USD 68.40 billion
Shrimp Market Size, Share, Growth Analysis, By Species(Whiteleg Shrimp, Black Tiger Shrimp, Brown Shrimp, Pink Shrimp), By Form(Fresh, Frozen, Cooked, and Breaded), By Source(Wild-Caught, Aquaculture), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30C2127 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Shrimp Market Insights
Global Shrimp Market size was valued at USD 68.40 billion in 2022 and is poised to grow from USD 72.16 billion in 2023 to USD 110.75 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
In recent years, the global shrimp market has been changing consumer preferences and demands due to increasing consumer demand for seafood, a rise in health-conscious eating habits, and the popularity of shrimp in various cuisines worldwide. The versatile nature of shrimp makes it a key ingredient in various dishes, and its appeal extends across diverse cultures leading to the increasing popularity and consumption of seafood choices globally. Moreover, health-conscious consumers are attracted to low-calorie, high-protein food sources of shrimp.
Additionally, the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are the certifications that are playing a significant role in ensuring sustainable shrimp production. However, disease outbreaks can impact production and sustainable and responsible farming practices are increasingly crucial to address these issues.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Whiteleg Shrimp
Fastest Growth
Tilapia
Growth Rate
5.5% CAGR
Global Shrimp Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Shrimp Market Segmental Analysis
The global shrimp market is segmented into four major segments i.e. by by species, by form, by source, and region. Based on species, it is divided into whiteleg shrimp, black tiger shrimp, brown shrimp, pink shrimp, and others. Based on form, it is bifurcated as fresh, frozen, cooked, and breaded. Based on source it is segregated into, wild-caught, aquaculture. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Analysis by Species
The high versatility and suitability for aquaculture of whiteleg shrimp led to its domination in the global shrimp market. It has quicker harvest cycles and increased production efficiency due to the faster growth rate compared to other species. Moreover, the mild flavor, which appeals to a broad consumer base, contributes to the popularity of whiteleg shrimp.
Due to the relatively environmentally friendly farming, tilapia have gained popularity. Because it is a good source of lean protein and low in fat, health-conscious consumers are increasingly turning to this species of shrimp that offer nutritional benefits. It is often more affordable and versatile fish with a mild flavor, making it adaptable to various culinary styles compared to some other seafood options, appealing to a broad consumer base.
Analysis by Form
Due to its longer shelf life compared to fresh shrimp, retailers and consumers prefer it more often over other forms. This form primarily facilitates international trade as it allows for longer transportation periods without compromising product quality. By increasing the convenience to consumers, allowing them to store and use the product as needed without concerns about freshness, frozen shrimp form is leading the market.
The consumer health considerations, sustainability, and cultural influences impact the demand for value-added or ready-to-cook shrimp products. Convenient and time-saving meal options among consumers are driving the demand for value-added shrimp products. The development of innovative processing methods, including pre-marinated, pre-cooked, or breaded shrimp products, enhances the appeal of these forms.
Global Shrimp Market By Species
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Shrimp Market Regional Insights
Countries in the Asia-Pacific region, such as India, China, Vietnam, Indonesia, and Thailand, have historically been major contributors to global shrimp production. Asia-Pacific has well-established shrimp aquaculture practices, contributing significantly to both domestic consumption and international exports. The large populations in countries like China and India create substantial domestic markets, and their robust export industries make the region a dominant force in the global shrimp market.
Countries in Latin America, including Ecuador, have been expanding their shrimp production and export capabilities, making them emerging players in the global market. Latin American countries have been emphasizing quality control and sustainable shrimp farming practices, appealing to markets with a focus on responsible sourcing. Participation in trade agreements and collaborations with key importing nations contribute to the region's potential for rapid growth in the shrimp market.
Global Shrimp Market By Region
- Largest
- Fastest
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Shrimp Market Dynamics
Drivers
Increasing Consumer Preferences Towards Healthier Dietary Choices
- The shifting consumer preferences towards healthier dietary choices have elevated the demand for shrimp, recognized as a low-calorie, high-protein seafood option. Furthermore, the versatility of shrimp in various culinary traditions worldwide has fueled its popularity, making it a staple ingredient in a myriad of dishes. International trade plays a pivotal role, with major exporting countries like India, China, Vietnam, Indonesia, and Ecuador meeting the demands of key importing nations such as the United States, European Union, and Japan.
Restraints
High Susceptibility of Shrimp Farming to Disease Outbreaks
- One of the main market restraints is the susceptibility of shrimp farming to disease outbreaks, impacting production levels and posing risks to the industry's sustainability. The intensification of aquaculture practices can lead to higher instances of diseases, necessitating stringent biosecurity measures. Additionally, environmental concerns associated with shrimp farming, such as habitat degradation and water pollution, have prompted calls for more eco-friendly practices.
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Shrimp Market Competitive Landscape
The competitive environment of the shrimp market is dynamic and characterized by a dynamic interplay of various factors, reflecting a diverse and evolving industry. Numerous players, ranging from shrimp producers to processors and distributors, contribute to a competitive marketplace. Key companies in the sector focus on strategic initiatives such as product innovation, technological advancements in aquaculture practices, and diversification of shrimp products to gain a competitive edge. Sustainability and responsible sourcing have emerged as critical differentiators, with certifications like the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) becoming benchmarks for industry standards.
Top Player’s Company Profiles
- Charoen Pokphand Foods PCL (Thailand)
- Thai Union Group PCL (Thailand)
- CP Foods (Thailand)
- Grupo Ibérica Congelados S.A. (Spain)
- Mazzetta Company LLC (United States)
- Seaprimexco Vietnam (Vietnam)
- Pacific Seafood (United States)
- Ocean More Foods Co. Ltd. (China)
- Nippon Suisan Kaisha Ltd. (Japan)
- Trident Seafoods Corp. (Canada)
- High Liner Foods Inc. (Canada)
- Clearwater Seafoods Inc. (Canada)
- Minh Phu Seafood Corporation (Vietnam)
- Avanti Feeds Ltd. (India)
- The Seafood Group LLC (United States)
- Royal Greenland A/S (Denmark)
- Maruha Nichiro Corporation (Japan)
- Nippon Suisan Kaisha Ltd. (Japan)
- Marine Harvest ASA (Norway)
- Mowi ASA (Norway)
Recent Developments
- On February 2024, NaturalShrimp Consolidated gained ground in worldwide development by documenting licenses for its electrocoagulation innovation in key aquaculture markets. This inventive innovation is ready to reform economical shrimp cultivation and tackle critical industry challenges.
- In November 2023, Skretting, the world's biggest maker of feeds for cultivated fish, reported a coordinated effort with the biotechnology organization Zooca Calanus to foster a copepod-based feed redesign for the aquaculture business. This organization plans to offer "innovative and sustainable nutritional solutions" by saddling Zooca Calanus' capability in reaping and handling Calanus finmarchicus, a small marine copepod bountiful in fundamental supplements.
- In February 2024, a Norwegian company showcased a significant agreement to rebrand and help the market position of Canadian fish, especially along the Eastern coast. The undertaking, driven by The Atlantic Groundfish Gathering, includes a cooperative exertion between specialists from Norway, Iceland, and Copenhagen. The system expects to raise the situation with Canadian fish through an exhaustive marketing approach, utilizing experiences and assets from across Europe.
- In June 2023, The new 6,000-metric-ton pre-processing facility for shrimp in Tamil Nadu, operated by Avanti Frozen Foods, the Indian joint venture of Avanti Feeds with Thai Union Group, commenced production.
Shrimp Key Market Trends
Rising Consumer Awareness and increased use of clean label products
- The increasing focus on sustainability throughout the shrimp supply chain. Consumers are becoming more environmentally conscious, driving demand for responsibly sourced and certified shrimp products. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are gaining significance as indicators of ethical and sustainable production practices. Another significant trend is the rise of value-added shrimp products, responding to changing consumer lifestyles and preferences for convenient, ready-to-cook options.
Shrimp Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global shrimp market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market growth is propelled by increasing consumer demand for protein-rich seafood, with whiteleg shrimp dominating due to its adaptability and rapid growth. However, disease outbreaks and environmental concerns restrain the industry. Frozen shrimp remains the dominant product type, favored for its extended shelf life. Asia-Pacific leads the market, driven by major producers like India and China. Key trends include a shift towards sustainable practices, the rise of value-added shrimp products, and technological innovations enhancing aquaculture efficiency, all shaping the dynamic landscape of the global shrimp market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 68.40 billion |
| Market size value in 2031 | USD 110.75 billion |
| Growth Rate | 5.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Shrimp Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Shrimp Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Shrimp Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Shrimp Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Shrimp Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Shrimp Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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