Indian Shrimp Market Expected to Witness Double Digit GrowthThe Indian shrimp market has been showing a positive growth. This can be accredited to increasing health consciousness, high nutritional content, easier availability of shrimp and rising exports to Europe and the United States.
The latest report by IMARC Group, titled “Indian Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, has found that the Indian shrimp market reached a value of INR 17,600 Crores in 2016. Shrimp is a small, free-swimming invertebrate marine animal with elongated body. It is low in fat and contains a high amount of selenium, magnesium, copper, zinc, sodium, iron and vitamins A, B6, C and E. This makes it an ideal ingredient of Indian cuisines like curry, pulao and balchao. At present, shrimp is sold in various forms such as smoked, fresh, dried and processed. In India, shrimp farming has witnessed several changes on account of availability of untapped water resources and technological advancements.
Highlights of the Indian shrimp market:
- A growing trend of ready-to-eat food products is one of the primary factors driving the market growth.
- White-leg shrimp is the most popular species due to its disease resistant properties.
- Andhra Pradesh holds the majority of shrimp production, representing the largest state.
India is one of the largest fish producers in the world with shrimps accounting for the majority of the total production. A key trend that has been witnessed in the country is the growing demand for ready-to-eat food products owing to the hectic lifestyles of consumers. This has, in turn, facilitated the growth of the market in the region. Moreover, an augmented demand for shrimp across the globe has led to the rapidly increasing exports to regions such as Europe, the United States, Vietnam and Japan, which is fostering the growth of the market. Other factors that have been proactive in maintaining the growth include rising health consciousness, elevating consumers’ incomes and improving standards of living in the country. On the other hand, factors such as infrastructural challenges, outbreaks of diseases and adverse weather conditions act as challenges for the growth of the market. Further, the market is expected to reach a value of INR 37,600 Crores, exhibiting a CAGR of 13.5% during 2017-2022.
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On the basis of freezing technologies, IQF currently exhibits a clear dominance in the market where every piece of shrimp is frozen individually. It is followed by block freezing where they are weighed and packed in wax laminated cartons with a lining of water-proof material. Based on species, Penaeus Vannamei (white-leg shrimp) represents the most popular species followed by Penaeus Monodon (Black Tiger Shrimp) and others. Region-wise, Andhra Pradesh accounts for the majority of the total share. Other major regions include West Bengal, Tamil Nadu and Pondicherry, Gujarat and Orissa.
The report by IMARC Group has examined the Indian shrimp market on the basis of:
Freezing Technology:
- IQF
- Block freezing
Species:
- Penaeus Vannamei (White-leg shrimp)
- Penaeus Monodon (Black Tiger Shrimp)
- Others
Region:
- Andhra Pradesh
- West Bengal
- Tamil Nadu and Pondicherry
- Gujarat
- Orissa
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