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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Shrimp Market Report Snapshots
*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 global market for shrimp attained a volume of 7.60 million tons.
The market is projected to grow at a CAGR of 6.30% between 2024 and 2032.
The shrimp market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 13.16 million tons by 2032.
The key drivers for the market include rising population, increasing demand from the food industry, growing disposable incomes, and the escalating demand for frozen shrimp products.
The rising health consciousness among the consumers and the growing awareness about the nutritious content of shrimp are the key trends in the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major species in the market are Penaeus Vannamei, Penaeus Monodon, and Macrobrachium Rosenbergii, among others.
The animal's shell is made of chitin, a thin yet stiff exoskeleton material. They do not belong to the family of fish because they lack an inner skeleton. They belong to the same family as crabs and lobsters and have ten legs.
Prawns and shrimp are very different animals. While both shrimp and prawns are decapods, or animals with 10 legs and an external skeleton, shrimp belong to the Pleocyemata suborder and prawns to the Dendrobranchiata suborder.
The major players in the market are 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, and Thai Union Group PCL, among others.
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