India's shrimp industry is one of the fastest-growing sectors in global aquaculture, with significant economic importance and market potential. Below is a detailed introduction to the industry:
Industry Overview
Global Position: India is the world's second-largest producer and exporter of shrimp, following Ecuador. In 2024, the market value of India’s shrimp industry is estimated at $8.3 billion, expected to grow to $20.9 billion by 2032.
Export Performance: In 2023, India’s shrimp exports reached $5.2 billion. Despite facing high tariffs and global competition, the industry continues to show strong growth. Export revenue is expected to grow by 8-10% in the fiscal year 2024.
Key Markets: The United States, China, and the European Union are the major destinations for Indian shrimp. In 2024, India’s shrimp market share in the U.S. is estimated to be around 40% to 50%.
Production and Technology
Main Production Regions: Andhra Pradesh is India’s largest shrimp production state, accounting for approximately 70% of the country’s total shrimp farming. The state’s vast coastline and favorable climate conditions make it the hub for shrimp farming.
Farming Technology: In recent years, modern technologies such as automated feeding systems, real-time water quality monitoring, and disease prevention measures have been introduced to improve farming efficiency. These technologies have helped achieve a survival rate of over 85%.
Market Challenges and Opportunities
Environmental and Social Issues: While the shrimp industry generates significant economic benefits, it also faces environmental challenges such as water pollution, land salinization, and impacts on wild fish and other species. Additionally, many farms are unregistered, making it difficult to meet strict traceability standards.
Competitive Pressure: Despite India’s prominent position in the global shrimp market, it faces intense competition from countries like Ecuador. Ecuador has increased its market share due to its geographical advantage near the U.S. and EU markets and lower logistics costs.
Government Policies and Support
Policy Support: The Indian government has increased fiscal support for the fisheries sector, with the budget for 2024-25 rising to INR 261.644 billion. Sustainable development strategies are being implemented to promote the growth of aquaculture, with a focus on infrastructure improvement, technological innovation, and environmental practices.
Future Outlook: With the global demand for healthy seafood rising, along with technological advances and government policy support, the future of India’s shrimp industry looks promising. The industry is expected to continue expanding and remain competitive in the global market by 2032.
This article highlights 10 representative Indian shrimp companies, offering insights into their businesses, market performance, and showcasing the potential growth of India’s shrimp industry.
Avanti Feeds Ltd.
Company Overview:
Avanti Feeds, established in 1993 and headquartered in Hyderabad, India, is an integrated aquaculture company focusing on shrimp feed production, hatcheries, and shrimp product processing and export. The company operates six shrimp feed production units and a hatchery, with an annual feed production capacity of 775,000 tons and shrimp processing capacity of 29,000 tons. Avanti also provides renewable energy through its wind power plants.
Features and Scale:
Market Share Leadership: Avanti holds a significant market share in India's shrimp feed sector and has collaborations with feed companies from Thailand, Japan, and other countries.
Vertical Integration: The company operates a fully integrated model, covering feed production, farm management, shrimp processing, and export.
International Certifications: Its products meet international standards such as HACCP and BAP (Best Aquaculture Practices).
Products and Services:
Avanti’s main brands include Profeed, Manamei, and Titan, offering frozen shrimp, shrimp products (such as shrimp rings, marinated shrimp), and fish meal for international markets (including the U.S., Europe, Japan, etc.).
Financials:
As of 2024, Avanti Feeds reports annual revenue of INR 55.05 billion, with a net profit of INR 3.93 billion. The company controls about 50% of India's shrimp feed market share and plans to further expand the export of value-added products.
Devi Seafoods Ltd.
Company Overview:
Devi Seafoods, founded in 1992 and headquartered in Visakhapatnam, Andhra Pradesh, is one of India’s largest shrimp exporters. The company has a fully integrated supply chain that includes farms, feed mills, and processing plants. Devi Seafoods also has a subsidiary in the United States to better serve the North American market.
Features and Scale:
Large Integrated Enterprise: Devi Seafoods integrates farming, sourcing, processing, and exporting operations, with a significant production capacity.
International Quality Systems: The factory is certified under BRC, BAP, and HALAL certifications, ensuring product safety and quality.
Diverse Export Markets: Devi Seafoods has established stable sales channels in high-end markets such as the U.S., EU, Japan, and South Korea.
Products and Services:
Devi Seafoods exports frozen shrimp, including white leg shrimp (Vannamei) and black tiger shrimp, to Europe, North America, and Asia. The company also produces value-added shrimp products like peeled shrimp, cooked frozen shrimp, and flavored shrimp.
Financials:
Devi Seafoods reported a revenue of over INR 50 billion in 2023 and has become an important partner for international clients such as Sysco, due to its strict quality control and environmental responsibility.
Apex Frozen Foods Ltd.
Company Overview:
Apex Frozen Foods, founded in 2012 and headquartered in Kakinada, Andhra Pradesh, is an integrated seafood company involved in shrimp farming, processing, and export. The company primarily focuses on white shrimp production, with key markets including the U.S., Europe, and China.
Features and Scale:
Listed Company: Apex Frozen Foods is listed on the Indian Stock Exchange, providing stable financial backing and management support.
Strong Farming System: The company operates its own shrimp farms, promoting scientific and sustainable farming practices with traceable product quality.
Export-Oriented: Over 90% of its products are exported to markets in the U.S., EU, and China.
Products and Services:
Apex Frozen Foods specializes in frozen seafood, mainly white leg shrimp, along with value-added shrimp products like peeled shrimp, shrimp with tails, garlic shrimp, and cooked shrimp.
Financials:
As of 2024, Apex Frozen Foods reported annual sales of INR 3.855 billion, a decline of approximately 22% compared to the previous year. Despite facing challenges, the company remains committed to improving product quality and expanding market share.
The Waterbase Ltd.
Company Overview:
Founded in 1987 and headquartered in Tamil Nadu, The Waterbase is a leading shrimp feed manufacturer and also engages in shrimp processing and export. The company focuses on producing high-quality feed to improve farm efficiency and exports products to several countries including the U.S., Europe, and Japan.
Features and Scale:
Research Investment: The company collaborates with several research institutions to continuously improve feed formulations and shrimp disease prevention technologies.
Full Industry Chain: From hatcheries and feed production to processing and export, Waterbase manages a comprehensive industry chain.
International Recognition: Its products meet global food safety standards, and the company exports to numerous countries.
Products and Services:
Waterbase specializes in high-quality shrimp feed and fish feed, shrimp larvae, farming services, and processed frozen shrimp for export markets.
Financials:
As of 2024, The Waterbase reports annual revenue of INR 33.9 billion and continues to expand its presence in global markets.
Falcon Marine Exports Limited
Company Overview:
Falcon Marine Exports was established in 1986 and is headquartered in Odisha. The company is a fully integrated seafood exporter, focusing on high-quality fresh and frozen seafood, with a commitment to sustainable practices.
Features and Scale:
Major Exporter: The company is a leading player in India’s seafood export sector, particularly in the European, American, and Asian markets, with a stable customer base.
Cold Chain Management: Falcon Marine has a robust refrigeration and storage system to ensure product quality during international transportation.
Sustainability: Actively participates in environmental and community projects, promoting sustainable fishing and aquaculture, enhancing social reputation.
Products and Services:
Frozen Shrimp: Specializes in whiteleg shrimp (Vannamei) and black tiger shrimp, offering various specifications for export markets.
Other Seafood Products: In addition to shrimp, Falcon processes squid, fish fillets, crabs, and other seafood.
Seasoned and Pre-cooked Seafood: Supplies semi-processed and ready-to-eat seafood products for the foodservice industry.
Sandhya Marines
Company Overview:
Founded in 1987 and headquartered in Visakhapatnam, Andhra Pradesh, Sandhya Marines specializes in frozen seafood processing and export, with a focus on shrimp. The company exports to 25 countries, including North America, Europe, and Asia.
Features and Scale:
Long Export Experience: Has focused on exports for many years, with stable trade partners in international markets.
Quality and Safety Certifications: The factory is certified by HACCP, BRC, BAP, and other international standards to ensure global food safety.
Sustainable Farming: Actively uses environmentally friendly and healthy farming practices to minimize the ecological impact on marine life.
Products and Services:
Frozen Shrimp: Primarily whiteleg shrimp and black tiger shrimp, exported to the US, Europe, and East Asia.
Shrimp Products: Includes peeled shrimp, seasoned shrimp, cooked frozen shrimp, etc., adding value to the products.
Aquaculture Services: Offers technical training and disease management for farming partners, enhancing farming efficiency.
Business Data:
In 2023, Sandhya Marines’ revenue exceeded 50 billion INR, with a 15.36% increase in EBITDA and a 35.35% growth in net assets. The company’s authorized capital is 12 billion INR, with a paid-up capital of 8.777 billion INR.
Sagar Grandhi Exports
Company Overview:
Sagar Grandhi Exports, founded in 1996 and headquartered in Andhra Pradesh, specializes in seafood processing and export. The company operates two modern processing plants and processes shrimp sourced primarily from Andhra Pradesh. Sagar Grandhi Exports holds a strong market share in the US but faces competition from Ecuador.
Features and Scale:
Integrated Operations: Covers the full value chain from farming, acquisition, processing, to export, ensuring high-quality control.
Flexible Supply Chain: Works with many small-scale farmers to ensure stable and diversified raw material supply.
Global Sales Network: Has a strong presence in the US, EU, Asia, and Middle East markets.
Products and Services:
Whiteleg Shrimp (Vannamei): Frozen and fresh varieties, primarily exported to the US and EU.
Semi-processed Shrimp Products: Includes shrimp meat, shrimp skewers, and cooked shrimp for the foodservice and retail markets.
Other Seafood Products: Also processes squid, fish fillets, and other seafood for export.
Business Data:
In 2023, Sagar Grandhi Exports’ revenue was 103.2 billion INR, a decrease of about 15% year-over-year. Despite a drop in sales volume, operational profit margins improved due to reduced transportation costs, with an interest coverage ratio of 3.5x.
Ananda Group
Company Overview:
Founded in 1989 and headquartered in Andhra Pradesh, Ananda Group is India's first integrated shrimp, prawn, and fish farming company. It operates multiple modern hatcheries and processing plants, specializing in high-quality aquaculture products. The group is also involved in feed production and distribution, with a strong reputation both domestically and internationally.
Features and Scale:
Multi-State Operations: Farming and processing facilities are spread across the eastern and southern coastal regions, offering flexibility in raw material sourcing and large production capacity.
Own Brand: Apart from exports, the group markets its aquaculture products under the "Ananda" brand in the Indian domestic market.
Research and Development Strength: Focuses on technological investment, collaborating with research institutions to improve feed and farming techniques.
Products and Services:
Frozen Shrimp: Including whiteleg shrimp and black tiger shrimp, available in various sizes and packaging.
Feed and Aquaculture Technology: Operates its own feed R&D center, providing professional consultation and training to farmers.
Value-added Seafood: Offers a wide range of processed shrimp and fish products for quick-service chains and large supermarkets.
Business Data:
In 2023, Ananda Group’s total revenue reached 127.1 billion INR, showing consistent growth. The group plans to expand its seafood processing facilities to further strengthen its market position.
Growel Feeds
Company Overview:
Founded in 2008 and headquartered in Andhra Pradesh, Growel Feeds is a leading manufacturer of aquaculture feeds. The company produces around 400,000 metric tons annually, including shrimp feed, freshwater fish feed, and specialty feeds. Growel is committed to innovation and high-quality standards to meet customer needs, with exports to 22 countries.
Features and Scale:
Feed Specialization: Primarily focuses on shrimp and aquaculture feed, establishing a strong professional image in the industry.
Technology-Driven: Invests in research and development to improve feed conversion rates and shrimp growth performance, reducing farming risks.
Collaborative Network: Partners with numerous farmers and large seafood processors to provide integrated solutions.
Products and Services:
Shrimp Feed: Offers various formulations for whiteleg shrimp, black tiger shrimp, and other species, with a strong market presence in India.
Aquaculture Management Services: Provides farming technology services, disease management solutions, and water quality testing.
Shrimp Processing: Although small-scale, the company also engages in primary shrimp processing and export.
Business Data:
In 2023, Growel Feeds achieved stable growth, with an operating profit margin exceeding 8%. The company plans to set up a new production unit in Odisha to better serve the northern market.
Devi Fisheries
Company Overview:
Devi Fisheries, founded in 1992 and headquartered in Andhra Pradesh, is one of India's largest shrimp exporters. The company operates with a vertically integrated model, including hatcheries, farms, feed mills, and multiple processing plants, ensuring quality control at every stage of the process. Devi Fisheries is committed to supplying high-quality frozen and cooked shrimp to global customers.
Features and Scale:
Veteran in the Industry: With years of experience in the Indian shrimp sector, the company has a wide international customer base.
Strong Quality Control: Implements modern cold chain and testing technologies to ensure quality throughout the farming and processing stages.
Diverse Export Markets: Besides the US and Europe, Devi Fisheries is expanding into emerging markets in the Middle East and Southeast Asia.
Products and Services:
Frozen Shrimp: Specializes in whiteleg shrimp and black tiger shrimp, with a wide variety of sizes, exported to multiple global markets.
Pre-cooked and Seasoned Shrimp: Includes peeled cooked shrimp, breaded shrimp, garlic shrimp, and other value-added products.
Shrimp Seed and Technical Support: Provides shrimp seed supply and farming technical training to foster industry-wide growth.
Business Data:
In 2023, Devi Fisheries achieved approximately $1 billion in revenue and is recognized for its robust supply chain management. The company has been ranked as one of India’s largest shrimp exporters for several consecutive years and actively promotes sustainable development practices.
