India Vannamei shrimp exports rise 1% YOY to 565,082 mt in 2024

India Vannamei shrimp exports ended the year 2024 with a slight increase of over 1% on India's Vannamei shrimp exports edged up 1% year over year to 565,082 mt in 2024, data from the Ministry of Commerce showed March 11.

The US remained India's largest export market, accounting for 43% of total exports, followed by China and Vietnam, with a share of 21% and 7%, respectively.

Vannamei exports to the US rose 2% from 234,209 mt in 2023 to 240,871 mt in 2024. Exports in December increased 5%month over month, reflecting strong retail demand from the US.

Exports to China, the second largest market, fell 1% to 120,881mt in 2024. In December, exports to China declined by 21% month over month after displaying strong demand in October and November.

Market participants said that the domestic shrimp prices in China started declining early December due to high inventory levels, prompting buyers to pause any fresh purchases.

Meanwhile, exports to Vietnam rose 38% month over month and 128% year over year in December to 7,443mt. However, the total exports to Vietnam in 2024 fell 1% year over year.

Exports to Belgium increased 18% year over year in 2024. Belgium was the fifth biggest market, with a share of over 3% of India's total exports. Vannamei shrimp exports to Belgium have shown a consistent rise since 2022, and market participants attribute this to an increase in demand for value-added shrimp from the country.

Vannamei shrimp prices in India rose toward the end of 2024 due to reduced output from the second main crop.

India has two primary shrimp cropping patterns along the East Coast, the dominant summer crop and a monsoon crop, harvested by April and November, respectively.

Platts assessed peeled, deveined, tail-on shrimp FCA India, 31-40 count/lb, at $7,120/mt March 11. The marker averaged $7,597/mt in December, an increase of 3% from November.

The Indian shrimp market has been facing low shrimp prices due to a global oversupply since 2022, and the prices showed signs of recovery in the second half of 2024.

However, many market participants in India believe that dependency on traditional markets may not be sustainable in the long run. Diversifying shrimp trade by focusing on value-added products and expanding to new markets may be the way forward, one trader based in Nellore, Andhra Pradesh noted.

Platts is part of S&P Global Commodity Insights.