Shrimp Market Size Was Valued at USD 38.6 Billion in 2022, and is Projected to Reach USD 71.45 Billion by 2030, Growing at a CAGR of 8% From 2023-2030.
Shrimp are crustaceans belonging to the Caridea and Dendrobranchiata groups, with long bodies and a swimming mode of movement. Although smaller or marine species within each group may be used to define them more specifically, in a broader sense, shrimp and prawns share similar features such as long tails, antennae, and legs. These stalk-eyed creatures are vital components of the marine food web and are commercially sought after for human consumption, with larger species being of particular interest. Due to their small size and abundance, they are natural prey for various predators. The shrimp industry is driven by several factors, including increased demand due to the growing awareness of their health benefits, adoption of eco-friendly production techniques, contract farming, and government regulations.
Top Key Players Covered In The Shrimp Market:
- Charoen Pokphand Food PCL (Thailand)
- The Clover Leaf Seafoods Family Canada
- Nippon Suisan Kaisha Ltd Japan
- Marine Harvest ASA (Norway)
- Gulf Shrimp Company (United States)
- Thai Union Frozen Products PLC (Thailand)
- Baton Rouge Shrimp Company Inc (United States)
- Pescanova S.A (Spain)
- Galveston Shrimp Company (United States)
- Labrador Fishermen's Union Shrimp (Canada)
- Omarosa S.A (Ecuador)
- MSeafood Corp (Philippines)
- Ristic GmbH (Germany)
- Vinnbio India Pvt. Ltd (India)
- Seajoy Group (Mexico)
- Dom International Limited (Canada)
- Caribbean Shrimp Company Limited (Jamaica)
- Artisanfish LLC (United States)
- Ananda Group (Thailand)
- Orchid Marine (India) and other major players
Market Dynamics and Factors
The global shrimp market is being driven by factors such as rising demand for seafood, particularly in emerging economies, the health benefits of shrimp, expansion of shrimp aquaculture, and increasing demand for sustainable products. As a result, there has been a surge in demand for shrimp in recent years, particularly in developing countries where rising incomes have led to an increase in consumer spending on high-quality food products.
The shrimp market presents several opportunities for growth and expansion. One of the key opportunities is the development of new shrimp farming technologies that can increase production efficiency and reduce environmental impacts. This can be achieved through the use of recirculating aquaculture systems (RAS) and closed containment systems that can minimize water usage, reduce waste, and prevent disease outbreaks. The expansion of the global market presents new opportunities for the shrimp industry.
The Shrimp Market Report Highlight:
- By Species, the Farmed White leg Shrimp segment is anticipated to lead the growth of the Shrimp market in the forecasted timeframe. It includes antioxidants called flavonoids and polyphenols, which relax blood vessels and reduce inflammation in the body.
- By form, the Canned segment is expected to have the highest share of the Shrimp market over the projected period. Canned shrimp is a form of shrimp that has been cooked, peeled, and canned in water or oil.
- By Distribution Channel, Online the segment is expected to have the highest share of the Shrimp market over the projected period. Online retail and modern trade are increasing at an alarming rate among various sales distribution platforms. Online shopping is popular, especially during the current flu pandemic, when remaining indoors is advised.
- By Application, Food the segment is expected to have the highest share of the Shrimp market over the projected period. Restaurants have a unique opportunity to attract clients because shrimp are extensively consumed in a variety of cuisines.
- The Asia Pacific region is expected to have the highest share of the Shrimp market over the projected period. Shrimp has become a very big business and the global market is one of the most competitive in the world. It is characterized by regional companies in the Asia Pacific region
Key Industry Development:
- In March 2021, New Wave Foods® negotiated a strategic distribution arrangement with North American restaurants and catering providers to formally debut its New Wave ShrimpTM. New Wave Foods is expediting its go-to-market efforts by offering food service organizations rapid and convenient access to their plant-based shrimp through a non-exclusive deal with Dot Foods, North America's leading food service industry redistributor.
Shrimp Market Segmentation:
By Species
- Gulf Shrimps
- Farmed White leg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
By Form
- Canned
- Breaded
- Peeled
- Cooked & Peeled
By Distribution Channel
- Online
- Offline
By Application
- Food
- Pharmaceutical
- Cosmetics
For this report, Introspective Market Research has segmented the Shrimp Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
