India Shrimp Farming Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the India Shrimp Farming Market 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.

The India shrimp farming market is a dynamic sector characterized by robust growth and significant contributions to the country’s aquaculture industry. With favorable geographical conditions, abundant water resources, and a skilled workforce, India ranks among the world’s top shrimp-producing nations.

The market encompasses various farming methods, including traditional pond culture and advanced aquaculture technologies. Export-oriented production drives investments in infrastructure, technology, and sustainability practices, positioning India as a leading supplier of high-quality shrimp to global markets.

Government support, technological advancements, and market diversification further bolster the industry’s resilience and competitiveness in the international seafood trade.

India Shrimp Farming Market – Significant Growth Factors

The India Shrimp Farming Market presents significant growth opportunities due to several factors:

• Export Demand: Increasing global demand for shrimp, particularly from key markets like the United States, European Union, and Japan, drives expansion in India’s shrimp farming industry, stimulating investments in production capacity, technology, and infrastructure.

• Government Support: Supportive policies, subsidies, and incentives from the Indian government aimed at promoting aquaculture development, enhancing infrastructure, and facilitating market access drive growth in the shrimp farming sector.

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

• Rising Consumption: Increasing domestic consumption of shrimp due to changing dietary preferences, urbanization, and rising disposable incomes fuels expansion in the India shrimp farming market, prompting investments in value-added products and market diversification strategies.

• Market Diversification: Opportunities exist for India to diversify its export markets beyond traditional destinations and expand its presence in emerging markets in Asia, Africa, and Latin America, leveraging competitive pricing, quality assurance, and brand promotion strategies.

• Sustainable Practices: Embracing sustainable aquaculture practices, certifications, and eco-friendly initiatives presents opportunities for India to enhance its reputation as a responsible shrimp producer, meet evolving consumer preferences, and access premium market segments focused on sustainability and traceability.

India Shrimp Farming Market – Mergers and Acquisitions

The India Shrimp Farming Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the India Shrimp Farming Market include:

• In 2023, the Thai Union collaborated with Samut Sakhon City Development in a marine debris cleanup initiative to safeguard the local environment. This effort underscores the Thai Union’s commitment to environmental sustainability and responsible stewardship of marine ecosystems.

• In 2022, Avanti Feeds initiated commercial operations at its newly constructed manufacturing plant in Andhra Pradesh, India, after investing USD 0.015 billion (INR 125 crore) to augment production capacity. The facility, with a capacity of 1.75 lakh MT, elevates the company’s total shrimp feed production capacity to 7.75 lakh MT.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the India Shrimp Farming Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

India Shrimp Farming Market – Significant Threats

The India Shrimp Farming Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Disease Outbreaks: The occurrence of shrimp diseases, such as Early Mortality Syndrome (EMS), White Spot Syndrome Virus (WSSV), and Infectious Myonecrosis (IMNV), poses a significant threat to shrimp farming operations, leading to production losses, increased mortality rates, and economic disruptions.

• Environmental Degradation: Environmental degradation, including pollution, habitat loss, and water quality issues, threatens the sustainability of shrimp farming ecosystems, impacting shrimp health, growth, and survival rates, and leading to regulatory scrutiny and public backlash.

• Market Volatility: Fluctuations in global shrimp prices, currency exchange rates, and trade policies pose risks to India’s shrimp farming industry, affecting profitability, export revenues, and market competitiveness, particularly in the face of geopolitical tensions and trade disputes.

• Climate Change: Climate change-related factors, such as rising temperatures, extreme weather events, and sea level rise, pose risks to shrimp farming operations, affecting water quality, pond salinity levels, and shrimp growth rates, and increasing vulnerability to disease outbreaks and production losses.

• Competition: Intensifying competition from other shrimp-producing countries, such as Vietnam, Thailand, and Ecuador, challenges India’s market share and export competitiveness, exerting pressure on prices, margins, and market positioning, particularly in the context of evolving consumer preferences, quality standards, and sustainability requirements in international markets.

Category-Wise Insights:

By Species

• Black Tiger Shrimp: Black Tiger Shrimp, known for their robust flavor and large size, are traditionally farmed in India. Despite their popularity, production has declined due to disease outbreaks and competition from other species. However, technological advancements and disease-resistant breeding programs are reviving interest in Black Tiger Shrimp farming.

• Pacific White Shrimp: Pacific White Shrimp, particularly the Vannamei species, dominates India’s shrimp farming market due to its fast growth rate, high yields, and global demand. Vannamei farming has surged in popularity, driven by favorable market prices, disease resistance, and technological innovations such as biofloc systems.

• Indian White Shrimp: Indian White Shrimp, also known as Indian Vannamei, is a native species increasingly cultivated in India’s shrimp farms. This species offers advantages such as adaptation to local environmental conditions and lower production costs. Rising demand for Indian White Shrimp in both domestic and international markets is driving expansion in its cultivation.

• Others: Other shrimp species cultivated in India include the Indian Tiger Shrimp and the Flower Shrimp. While these species have niche markets and unique flavor profiles, they constitute a smaller portion of the overall shrimp farming market compared to Black Tiger and Pacific White Shrimp. However, niche demand and specialty markets offer opportunities for producers to diversify their shrimp product offerings.

By Culture System

• Traditional Pond Culture: In traditional pond culture, shrimp are farmed in natural or man-made ponds, relying on natural productivity and minimal intervention. While still prevalent, this method faces challenges due to land constraints and environmental concerns.

• Intensive Pond Culture: Intensive pond culture involves high stocking densities, water quality management, and supplemental feeding. This method allows for higher yields and better control over production parameters, driving efficiency and productivity gains.

• Semi-Intensive Pond Culture: Semi-intensive pond culture strikes a balance between traditional and intensive methods, combining natural productivity with some level of management inputs. This approach is popular among small to medium-scale farmers due to its lower investment requirements and moderate yields.

• Biofloc Technology: Biofloc technology involves the cultivation of beneficial microbial communities within shrimp ponds to enhance water quality, nutrient recycling, and shrimp health. This eco-friendly approach reduces dependency on external inputs, mitigates disease risks, and improves production efficiency, aligning with sustainability goals and market demands for responsibly sourced shrimp.

• Indoor Recirculating Aquaculture Systems (RAS): Indoor RAS utilizes controlled environments and recirculating water systems to optimize shrimp production parameters, such as temperature, dissolved oxygen, and waste management. This technology allows for year-round production, reduced environmental impact, and enhanced biosecurity, addressing challenges associated with seasonal variations, disease outbreaks, and land constraints.

• Others: Other culture systems in the India shrimp farming market may include innovative approaches such as raceway systems, integrated multi-trophic aquaculture (IMTA), and floating cage culture. These systems offer potential benefits in terms of production efficiency, resource utilization, and environmental sustainability, albeit with varying levels of adoption and scalability in the industry.

By Distribution Channel

• B2B (Business-to-Business): In the India shrimp farming market, the B2B distribution channel involves transactions between shrimp producers (farms) and intermediaries such as seafood processors, exporters, wholesalers, and distributors. Trends include the consolidation of supply chains, the adoption of digital platforms for procurement and sales, and the establishment of long-term partnerships to ensure reliable supply and quality assurance.

• B2C (Business-to-Consumer): The B2C distribution channel in the India shrimp farming market involves direct sales to end consumers through retail outlets, supermarkets, e-commerce platforms, and specialty seafood stores. Trends include increasing consumer demand for convenience, sustainable and traceable seafood products, and the emergence of premium branded shrimp products targeting discerning consumers seeking high-quality and ethically sourced shrimp.

Report Scope

Competitive Landscape – India Shrimp Farming Market

The India Shrimp Farming Market is highly competitive, with a large number of manufacturers and retailers operating in India. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the India shrimp farming market are adopting innovation and development strategies to establish themselves. Companies like Blue Aqua International and Shrimp Improvement Systems (SIS) are leveraging advanced aquaculture technologies, genetic improvement programs, and sustainable practices to gain traction.

Meanwhile, key players dominating the market include Avanti Feeds Limited, Waterbase Limited, and Devi Fisheries Limited. These established companies have extensive experience, strong distribution networks, and brand recognition, enabling them to capture significant market share and maintain leadership through continuous investments in R&D, infrastructure, and market expansion initiatives.

The India 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