Executive Summary:
The Indian shrimp export market to the US has witnessed steady growth over the past five years, driven by factors such as rising demand for seafood in the US, competitive pricing of Indian shrimp, and trade agreements between the two countries. This report examines the market trends, challenges, and future prospects for Indian shrimp exports to the US over the period 2020-2025.
Market Size and Trends:
- Export value: Indian shrimp exports to the US grew from USD 704 million in 2020 to USD 812 million in 2022, representing an increase of 15.3%.
- Market share: India holds around 28% of the US shrimp import market, making it the second-largest supplier after Ecuador.
- Product categories: Indian shrimp exports to the US primarily comprise vannamei shrimp (whiteleg shrimp), followed by black tiger shrimp.
- Import trends: US shrimp imports have been increasing steadily over the past five years, driven by growing demand for seafood and a decline in domestic production.
Competitive Landscape:
- Major competitors: India faces stiff competition from Ecuador, Thailand, and Indonesia in the US shrimp market.
- Competitive advantage: Indian shrimp is known for its competitive pricing, high quality, and availability of diverse product categories.
- Trade agreements: The Generalized System of Preferences (GSP) program provides Indian shrimp exporters with duty-free access to the US market, giving them a competitive edge.
Challenges:
- Anti-dumping duties: The US has imposed anti-dumping duties on Indian shrimp imports since 2004, which can hinder market access and increase costs for exporters.
- Non-tariff barriers: Stringent US regulations regarding food safety and traceability pose challenges for Indian exporters.
- Competition: Intense competition from other shrimp exporters can exert downward pressure on prices and market share.
Future Prospects:
- Market growth: The US shrimp import market is expected to continue growing at a healthy rate, reaching an estimated value of USD 13.7 billion by 2025.
- Opportunities for Indian exporters: Indian shrimp exporters have the potential to further expand their market share by focusing on high-value segments, diversifying product offerings, and improving compliance with US regulations.
- Challenges to overcome: Addressing anti-dumping duties, enhancing product quality and safety standards, and developing efficient logistics networks will be crucial for sustained market growth.
Methodology:
This market research report is based on data collected from various sources, including:
- Government reports and databases: US Department of Agriculture (USDA), United Nations Food and Agriculture Organization (FAO), Marine Products Export Development Authority (MPEDA)
- Industry reports and publications: SeafoodSource, The Fish Site, Seafood Business
- Market research reports: Statista, Euromonitor International, Transparency Market Research
- News articles and industry journals
Disclaimer:
This market research report is intended for informational purposes only and should not be construed as financial advice. The information presented in this report is based on the best available information at the time of publication and may be subject to change without notice.