Global Shrimp Market Report and Forecast 2024-2032

Global Shrimp Market Outlook

The global shrimp market reached a volume of 7.60 million tons in 2023. The market is likely to grow at a CAGR of 6.30% during 2024-2032 to attain a volume of 13.16 million tons by 2032, driven by rising demand for shrimp.

Throughout the course of the forecast period, the shrimp market expansion is anticipated to be aided by the growing adoption of environmentally friendly methods for shrimp farming. Additionally, it is anticipated that the market would expand in the upcoming years due to the increased demand for seafood items that are ready to eat. Shrimps are rich in protein, phosphorus, and selenium and have a high nutritional value. Since they are readily available and a rich source of nutrients, shrimp are therefore quite popular with consumers. This will positively influence the global shrimp market.

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Asia Pacific to Lead the Global Market for Shrimp

The Asia Pacific region has been leading the shrimp market for a significant period of time. In China, shrimp production usually begins at the end of calendar year. During this era, farmers make simple repairs to culture ponds by removing accumulated sediment, taking advantage of the sun, and cold in winter to scrub the pond completely which increases the shrimp population within the pond. Adoption of Pacific white shrimp because the prominent species by India’s growing aquaculture industry, especially within the contract farming sector, is one among the most factors, which helps India to expand more into the United States shrimp market.

Other major regions include Indonesia, Vietnam, Thailand, and Ecuador, among others. On the opposite hand, the main shrimp consuming regions are the United States, China, Europe, Japan, among others.

Shrimp: Industry Definition and Segments

Shrimp is an invertebrate marine animal, belonging to the foremost important class of crustaceans called Malacostraca. Its structure is identified by a laterally compressed and enlarged body with lengthy legs and antennae. Widely available in freshwater lakes and streams, and deep and shallow waters, it is considered to be one of the foremost commonly consumed seafood species across the planet.

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Based on type, the market has been classified into:

• Wild Shrimp

• Farmed Shrimp

On the basis of species, the market has been divided into:

• Penaeus Vannamei

• Penaeus Monodon

• Macrobrachium Rosenbergii

• Others

Based on product category, the market has been categorised into:

• Peeled

• Shell-on

• Cooked

• Breaded

• Others

The market has been classified based on the distribution channel into:

• Hypermarkets and Supermarkets

• Convenience Stores

• Hotels and Restaurants

• Online

• Others

Production by region is divided into China, India, Indonesia, Vietnam, and Ecuador, among others. Consumption by region is divided into China, United States, Europe, and Japan, among others.

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Increased Popularity of Frozen Shrimp Products to Boost the Global Market for Shrimp

The global market is primarily driven by the enormous popularity of frozen shrimp products among end users. This is often supported by the inflating income levels of the masses, the shifting lifestyle patterns, and significant improvements within the online and offline organized retail platforms. Apart from these, processed and frozen shrimp products are seldom characterized by affordable prices, easy availability, lower cooking time and elongated shelf-life. These factors have led them to realize widespread prominence across the world and are increasingly preferred by working professionals with busy schedules and hectic lifestyles. The demand for shrimp is increasing among end users and buyers because it is rich in nutritional value and low-fat protein. It contains zero carbs and is extremely low in calories. These factors make consumers incorporate shrimp in their food diet. Thus, there was an increase in shrimp production to cater to the increased demand which led to a growth in production thus raising the demand.

Shrimp is also rich in various minerals and vitamins, like iron, calcium, sodium, phosphorus, zinc, magnesium, potassium, iodine, niacin, riboflavin, thiamine, vitamin A, vitamin E, vitamin B6, and vitamin B12. All these various minerals, vitamins, and nutrients together make shrimp healthy food. Shrimp helps in preventing many health issues. It helps in preventing hair loss, maintaining healthy bones, improving memory performance, reducing menstrual cramps, eliminating bad cholesterol, and reducing the danger of occurrence of lung and prostatic adenocarcinoma. Such multiple factors are driving the worldwide shrimp industry within the forecasted period.

Key Industry Players in the Global Shrimp Market

The report gives a detailed analysis of the following key players in the global shrimp market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Mazzetta Company, LLC

• Apex Frozen Foods Ltd.

• Seaprimexco Vietnam

• Liveris Afentoulis & Co.

• Grand Ocean Seafoods Co., Ltd

• Charoen Pokphand Foods PCL

• Grupo Iberica Congelados, S.A

• Ocean More Foods Co., Limited

• Aqua Star

• Pacific Seafood

• Santa Priscila

• Thai Union Group PCL

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Shrimp Market Report Snapshots

Shrimp Market Size

Shrimp Market Growth

Shrimp Companies