According to Reports and Insights analysis, the shrimp market was US$ 27.5 Bn in 2022. Furthermore, the shrimp market to register revenue CAGR of 5.6% over the forecast period and account for market size of US$ 44.9 Bn in 2031.
Shrimp is an invertebrate animal, which belongs to the class of crusaceans called as “malacostraca”. It is identified as a laterally compressed and enlarged body with lengthy antennae and legs. It is one of the most traded seafood supplies.
They are found in both saltwater and freshwater environments across the globe. It is a good source of protein, low in calories, and provides essential nutrients like iodine, selenium, and vitamin B12. It is a versatile and popular seafood enjoyed in many cuisines globally.
They come in various sizes, colours, and species. The most common shrimp include white shrimp, brown shrimp, and pink shrimp. They are also widely known for their tender, sweet meat, and are employed in wide range of culinary dishes, that includes shrimp scampi, shrimp cocktail, shrimp stir-fries, and shrimp pasta. They can be prepared in numerous cooking techniques such as grilling, boiling, frying, and sauteing
Comprehensive analysis and insights into the global shrimp market provide valuable information for businesses in the industry. Clarity and understanding of market trends help companies tailor their products to meet customer demands more effectively.
Read the global shrimp market research report overview and other sections to know more about market coverage and highlights taken from the full report:
Shrimp Market Report Overview:
The global shrimp market report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.
Shrimp market share and revenues are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Shrimp market growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.
Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others.
The global shrimp market report is segmented according to type, form, end-user, distribution channel, and regions. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).
Shrimp Market Trends Analysis and Insights:
Some of the Key Factors of the Shrimp Market Trends Analysis and Insights are:
Increased Consumption: The surge in shrimp's popularity as an internationally favored seafood can be attributed to several key factors. To begin with, shrimp's adaptability in various culinary preparations, be it grilling, frying, boiling, or integration into diverse cuisines, makes it a top choice for a wide range of tastes and preferences. Furthermore, the distinct and delightful flavor of shrimp, with its sweet and savory notes, has made it a highly sought-after ingredient in both traditional and contemporary cooking. This irresistible taste profile has played a pivotal role in driving up its consumption.
In addition, shrimp's reputation as a health-conscious food option has contributed to its growing popularity. Shrimp is a low-calorie, high-protein seafood selection packed with essential nutrients like vitamins, minerals, and omega-3 fatty acids. These nutritional advantages align with the global trend toward healthier eating habits, making shrimp an appealing choice for health-conscious consumers. With the world's population continuing to expand, the demand for protein sources like shrimp is expected to surge.
Moreover, the profitability associated with shrimp farming and fishing has spurred increased production, ensuring a consistent supply to meet this growing demand. Consequently, the trend of elevated shrimp consumption is likely to persist, driven by its versatility, delectable flavor, perceived health benefits, and the increasing appetite of the global population for this delightful seafood option.
Certifications: The surge in certifications within the shrimp farming industry, such as the Aquaculture Stewardship Council (ASC) and the Global Aquaculture Alliance's Best Aquaculture Practices (BAP), has garnered significant prominence in recent times. These certifications act as robust indicators that shrimp products conform to stringent sustainability and quality benchmarks, and they have emerged as a compelling selling point for numerous brands operating in the seafood sector. In an era where consumers are increasingly seeking seafood products sourced with ethical and sustainable practices, these certifications offer a trustworthy guarantee of responsible and environmentally conscious shrimp farming methods.
For example, the ASC certification places emphasis on criteria such as responsible water and feed management, habitat preservation, and fair labor practices. Similarly, BAP certification assesses the entire aquaculture production chain, encompassing responsible farm management, food safety, and social responsibility. These certifications yield benefits not only for the environment but also enhance the overall quality and safety of shrimp products. By adhering to these standards, shrimp farmers are driven to integrate optimal practices into their operations, often resulting in shrimp that are not only healthier but also possess superior taste.
Furthermore, the transparent traceability systems associated with these certifications empower consumers to make well-informed decisions about their purchases, fostering a sense of trust between producers and consumers.
Technology and Innovation: Technology and innovation are ushering in a new era of progress in the realm of shrimp farming. These advancements encompass a spectrum of crucial facets within the industry, including the implementation of more sophisticated water management systems, the utilization of advanced disease monitoring techniques, and the development of more efficient methods for preparing shrimp feed. Among the notable strides in shrimp farming is the adoption of state-of-the-art water management systems. These systems leverage technology to meticulously control and optimize water quality and environmental conditions within shrimp ponds. By precisely regulating factors such as temperature, salinity, and oxygen levels, farmers can create an ideal habitat for shrimp growth. This not only leads to increased yields but also reduces the susceptibility of shrimp to diseases, as maintaining optimal water conditions is essential for their overall health.
Furthermore, the incorporation of advanced disease monitoring tools has been a game-changer in the industry. Historically, shrimp farming has grappled with diseases capable of causing significant losses. However, due to technology, farmers can now employ early warning systems designed to detect signs of illness in shrimp populations. This enables swift intervention, preventing the rapid spread of diseases and minimizing associated losses.
In addition, innovations in feed preparation have revolutionized the efficiency of shrimp farming. Precision in feed formulation, driven by technology, ensures that shrimp receive the precise nutrients necessary for rapid growth, all while minimizing waste. This not only boosts productivity in shrimp farms but also lessens the environmental impact by mitigating excess nutrient runoff and waste in aquatic ecosystems.
What Factors Are Restraining Growth of Shrimp Market?
The Factors that Restrain the Growth of Shrimp Market are:
Disease Outbreaks: Disease outbreaks pose a significant hurdle for the shrimp farming sector, with ailments such as Early Mortality Syndrome (EMS) and White Spot Syndrome Virus (WSSV) standing out as major concerns. These diseases have the potential to inflict substantial losses on shrimp production, leading to disruptions in the supply chain and increased production expenses. Early Mortality Syndrome (EMS), for instance is a highly contagious bacterial infection that primarily impacts young shrimp. It can trigger swift and extensive mortality within shrimp populations, resulting in considerable financial setbacks for shrimp farmers. The ramifications of EMS extend beyond the immediate loss of shrimp, necessitating costly measures such as the implementation of stringent biosecurity measures and the adoption of specialized feeds and treatments to mitigate the disease's impact. Conversely, White Spot Syndrome Virus (WSSV) is a viral disease that can affect shrimp at various developmental stages, marked by the development of white spots on shrimp shells and often causing high mortality rates. To combat WSSV, farmers may need to invest in measures such as quarantine systems, regular disease screening, and, in some cases, the culling of infected shrimp stocks each of which contributes to elevated production costs. The consequences of these disease outbreaks ripple through the entire industry. When such outbreaks occur, they can disrupt shrimp supply, affecting both local and global markets. A reduced supply can lead to spikes in shrimp prices, posing economic challenges for consumers and the seafood industry as a whole. Through these endeavors, the shrimp farming industry aims to fortify its resilience against disease outbreaks, minimize losses, and ensure a dependable supply of this highly sought-after seafood option in the global marketplace.
Trade Barriers: Trade barriers, encompassing trade disputes and tariffs, wield substantial influence over the international trade of shrimp products. When significant shrimp-producing and -consuming nations find themselves entangled in trade conflicts, it sets the stage for market instability, thereby impeding the industry's expansion. Nations heavily reliant on shrimp exports may encounter reduced access to vital markets, curtailing revenue prospects and stunting the growth of their shrimp farming sector. Furthermore, the importing countries may grapple with elevated shrimp prices as tariffs take effect, rendering these seafood products less affordable for consumers. This unpredictability can deter investments in the industry, and dissuade businesses from making long-term commitments. Consequently, the overall shrimp market may suffer.
Additionally, trade barriers have the potential to disrupt supply chains and trade patterns, making it difficult for businesses to establish reliable and consistent trade relationships. This disruption can stimulate market inefficiencies and amplify transaction costs, further eroding the competitiveness of the shrimp industry.
What are the Opportunities for Leading Shrimp Manufacturers?
The Opportunities for Leading Shrimp Manufacturers are:
Sustainable Production Practices: Embracing sustainable production practices within the shrimp farming industry presents a significant avenue for manufacturers and stakeholders to explore. This approach encompasses a comprehensive commitment to mitigating the environmental impact of shrimp farms, reducing the use of antibiotics and chemicals, and ensuring responsible sourcing of shrimp. A pivotal element of sustainable shrimp farming revolves around environmental consciousness. Farms are increasingly implementing strategies aimed at lessening their ecological footprint. These include enhancements in water management systems to curtail effluent discharge, the adoption of efficient feed formulations to minimize nutrient runoff, and the implementation of responsible coastal zone management to safeguard delicate ecosystems. These initiatives collectively contribute to the eco-friendliness of shrimp farming. Equally essential is the endeavor to diminish the reliance on antibiotics and chemicals in shrimp production. Overuse of these substances can engender antibiotic resistance and environmental contamination. Sustainable shrimp farming places a strong emphasis on disease prevention through the implementation of heightened biosecurity measures and the development of disease-resistant shrimp varieties. This shift reduces the need for antibiotics and chemicals, fostering healthier shrimp populations and safer seafood for consumers. Additionally, the concept of responsible sourcing plays a vital role in shrimp sustainability.
Vertical Integration: Vertical integration is a strategic business practice where manufacturers take control of multiple supply chain stages, including hatcheries, farming, processing, and distribution. This approach offers significant advantages, primarily centered around improving product quality and streamlining supply chain operations. Through vertical integration, manufacturers gain increased oversight over the entire production process. This means they can meticulously monitor conditions in hatcheries, farms, and processing facilities to ensure the highest standards of safety, hygiene, and product quality are consistently met. This rigorous control not only results in a superior final product but also reduces the chances of contamination or mishandling at any point along the supply chain. Furthermore, vertical integration optimizes supply chain efficiency. By consolidating all stages under a single management structure, coordination becomes more seamless. This can lead to cost savings in transportation, quicker responses to market fluctuations, and improved inventory management. Manufacturers can align production more effectively with demand, mitigating issues related to excess or insufficient inventory. Additionally, vertical integration can foster innovation and sustainability initiatives. Manufacturers can invest in research and development across the entire supply chain, from refining farming methods to adopting more sustainable processing practices. This holistic approach empowers them to innovate and adapt swiftly to changing market dynamics and environmental concerns.
What are the Factors Driving the Shrimp Demand in North America Region?
In North America, several factors are driving shrimp demand. Firstly, a shift towards healthier dietary choices has increased the consumption of seafood with shrimp being a popular and versatile option. Secondly, rising consumer awareness of the nutritional benefits of shrimp such as being a low-fat protein source has contributed to its demand. Lastly, robust economic conditions and higher disposable incomes have allowed consumers to include shrimp in their regular diets. These combined factors are fueling the steady demand for shrimp in North America.
What Fuels Shrimp Demand in Europe?
In Europe, the demand for shrimp is primarily driven by consumer preferences for seafood, its reputation as a healthy protein source, and its versatility in various cuisines. Factors such as affordability, availability, and sustainability also play significant roles in this region's shrimp market. Moreover, the popularity of shrimp in both home cooking and dining out at restaurants is boosting the demand further. Economic factors, including disposable income and price trends, have a notable impact on the level of demand for shrimp products in the European market. According to the report published by the Food & Agriculture Organization of the United Nations (FAO) in September 2023, even though global shrimp prices remained comparatively low, the European Union encountered a significant 11.65 percent decline in its shrimp imports during the first and second quarters of 2023. This decrease amounted to a total of 179,330 tonnes when compared to the corresponding period in the previous year. In contrast to 2022, imports from countries outside the EU into the European Common Market saw a decrease of 2.4 percent, totaling 162,767 tonnes.
What are the Factors Contributing to the Significant of Asia Pacific Shrimp Market?
In Latin America, several factors contribute to the significance to the shrimp market. First, the region's favorable climate and widespread coastlines provide the ideal conditions for shrimp farming. Second, the rising global demand for shrimp drives the production growth. Third, the advancements in aquaculture technology and practices have increased productivity and efficiency. According to the report published by the Food & Agriculture Organization of the United Nations (FAO) in September 2023, the first quarter of 2023, shrimp imports in Hong Kong SAR saw a 6 percent rise that reached 10,600 tonnes, while Malaysia experienced a significant 29 percent increase, totaling 11,400 tonnes. However, Australia witnessed a decline of 20 percent, with imports reaching 7,371 tonnes, and a similar decrease was observed in Taiwan.
What are the Aspects that are Driving the Shrimp Market in Latin America?
In Latin America, several aspects are driving the shrimp market. Firstly, the region benefits from plentiful natural resources and suitable climatic conditions for shrimp farming that leads to increased production. Secondly, a growing global demand for shrimp has expanded export opportunities. Additionally, favorable government policies and incentives have encouraged industry growth. These factors collectively fuel the growth and significance of the shrimp market in the region.
What is the Stance on Shrimp Market in Middle East and Africa?
Shrimp is the fastest growing seafood in Middle East and Africa. The demand for shrimp is increasing due to changing consumer preferences and a focus on healthier diets. However, the region's production has historically been limited due to unfavorable environmental conditions and inadequate infrastructure. In Middle East and Africa, Saudi Arabia is emerging as a dominant player in the Middle East's seafood market with a notable flow in both imports and exports in recent years. Saudi Arabia also introduced the National Fisheries Development Program as part of its Vision 2030 initiative. This program aims to raise a substantial fund of USD 4 billion, which will be allocated towards enhancing infrastructure and building a skilled workforce for inland fisheries cultivation. Similarly, in 2022, the United Arab Emirates proposed providing fuel subsidies to its fishing sector, a move aimed at reducing operating costs. This initiative was a collaborative effort involving the UAE Ministry of Climate Change and the Environment, Abu Dhabi National Oil Company, and Emirates National Oil Company.
Leading Shrimp Manufacturers & Competitive Landscape:
The shrimp market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These companies are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability.
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Marine Harvest
- Maruha Nichiro Corporation
- Nippon Suisan Kaisha
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- In February 2023: Shrimp aquaculture to gain from Budget allocations: In India, the Union Budget has announced the launch of a programme in continuation of the Prime Minister’s Matsya Sampada Yojana to boost seafood business. An amount of INR 6,000 crore has been earmarked for the sector. There are over 55,000 farmers engaged in shrimp culture in the country. The number could be on the higher side with the recent expansion of Vannamei shrimp cultivation in fresh waters.
Market size available for the years
Compound Annual Growth Rate (CAGR)
Type, end-user industry, distribution channel and regions.
North America: The U.S. & Canada
Latin America: Brazil, Mexico, Argentina, & Rest of Latin America
Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific
Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe
The Middle East & Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe
Aqua Star Corp., Avanti Feeds Ltd., Clearwater Seafoods Inc., High Liner Foods Inc., Marine Harvest , Maruha Nichiro Corporation, Nippon Suisan Kaisha, Nordic Seafoods A/S, Surapon Foods, and Thai Union Group.
Shrimp Market Segmentation:
By Distribution Channel:
- Convenience Stores
- Specialty Stores
- Online Sales Channels
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Frequently Asked Question
What are some key factors driving revenue growth of the Shrimp market?
Some key factors driving revenue growth of the Shrimp market are Increased Consumption, Sustainability Concerns, Certifications, Technology and Innovation, Alternative Protein Sources and many more.
What are some major challenges faced by companies in the Shrimp market?
Some major challenges faced by companies in the Shrimp market are Disease Outbreaks, Environmental Concerns, Trade Barriers, Price Volatility, Quality and Safety Standards and many more.
How is the competitive landscape in the global Shrimp market?
The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.
What are the potential opportunities for companies in the Shrimp Market?
The potential opportunities for companies in the shrimp market are sustainable production practices, value-added products, diversification of product offerings, investment in technology, vertical integration and many more.
How is the Shrimp Market segmented?
The market is segmented based on factors such as type, form, end-user, distribution channel and regions.