market reached a value of US$ 6.5 Billion in 2021. Shrimp is one of the most commonly consumed seafood across the globe. It is an invertebrate marine animal that belongs to the largest class of crustaceans called Malacostraca. It has a laterally compressed and elongated body with long antennae and legs. It is widely available in freshwater lakes and streams, and deep and shallow waters. It contains low saturated fat content while being a rich source of proteins, selenium, copper, iron, phosphorus, antioxidants, magnesium and vitamin B. As a result, its regular consumption is often associated with numerous health benefits, including low levels of blood pressure, weight loss management, improved bone and brain health and reduced risks of cardiovascular diseases (CVDs).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indian Shrimp Market Trends:
The market is primarily driven by the easy availability of disease-free and healthy shrimp in India. The country has a long coastline and favorable geographical conditions suited for shrimp culture. This, along with the easy availability and affordability of land and labor across the country and the relatively lower shrimp production costs, has led India to become one of the largest shrimp exporters and the primary source of frozen shrimp products across the globe, especially in the United States and European Union. The increasing demand for shrimp products on the global levels is, therefore, providing a thrust to the domestic market growth. Moreover, rapid urbanization and the growing popularity of regional as well as international cuisines across India have led the masses to incorporate shrimp in their daily diets. This is further supported by the increasing awareness regarding the numerous health benefits offered by its consumption. Moreover, there has been a rising demand for ready-to-eat food products due to the hectic lifestyles led by the majority of the population and their shifting dietary preferences. This, coupled with the inflating disposable incomes of individuals, has facilitated the uptake of frozen and processed shrimp products across the country. Furthermore, the Government of India is undertaking various initiatives to encourage organic shrimp farming practices in an attempt to reduce the environmental impact of shrimp aquaculture, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 11.5% during 2022-2027.
- Based on the species, the market has been divided into Penaeus Vannamei (White-leg shrimp), Penaeus Monodon (Black Tiger Shrimp) and others. 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. Among these, 31-40 accounts for the majority of the total market share.
- On the geographical front, Andhra Pradesh holds the leading position in the market. Other major regions include West Bengal and Gujarat.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Nekkanti Sea Foods Limited, Avanti Frozen Foods Private Limited, Devi SeaFoods Limited, Falcon Marine Exports Limited, 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, Jayalakshmi Seafoods Private Limited, IFB Agro Industries Limited, SSF Limited, AM 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, and Jude Foods India Private Limited.
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