India Shrimp Market to Expand at a CAGR of 9.60% During 2024-2032, Aided by the Growing Demand for Seafoods and the Growth of the Aquaculture Sector

The India shrimp market thrives on factors like shrimp's nutritional richness and widespread availability, making it a highly traded seafood species and a crucial element in diverse cuisines. India's fisheries sector, a key contributor to the country’s economy, holds substantial growth prospects due to abundant resources. Andhra Pradesh leads in shrimp production, emphasizing the sector's potential.

The government promotes sustainable shrimp farming practices to ensure high-quality and environmentally friendly outcomes. Organisations like the Seafood Exporters Association of India (SEAI) and the Marine Products Export Development Authority (MPEDA) actively support shrimp exports, particularly in the ready-to-eat and ready-to-cook segments. The country is one of the leading shrimp exporters to the US and the EU, driven by the escalating demand for high quality and reliable shrimp.

With the surging demand for packaged food products, including seafoods, manufacturers are expanding their offerings, particularly in the ready-to-eat format. This, coupled with changing lifestyles and improved living standards, contributes to the growth of the shrimp market in India. Moreover, improved accessibility to seafood products in frozen or ready-to-cook format through online grocery stores and e-commerce platforms like Amazon (NASDAQ: AMZN) supports the overall market.

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Market Breakup by Environment, Species, Product Category, Sales Channel, and Region:

• On the basis of the environment, the market is bifurcated into farming and processing.

• The market is segmented based on species into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and others.

• By product category, the market is categorised into peeled, shell-on, cooked, breaded, and others.

• Based on sales channel, the market can be divided into hypermarkets and supermarkets, hotels and restaurants, convenience stores, online and others.

• Region-wise, the Indian market for shrimp can be divided into North India, East and Central India, West India, and South India.

Key Findings of the Report:

• India is one of the major shrimp exporter and the country is responding to the global demand surge, notably from regions such as the United States, the European Union, and Japan.

• Shrimp-based cuisines are gaining popularity in India, driven by a growing consumer preference for authentic, flavourful, as well as protein-rich seafood and the country's diverse culinary traditions.

• The market is likely to benefit from advancements in aquaculture and the growing adoption of sustainable farming and fishing.

• The government support, characterised by favourable policies, subsidies, and research initiatives, is enhancing the country’s production capabilities, further ensuring compliance with environmental regulations.

Key Offerings of the Report:

• The EMR report gives an overview of the India shrimp market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the environment, species, product category, sales channel, and major regions of the product.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the shrimp market in India are 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, and BKV Industries Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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