India Shrimp Market to Grow with a CAGR of 9.8% through 2030

The India shrimp market is growing due to rising global demand, advancements in sustainable aquaculture, expanding cold chain logistics, and increasing domestic consumption, positioning India as a major seafood exporter.

According to TechSci Research report, “India Shrimp Market – By Region, Competition Forecast & Opportunities, 2030F”, India Shrimp Market was valued at USD 8.47 Billion in 2024 and is expected to reach USD 14.85 Billion by 2030 with a CAGR of 9.8% during the forecast period The India shrimp market is poised for substantial growth due to a variety of key drivers, while also facing several challenges that could impact its expansion. The market is supported by increasing global demand, a growing domestic consumer base, and advancements in aquaculture technology. However, it must navigate several hurdles such as environmental concerns, regulatory challenges, and fluctuations in input costs. One of the primary drivers of the Indian shrimp market is the growing demand for shrimp in international markets. As global seafood consumption rises, India has positioned itself as one of the leading exporters of shrimp, particularly to markets in the United States, Japan, and the European Union. This demand is fuelled by the global trend toward healthier diets, where seafood, including shrimp, is seen as a high-protein, low-fat food. The international recognition of Indian shrimp for its quality, traceability, and compliance with international standards also strengthens its appeal in these markets.

The development of cold chain logistics has enhanced the shrimp market's growth. Improved cold storage and transportation infrastructure are enabling faster and more efficient distribution of shrimp, preserving freshness and quality. This has helped India cater to growing export Despite these drivers, the India shrimp market faces several challenges. One of the significant hurdles is disease outbreaks in shrimp farming. Disease management continues to be a concern, as outbreaks can lead to widespread crop losses and significantly affect production. The risk of diseases such as Early Mortality Syndrome (EMS) and White Spot Syndrome Virus (WSSV) remains a major threat to the sustainability of shrimp farming in India. Another challenge is fluctuations in feed and input costs. Shrimp farming is heavily dependent on feed, and increases in the cost of raw materials, such as fishmeal and soybean, can strain farmers' margins. This price volatility affects the profitability and sustainability of shrimp farming operations, particularly for small and medium-sized producers. Regulatory hurdles and compliance issues pose a challenge for shrimp farmers. The implementation of stricter environmental and quality standards by domestic and international bodies can be difficult for farmers to meet, especially with limited access to advanced technology and technical expertise. Compliance with these standards requires significant investments, which can be particularly challenging for small-scale producers.

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The India Shrimp market is segmented into species, shrimp size, distribution channel, and region.

Based on the species, the fastest-growing segment in the Indian shrimp market is Penaeus Monodon, also known as the black tiger shrimp. This species is experiencing rapid growth due to several emerging factors that are enhancing its appeal in both domestic and export markets. Penaeus Monodon is known for its larger size, firm texture, and distinct flavor, making it a premium choice in the shrimp market. These characteristics make it highly desirable for consumers in high-end markets, especially in the export segment. Despite its slower growth rate compared to Penaeus Vannamei, Penaeus Monodon is increasingly sought after for premium products and niche markets. Its large size and unique flavor profile have made it a preferred choice for luxury restaurant menus and gourmet dishes, both in India and internationally.

Based on region, East region is the fastest growing in the Indian shrimp market. This growth is driven by expanding shrimp farming, improving infrastructure, and rising consumer demand. Key states in the East such as West Bengal, Odisha, and Assam are contributing to this rapid expansion. States like West Bengal and Odisha are increasingly adopting shrimp farming as a viable agricultural activity. These states are seeing a shift from traditional rice farming to shrimp farming due to the growing profitability of aquaculture. With favorable coastal areas and available land, shrimp farming in the East is expanding at a significant pace. Both state and central governments are providing incentives and support for shrimp farming in the East. For example, subsidies for shrimp farmers, development of infrastructure, and investments in training and technology are helping farmers in the region improve production efficiency and product quality. These initiatives are helping the East region catch up with more established shrimp farming areas in the South.

Major companies operating in India Shrimp market are:

• Nekkanti Sea Foods Limited
• Avanti Frozen Foods Private Limited
• Devi Sea Foods Limited
• Falcon Marine Exports Ltd.
• BMR Group
• Sandhya Marines Ltd.
• Apex Frozen Foods Limited
• Ananda Aqua Exports Private Limited
• Crystal Sea Foods Private Limited
• Citrus Alpha Marine LLP

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“The rise of e-commerce and online retail is another significant trend in the Indian shrimp market. With increasing internet penetration and the adoption of smartphones, more consumers are shopping online for groceries, including fresh and frozen seafood. This trend has been further accelerated by the COVID-19 pandemic, which pushed more consumers to opt for online shopping due to convenience and safety concerns. Online platforms are offering shrimp products in a variety of forms, including fresh, frozen, and value-added items. E-commerce giants like Amazon and Walmart, along with specialized food delivery platforms such as BigBasket, Grofers, and Licious, are playing a significant role in this shift. Consumers can now conveniently order shrimp online and have it delivered to their doorstep, often with same-day or next-day delivery options, ensuring freshness”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"India Shrimp Market, By Species (Penaeus Vannamei, Penaeus Monodon, Others), By Shrimp Size (Size 31-40, Size 41-50, Size 51-60, Size 61-70, Size >70, Others), By Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, Online, Others), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of India Shrimp market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Shrimp market.

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