Indian Shrimp Farming Market Size Likely to Expand at a CAGR of 12.1% By 2033

As per the current market research conducted by the CMI Team, the Indian Shrimp Farming Market size is expected to record a CAGR of 12.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 8,439.1 Million. By 2033, the valuation is anticipated to reach USD 23,590.7 Million.

Indian Shrimp Farming Market: Growth Factors and Dynamics

• Increasing Demand: The rising global demand for shrimp, driven by changing consumer preferences, population growth, and increasing disposable incomes, stimulates growth in India’s shrimp farming industry, positioning it as a major player in the global shrimp market.

• Export Opportunities: India is one of the largest exporters of shrimp globally, benefiting from favorable geographical conditions, abundant resources, and competitive pricing. Export-oriented shrimp farming drives investments in technology, infrastructure, and sustainability practices to meet stringent international standards and capitalize on export opportunities.

• Technological Advancements: Adoption of advanced aquaculture technologies, including biofloc systems, recirculating aquaculture systems (RAS), and genetic improvement programs, enhances productivity, efficiency, and sustainability of shrimp farming operations, fostering industry growth and competitiveness.

• Government Support: Government initiatives, policies, and subsidies aimed at promoting aquaculture development, improving infrastructure, providing financial assistance, and facilitating market access contribute to the growth of the shrimp farming sector in India, encouraging investments and entrepreneurship in the industry.

• Increasing Investments: Growing investments from domestic and foreign stakeholders in shrimp farming infrastructure, hatcheries, processing facilities, and value-added product development bolster the expansion and modernization of the shrimp farming industry, driving innovation, efficiency, and market competitiveness.

• Sustainable Practices: Rising awareness of environmental concerns, resource conservation, and social responsibility drives the adoption of sustainable shrimp farming practices, such as responsible aquaculture certification programs, organic shrimp production, and eco-friendly feed formulations, positioning India as a leader in sustainable shrimp farming and enhancing market reputation and demand.

• Diversification of Products: In response to evolving consumer preferences and market demands, the India shrimp farming market is diversifying its product offerings beyond traditional whole shrimp exports. Value-added products such as peeled, deveined shrimp, shrimp skewers, and ready-to-cook shrimp products are gaining traction, driving market growth and profitability.

• Climate Resilience and Adaptation: With climate change posing challenges such as extreme weather events, salinity intrusion, and disease outbreaks, the India shrimp farming industry is investing in climate-resilient practices and technologies. This includes the development of disease-resistant shrimp breeds, water management strategies, and habitat restoration initiatives to mitigate risks and ensure long-term sustainability of shrimp farming operations.

Indian Shrimp Farming Market: Partnership and Acquisitions

• In 2023, Beaver Street Fisheries, Inc. introduced a new addition to its Sea Best Seafood Festival line, the Steamer Pot, catering to consumer demand for convenient and diverse seafood options. This New England-style boil includes shrimp, cold water lobster claws, clams, and mussels, offering an enticing and easy-to-prepare seafood experience at home.

• In 2022, Thai Union Group PCL, in collaboration with R&B Food Supply and Srinivasa Cystine Private Limited, formed a joint venture to introduce a new company specializing in premium food ingredients for the Indian market, leveraging the expertise of both entities to enhance product offerings and market presence.

Report Scope

Indian Shrimp Farming Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the India Shrimp Farming Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption of Supply Chains: The COVID-19 pandemic disrupted global supply chains, including the seafood industry, leading to logistical challenges, labor shortages, and reduced exports of Indian shrimp. Lockdown measures and restrictions on movement hindered the transportation of inputs, feed, and shrimp produce, impacting farm operations and market access.

• Decline in Demand: Economic slowdowns and changes in consumer behavior during the pandemic resulted in a decline in demand for shrimp, both domestically and internationally. Closure of restaurants, hotels, and catering services, as well as reduced consumer spending, led to lower consumption of shrimp products, affecting market demand and prices.

• Resumption of Economic Activity: As economies reopen and global trade rebounds, the demand for shrimp is expected to recover, driven by increasing consumption and restoration of supply chains. Reopening of restaurants, food service outlets, and hospitality sectors, along with recovery in international trade, will stimulate demand for Indian shrimp products.

• Government Support and Stimulus: Government support measures, including financial assistance, subsidies, and policy reforms, aimed at reviving the economy and promoting agriculture and aquaculture sectors, will help in the recovery of the shrimp farming industry. Supportive policies may include credit facilities, input subsidies, and market incentives to boost production and exports.

• Technology Adoption: Adoption of advanced aquaculture technologies and practices, such as biofloc systems, automation, and digitalization, will enhance productivity, efficiency, and resilience of shrimp farming operations, enabling faster recovery and sustainable growth post-COVID-19.

• Market Diversification: Diversification of export markets and product portfolios will reduce reliance on traditional markets and enhance resilience to future shocks. Exploring new markets, value-added product development, and brand promotion strategies will expand market opportunities and strengthen India’s position in the global shrimp market.

• Risk Mitigation Strategies: Implementation of risk management and contingency plans to address future disruptions, including disease outbreaks, natural disasters, and market fluctuations, will build resilience and ensure the long-term sustainability of India’s shrimp farming sector. Measures may include improved biosecurity practices, diversified income sources, and investment in climate-resilient infrastructure.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Indian Shrimp Farming Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Indian Shrimp Farming Market:

• Avanti Feeds Limited
• Waterbase Limited
• Devi Fisheries Limited
• Nekkanti Sea Foods Limited
• Apex Frozen Foods Limited
• The Waterbase Limited
• Falcon Marine Exports Limited
• Devi Fisheries Limited
• Shimpo Seafoods Private Limited
• Uniroyal Marine Exports Limited
• Sandhya Marines Limited
• Devi Marine Food Exports Private Limited
• Super Catch Pvt. Ltd.
• Jagdish Marine Exports
• Amulya Sea Foods
• Others

The Indian Shrimp Farming Market is segmented as follows:

By Species

• Black Tiger Shrimp
• Pacific White Shrimp
• Indian White Shrimp
• Others

By Culture System

• Traditional Pond Culture
• Intensive Pond Culture
• Semi-Intensive Pond Culture
• Biofloc Technology
• Indoor Recirculating Aquaculture Systems (RAS)
• Others

By Distribution Channel

• B2B
• B2C