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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Shrimp Market Size
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.
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 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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