Shrimps Market to Reach USD 77.29 Bn. by 2030, Growing at a CAGR of 8.2 percentage

The 𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at USD 44.52 Bn. in 2023 and is expected to reach USD 77.29 Bn. by 2030, at a CAGR of 8.2% during the forecast period.

𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

The global shrimps market is a rapidly evolving segment of the seafood industry, driven by increasing consumer demand for high-quality protein sources. Shrimps, valued for their delicate flavor, versatility, and nutritional benefits, are a staple in diets across the globe. Major markets such as the United States, China, Japan, and European nations play a pivotal role in shaping global consumption trends. Rising disposable incomes and shifting dietary preferences toward healthier food choices have further amplified the demand for shrimp. The sector benefits significantly from aquaculture, which now accounts for the majority of global shrimp production, ensuring consistent supply to meet escalating demand.

𝐖𝐡𝐚𝐭'𝐬 𝐧𝐞𝐱𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬? 𝐅𝐢𝐧𝐝 𝐨𝐮𝐭 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐲𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐭𝐨𝐝𝐚𝐲

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭:

One of the primary drivers in the shrimp market is the shift toward aquaculture as a sustainable production method. With wild shrimp stocks under pressure from overfishing and environmental degradation, shrimp farming has become essential in meeting global demand. Innovations in farming techniques, such as biosecure farming systems and improved feed formulations, have significantly increased yield and quality, making farmed shrimp more accessible to a broader consumer base. Additionally, aquaculture reduces dependency on wild catch, aligning with global efforts to promote sustainable seafood practices.

Another key driver is the increasing consumer preference for seafood's health benefits, including shrimp. As a low-calorie, high-protein food rich in essential nutrients like omega-3 fatty acids and vitamins, shrimp has gained favor among health-conscious individuals. The expansion of organized retail and e-commerce platforms has further facilitated access to shrimp products, allowing consumers to explore diverse culinary options. Moreover, rising disposable incomes and changing lifestyles in developing economies are accelerating the demand for premium seafood products, including shrimp.

𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐓𝐫𝐞𝐧𝐝𝐬:

Sustainability is emerging as a dominant trend in the shrimp market, with producers adopting eco-friendly practices to meet consumer demand for responsibly sourced seafood. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) have become crucial in gaining market access and consumer trust. The emphasis on traceability has further driven advancements in blockchain and digital technologies to ensure transparency across the supply chain, boosting confidence among retailers and end consumers.

𝐰𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧?

The application segmentation of the shrimp market is expected to witness robust growth, particularly in the food and beverage industry, where shrimp is a prized ingredient in cuisines worldwide. With increasing demand for ready-to-eat and frozen food products, shrimp-based meals are gaining traction among busy urban consumers. Their adaptability to various culinary styles, including Asian, Mediterranean, and Western dishes, drives their popularity, ensuring consistent growth across regions.

Shrimps Market Growth Opportunities in Vietnam

Vietnam is one of the leading exporters of shrimps globally, leveraging its vast coastal regions and advanced aquaculture practices. The market’s growth in Vietnam is spurred by investments from companies like Minh Phu Seafood Corporation and Vinh Hoan Corporation, which are exploring sustainable farming techniques. Recent government initiatives to modernize shrimp farming have further enhanced the industry’s potential, creating opportunities for both local and international players.

Shrimps Market Growth in Thailand

Thailand’s shrimp industry is gaining momentum due to advanced breeding practices and strong export channels. Charoen Pokphand Foods has been a significant contributor, implementing innovative technologies to boost production. The country’s strategic location and free trade agreements with major importers have positioned it as a key player in the global shrimps market.

Shrimps Market Trends in Japan

Japan’s preference for high-quality seafood has driven steady demand for premium shrimp varieties. Companies like Maruha Nichiro Corporation and Nippon Suisan Kaisha have been actively involved in ensuring consistent supply to meet consumer expectations. Technological advancements in processing and packaging have further bolstered market trends in Japan.

Shrimps Market Consolidation in South Korea

South Korea’s shrimps market is undergoing consolidation, with leading companies focusing on mergers and acquisitions to strengthen their market presence. Dongwon Industries recently acquired smaller players to expand its shrimp processing capacity, aiming to meet domestic and export demands effectively.

Shrimps Market Updation in Singapore

Singapore has emerged as a hub for shrimp imports and distribution in Southeast Asia. The city-state’s advanced logistics infrastructure supports seamless operations for companies like Qian Hu Corporation. Recent updates in Singapore’s food safety regulations have also ensured better quality control for imported shrimps.

Shrimps Market Opportunities in the US

The US shrimps market is characterized by high consumer demand and strong import activities. Key players like Tri Union Frozen Products (Chicken of the Sea) and Thai Union Group are driving market expansion through retail partnerships and innovative product offerings. Sustainability and traceability initiatives are gaining traction among US consumers, presenting opportunities for responsible suppliers.

Shrimps Market Growth in Europe

Europe remains a lucrative market for shrimps, with high demand in countries like Spain, Italy, and the UK. Companies such as Royal Greenland and Cooke Aquaculture are leading suppliers, leveraging Europe’s preference for ethically sourced seafood. Trade agreements and collaborations have further boosted market access across the region.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐅𝐢𝐠𝐮𝐫𝐞𝐬 & 𝐂𝐡𝐚𝐫𝐭𝐬 𝐈𝐧𝐜𝐥𝐮𝐝𝐞𝐝

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 

By Product Type

Fresh Shrimp
Frozen Shrimp
Canned Shrimp
Breaded or Value-Added Shrimp Products
Dried or Dehydrated Shrimp
Cooked or Precooked Shrimp

By Species

Whiteleg Shrimp
Black Tiger Shrimp
Pacific White Shrimp
Northern Pink Shrimp
Brown Shrimp Rock Shrimp

By Application

Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology
Other

By Distribution Channel

Retail Stores
Online Retail Platforms
Direct Sales

𝐖𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬 𝐨𝐟 𝐒𝐡𝐫𝐢𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞?

Asia-Pacific:

1. Thai Union Group (Thailand)
2. Charoen Pokphand Foods (Thailand)
3. Minh Phu Seafood Corporation (Vietnam)
4. Nissui Group (Japan)
5. Zhanjiang Guolian Aquatic Products (China)
6. Godrej Agrovet Limited (India)
7. Devi Seafoods (India)
North America:
8. Clearwater Seafoods (Canada)
9. High Liner Foods (Canada)
10. Red Chamber Group (Canada)
11. CenSea (United States)
12. American Seafoods (United States)
13. Pacific Seafood (United States)
14. SeaPak Shrimp & Seafood Co. (United States)

Europe:
15. Royal Greenland (Denmark)
16. Pescanova (Spain)
17. Lerøy Seafood Group (Norway)
South America:
18. Omarsa (Ecuador)
19. Songa (Ecuador)
20. Camanor Produtos Marinhos (Brazil)
21. Camanchaca (Chile)
22. Australis Seafoods (Chile)

𝐀𝐛𝐨𝐮𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:  

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