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Wednesday / February 21. 2024
HomeLive StockAcquacultureHow Lucrative is Shrimp Sector Despite Challenges?

How Lucrative is Shrimp Sector Despite Challenges?

 By Ruchi Dahiya, Associate Consultant, Sathguru Management Consultants

India has demonstrated consistent and robust growth in shrimp exports over the last decade, supported by government focus and organic growth, and has established a dominant position in the global value chain. Diversifying India’s shrimp exports from primarily frozen shrimps to value-added shrimp products could further improve the overall value realisation in the near term.

Shrimp, a popular crustacean delicacy, plays a pivotal role in the global seafood industry. It is in great demand worldwide due to its versatility and nutritional value. Two varieties of shrimp are famous worldwide: Whiteleg Shrimp (Panaeus vannamei) (known as Pacific White Shrimp) and Tiger shrimp (Panaeus mondon). In the global shrimp market, the Pacific White shrimp species leads the production with 77 per cent share, followed by Tiger Shrimp (14 per cent) and others (9 per cent).

The global scenario of shrimps reflects a thriving industry that plays a significant role in the seafood trade, economy, and food security. It shows a dynamic industry that balances economic growth, environmental considerations, and increasing demand for sustainable seafood. The global shrimp industry is $38 billion as of 2021, growing at a CAGR of 9.5 per cent and expected to reach $85 billion by 2030. The shrimp industry is growing due to increasing disposable income, growing health awareness, and rising shrimp use in manufacturing cosmetics, personal care products, and nutraceuticals.

As of 2021, global shrimp production is more than 5 million metric tonnes (MMT). It has increased by 128 per cent since 2011. The Asia-Pacific region has significantly contributed to global shrimp production, followed by the American region. Countries in the Asia-Pacific region, such as China (29 per cent share), India (17 per cent), and Southeast Asian countries (31 per cent) – Vietnam, Indonesia, and Thailand have substantial shrimp farming industries and have consistently been among the top producers globally. Ecuador (18 per cent) is the major shrimp producer in the American region.

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