Shrimp Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2032

Key Insights

The Shrimp Market size was valued at USD 28.45 USD Billion in 2023 and is projected to reach USD 52.78 USD Billion by 2032, exhibiting a CAGR of 9.23 % during the forecast period. Shrimp is a valuable aquatic food resource high in protein and good exports.it is the type of shellfish . Shrimp is a good source of protein, low in fat, and provides essential nutrients such as vitamin B12, iron, and selenium. It is also rich in omega-3 fatty acids, which are beneficial for heart health.  it’s important to be mindful of portion sizes and cooking methods to maintain its nutritional value. There are numerous species type of shrimp, but some of the most common types include white shrimp, brown shrimp, pink shrimp, and tiger shrimp. The type varies in size, flavor, and texture, offering a diverse range of options for culinary. The antioxidants in shrimp are good for health. These substances can protect your cells against damage. the antioxidant astaxanthin prevents wrinkles and lessens sun damage. It is used in soup, salad pasta. And curries.  

Shrimp Trends

• Rising consumption of shrimp in emerging economies, particularly in Asia-Pacific and Latin America.
• Increasing demand for frozen and canned shrimp due to convenience and extended shelf life.
• Growing preference for sustainably sourced shrimp, driven by environmental concerns.

Driving Forces: What's Propelling the Shrimp Market

• Increasing Disposable Income: Rising incomes in developing countries have fueled the demand for higher-priced premium shrimp products.
• Convenience and Availability: The availability of frozen and canned shrimp in supermarkets and online platforms has made shrimp more accessible to consumers.
• Technological Advancements: Innovations in shrimp farming and harvesting techniques have increased productivity and reduced costs, making shrimp more affordable.

Challenges and Restraints in the Shrimp Market

• Disease Outbreaks: Diseases pose a significant challenge to shrimp farming, leading to crop losses and reduced supply.
• Environmental Concerns: Shrimp farming can negatively impact coastal ecosystems, raising environmental concerns among consumers.
• Trade Barriers and Regulations: Importing and exporting shrimp can be subject to various trade barriers and regulations, hindering market growth.

Emerging Trends in Shrimp

• Vertical Farming: Innovations in vertical farming technologies offer potential solutions to address environmental concerns and disease risks.
• Plant-Based Alternatives: Plant-based shrimp products are gaining popularity as consumers seek sustainable and cruelty-free options.
• Direct-to-Consumer Sales: Online platforms and farm-to-table initiatives connect consumers directly with shrimp farmers, ensuring freshness and transparency.

Growth Catalysts in the Shrimp Industry

• Government Support: Governments in major shrimp-producing countries are implementing initiatives to support the industry through subsidies, research and development, and infrastructure investments.
• Technological Innovations: Advancements in feed, breeding, and health management practices are improving shrimp productivity and reducing production costs.
• Sustainability Initiatives: The shrimp industry is adopting sustainable farming practices to address environmental concerns and meet consumer demand for responsibly sourced products.

Market Segmentation: Shrimp Analysis

Type:

• Pink
• White
• Brown
• Others

Form:

• Frozen
• Canned

Leading Players in the Shrimp Market

• Aqua Star Corp. (USA)
• Avanti Feeds Ltd. (India)
• Clearwater Seafoods Inc. (Canada)
• High Liner Foods Inc. (Canada)
• Marine Harvest (Norway)
• Maruha Nichiro Corporation (Japan)
• Nippon Suisan Kaisha (Japan)
• Nordic Seafoods A/S (Denmark)
• Surapon Foods (Thailand)
• Thai Union Group (Thailand)

Significant Developments in the Shrimp Sector

• Joint ventures and strategic partnerships to enhance production and distribution capabilities.
• Acquisitions to expand market share and product portfolios.
• Investments in research and development to develop innovative shrimp products and farming technologies.

Comprehensive Coverage Shrimp Market Report

Regional Insight

• Asia-Pacific dominates the global shrimp market, followed by North America and Europe.
• Growing aquaculture production in emerging economies is driving regional market growth in Asia-Pacific and Latin America.

Consumer Side Analysis

• Health-conscious consumers prefer shrimp for its high protein content.
• Convenience-seeking consumers opt for frozen and canned shrimp.
• Sustainable and ethical shrimp sourcing is becoming increasingly important for consumers.

DROCs

• Drivers: Rising demand due to population growth and changing dietary habits, technological advancements in farming and processing techniques, and government support for sustainable seafood production.
• Restraints: Disease outbreaks that can decimate shrimp populations, environmental concerns such as pollution and habitat loss, and trade barriers that restrict market access.
• Opportunities: Innovation in disease management and farming practices, sustainability initiatives to reduce environmental impact, and plant-based alternatives that cater to consumers seeking ethical and eco-friendly options.
• Challenges: Price volatility due to supply and demand fluctuations, production risks associated with natural disasters and climate change, and the need for continuous improvement in feed efficiency and overall productivity.

Swot Analysis

Strengths:

• High nutritional value
• Versatile culinary uses
• Growing demand

Weaknesses:

• Disease susceptibility
• Environmental concerns

Opportunities:

• Technological innovations
• Sustainability initiatives
• Direct-to-consumer sales

Threats:

• Competition from plant-based alternatives
• Trade protectionism