Shrimp exports have emerged as one of the most dynamic segments of the global seafood trade, commanding a pivotal role in meeting rising demand for protein-rich diets across both developed and emerging markets. From quick-service restaurants to retail shelves, its versatility and nutritional appeal have made it a staple of modern consumption trends. For producing nations, shrimp is more than a commodity—it is a driver of rural employment, foreign exchange earnings, and industrial innovation through advances in aquaculture and cold-chain logistics.
India’s shrimp export industry has risen to global prominence as the world’s second-largest exporter, behind Ecuador. The Indian shrimp market has a value of US$ 9.2 billion in 2024, projected to reach US$ 22.7 billion by 2033 at a CAGR of 10.1%. However, shifting trade policies, intensifying global competition, and evolving consumer preferences are reshaping the landscape. In this context, examining global trends, India’s export performance, and the path forward is critical to ensure resilience, diversification, and sustainable growth for the sector.
This article explores the sector’s dynamic growth, the impact of US tariffs, and strategic diversification into new markets amid global trade shifts.
The global shrimp market, encompassing a variety of processed and fresh products, is witnessing significant expansion, propelled by increasing demand for healthy seafood, the growth of quick-service restaurants (QSRs), and innovations in cold-chain technologies. The sector was valued at approximately US$ 18.9 billion in 2024 and is projected to grow to US$ 25.6 billion by 2033, achieving a CAGR of 3.5%. This growth is driven by urbanization, rising disposable incomes, and a global shift toward protein-rich diets, particularly in emerging markets.
From 2019 to 2024, shrimp imports rose to US$ 18.9 billion, achieving a five-year CAGR of 1.2%. This growth reflects sustained consumer demand for seafood, with imports recovering from a dip to US$ 16.7 billion in 2020 due to pandemic-related disruptions, peaking at US$ 23.0 billion in 2022 before a slight decline.
This trend highlights the market’s resilience amid economic fluctuations, bolstered by advancements in cold-chain logistics and sustainable farming practices that ensure broader distribution and quality preservation.
The top importers account for a significant portion of the global shrimp market, with the US leading at 24.6% (US$ 4.65 billion in 2024), driven by its large retail and restaurant sectors. China follows with 22.8% (US$ 4.31 billion), reflecting its dual role as both a major consumer and a global processing hub.
Japan holds 6.5% (US$ 1.23 billion), Spain 6.1% (US$ 1.15 billion), highlighting Europe’s diverse but steady demand. The Asia-Pacific region, including China, is the fastest-growing market, while North America remains dominant due to high per capita consumption rates.
Ecuador leads global shrimp exports, growing from US$ 3.7 billion in 2019 to US$ 6.9 billion in 2024, leveraging its low-cost production systems, disease-resistant farming practices, and proximity to the US market. India follows closely, with exports stabilizing at US$ 4.4 billion in 2024, supported by its strong value-added processing industry and diverse product portfolio.
Viet Nam (US$ 1.6 billion), Indonesia (US$ 1.1 billion) follow, focusing on specific regional markets. While Ecuador emphasizes raw shrimp exports, India has carved a niche in processed and peeled varieties, catering to premium demand in the US, EU, and Japan.
Global competition in shrimp exports is intensifying, with demand driven by rising seafood consumption and shifting consumer preferences toward ready-to-eat formats. Sustainability certifications and traceability standards are also becoming critical for exporters to maintain access to developed markets. Moreover, price volatility, disease outbreaks, and trade policies continue to shape the competitive dynamics among leading shrimp-exporting nations.
India’s shrimp export markets are heavily concentrated, with the United States dominating at 43.0%, reflecting its status as the largest buyer in 2024. China follows with a 17.2% share, driven by its processing capabilities, while Japan accounts for 6.4%, and Viet Nam 5.6%, highlighting Asia’s growing role.This distribution underscores India’s reliance on a few key markets, particularly the US, making it vulnerable to external policy shifts.
India’s shrimp export industry, though globally prominent, is navigating a complex set of challenges. The most recent and severe setback comes from the US—India’s largest market, accounting for over 40% of exports—where a 50% tariff imposed in August 2025 threatens to slash shipments by up to 70%, potentially wiping out US$ 2.4 billion in annual revenues. This blow comes on top of long-standing anti-dumping and countervailing duties.
Exporters already report a 20% drop in farm-gate prices, prompting many farmers to scale down shrimp cultivation or shift toward alternative crops.
Beyond farm-level distress, the ripple effects could be severe—jeopardizing employment across India’s coastal aquaculture belt, weakening rural household incomes, and denting India’s seafood trade surplus. In response, industry associations and players are urging accelerated diversification into the EU, Japan, and Middle Eastern markets, where tariff barriers are lower and demand for sustainably sourced shrimp is on the rise.
These combined challenges underline the urgent need for India to diversify markets, invest in resilient aquaculture practices, and strengthen domestic demand in order to secure its position as a global leader in the shrimp trade.
India’s shrimp industry is at a critical juncture. With US tariff pressure and farmers grappling with dwindling margins, the challenge is not merely to weather this crisis but to emerge more robust. The path forward lies in strategic leadership and innovative adaptation. Here are three key steps to reshape the future of Indian aquaculture:Expanding Market Horizons
An interesting insight emerges from trade data. China, the world’s second-largest shrimp market with a share of around 24.1%, imported nearly US$ 3 billion worth of shrimp from Ecuador in 2024, compared to US$ 761.1 million from India. At first glance, this may seem like a gap—but in fact, it points to a significant opportunity for India to expand its footprint in a market right next door.
While factors such as stringent sanitary regulations, rigorous inspection requirements, and logistical complexities have slowed India’s access to China, these are not insurmountable barriers. India has already established itself as a trusted supplier of value-added and processed shrimp to the US, EU, and Japan, and similar strengths can be leveraged to grow in China.
Moreover, as China’s demand for high-quality raw and processed shrimp continues to rise, India’s large-scale farming base, competitive processing industry, and ongoing improvements in traceability and sustainability standards position it well to capture greater market share.
With enhanced engagement, compliance alignment, and stronger bilateral cooperation, India could significantly scale up exports to China, turning its geographic proximity into a true competitive advantage.
The recent tariff shock in the US market underscores the urgency for India to diversify its shrimp export destinations and build new engines of growth. Fortunately, the untapped potential is vast. Emerging markets in Africa and Southeast Asia are expanding at an impressive 15–20% annually, driven by e-commerce platforms and rising demand for sustainably sourced seafood. At the same time, India’s domestic market—where per-capita shrimp consumption remains well below global averages—offers scope to double by 2030 as urbanization and income growth reshape dietary patterns.
By strategically broadening its market base, while investing in climate-resilient farming and sustainable practices, India can turn this moment of challenge into a springboard for long-term leadership. Rather than being constrained by dependence on a single market, India’s shrimp industry has the opportunity to emerge stronger, more diversified, and firmly positioned as a top global exporter by 2027—blending competitiveness with sustainability for shared prosperity.
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