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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Shrimp Feed Market Analysis by Region
The Asia Pacific is a prominent region as shrimp is embedded in the culture of many Asian countries such as China and Japan. Governments across the region have set targets to expand shrimp farming aquaculture, which has supported the demand for quality feed. For instance, Pradhan Mantri Matsya Sampada Yojana (PMMSY), aims at enhancing shrimp production in India and achieving a target of producing 1.4 million tonnes by 2024. Indonesia's Ministry of Maritime Affairs and Fisheries set a target to increase its shrimp production by 250% from 800,000 metric tons in 2019 to 2 million metric tons by 2024.
In North America, shrimp is the most consumed seafood in the country. Although the USA mostly imports shrimp, there are many farms in Kentucky, Arkansas, Iowa, Nebraska, and Minnesota. Market players are actively working towards building a market for their US-grown, chemical-free, non-GMO shrimp, which is expected to continuously drive the shrimp feed market expansion in the forecast period.
Latin American countries are extensively engaged in shrimp farming, and it is one of the most significant exported products, which plays a crucial role in the economy. Precise feed management techniques to ensure the use of the best nutrient composition and the optimal number of feed occasions are expected to revolutionise shrimp production in Ecuador and across Latin America.
Shrimp Feed Market Report Snapshots
Shrimp Feed Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market value was nearly USD 9.93 billion.
The market is assessed to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 16.16 billion by 2032.
The major drivers include the increasing development of innovative shrimp feed ingredients and surging investments in shrimp farming.
The key trends aiding the market include rising demand for seafood for its high protein content and escalating demand for organic shrimp feed.
The different types of shrimp feed include grower, finisher, and starter.
The major ingredients of shrimp feed include soybean meal, fish meal, wheat flour, and fish oil, among others.
The major players in the market include Cargill, Incorporated, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and BioMar Group, among others.
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