India Shrimp Market Size & Outlook, 2022-2030
India shrimp market, 2017-2030 (US$M)
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India shrimp market highlights
- The India shrimp market generated a revenue of USD 2,448.9 million in 2022 and is expected to reach USD 3,665.3 million by 2030.
- The India market is expected to grow at a CAGR of 5.2% from 2023 to 2030.
- In terms of segment, l. vannamei was the largest revenue generating species in 2022.
- P. chinensis is the most lucrative species segment registering the fastest growth during the forecast period.
Shrimp market data book summary
| Market revenue in 2022 | USD 2,448.9 million |
| Market revenue in 2030 | USD 3,665.3 million |
| Growth rate | 5.2% (CAGR from 2022 to 2030) |
| Largest segment | L. vannamei |
| Fastest growing segment | P. chinensis |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis |
| Key market players worldwide | Thai Union Group PCL ADR, Avanti Feeds, High Liner Foods, Surapon Foods, Clearwater Seafoods, Mazzetta Company, Aqua Star, Nordic Seafood, Waterbase, Ocean Direct |
Other key industry trends
- In terms of revenue, India accounted for 3.6% of the global shrimp market in 2022.
- Country-wise, South Africa is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China shrimp market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 9,591.5 million by 2030.
L. vannamei was the largest segment with a revenue share of 45.33% in 2022. Horizon Databook has segmented the India shrimp market based on l. vannamei, trachipenaeus curvirostris, pleoticus muelleri, p. monodon, acetes japonicus, pandalus borealis, p. chinensis covering the revenue growth of each sub-segment from 2017 to 2030.
The growing Indian middle-income population and urbanization have led to a rising demand for seafood, including shrimp, in the domestic market. This growing affluence and changing dietary preferences are driving higher consumption. Indian shrimp farmers are diversifying their product range, producing various shrimp sizes and value added products to cater to different market segments.
For instance, in January 2021, an Indian shrimp production facility, the Brood-stock Multiplication Centre (BMC) for L. Vannamei, situated in Vishakhapatnam, launched 15,000 pairs of specific pathogen-free (SPF) L. Vannamei brood stock for sale in various coastal states across the country. L. Vannamei is known for its favorable growth characteristics and disease resistance.
Introducing these specific pathogen-free (SPF) brood stock can enhance the genetic quality of the shrimp produced in India. Farmers who purchase these shrimp larvae may experience better growth rates and reduced disease incidence, making shrimp farming more attractive, thus boosting the production and consumption of shrimp simultaneously.
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Shrimp Market Scope
Shrimp Market Companies
| Name | Profile | # Employees | HQ | Website |
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India shrimp market size, by species, 2017-2030 (US$M)
India Shrimp Market Outlook Share, 2022 & 2030 (US$M)
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