As per a recent research report by Future Market Insights, a market research and competitive intelligence provider, sales of shrimps are estimated to reach a valuation of US$ 60.4 billion in 2023. It is projected to surge at 7.4% CAGR through the forecast period between 2023 and 2033. It is set to reach US$ 123.8 billion by 2033.
Shrimp Market: Distribution Strategies and Market Growth Factors
Prawns are becoming more and more popular due to their nutritional attributes and low-fat protein composition. Consumers are shifting from a diet strong in carbs to one high in protein as a result of economic expansion and rising affluence. In order to increase year-round shrimp production while preserving the environment, shrimp farmers all around the world are utilizing better production techniques that go above and beyond conventional ones.
Globally, the Shrimp Market is expanding steadily due to rising health consciousness, shifting dietary habits, and rising demand for seafood. Shrimp is a protein- and calorie-rich food that appeals to consumers who are concerned about their health. The market is also growing as a result of new product introductions such value-added and ready-to-cook prawn products.
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Over the next ten years, demand for shrimp-based products is anticipated to increase, particularly for canned and frozen options. Due to their excellent nutritional content, seafood products are now in greater demand in the worldwide food industry. North America is one of the world’s top importers of prawns due to the huge demand for them.
Distribution Patterns and Emerging Trends in the Shrimp Market
Due to easy access to these products at low prices, there is also a considerable demand for prawns throughout the Asia Pacific region. Demand is also anticipated to increase due to the region’s growing preference for seafood products. The world’s largest producer of prawns is Asia Pacific, followed by North America.
Consumers in Asia Pacific and Western Europe are becoming highly concerned with their health and leading fast-paced lives. Traditional fish and chip shops are witnessing more customers every day, which is predicted to stimulate expansion of the shrimp market.
Over the course of the projected period, an increase in demand for seafood snacks is anticipated. The market for shrimps is anticipated to grow over the next ten years due to the rising trend for fresh and frozen seafood products.
Key Takeaways from Shrimp Market Study
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The North America shrimp market is estimated to be valued at US$ 13.0 billion in 2023.
- In North America, the USA currently holds a share of 81.4% of the shrimp market.
- East Asia holds a share of 25.8% in the global shrimp market.
- In Asia Pacific, China holds a share of 52.1% in the shrimp market.
- The North America shrimp industry is expected to register a 9.6% CAGR between 2023 and 2033.
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Competitive Landscape: Shrimp Market
Shrimp has a strong competitive global market. Leading manufacturers are striving to strengthen their distribution channels. They are emphasizing on joint ventures for increasing their production capacity of innovative shrimp products.
Few of the leading companies offering shrimp include Apex Frozen Foods Ltd., Avanti Feeds Ltd. (Hyderabad, India), Maruha Nichiro Corporation (Tokyo, Japan), Aqua Star Corp. (Seattle, USA), Nordic Seafoods A/S (Hirtshals, Denmark), Devi Fisheries Limited, Jayalakshmi Sea Foods Pvt. Ltd., Falcon Marine Exports, Nippon Suisan Kaisha (Tokyo, Japan), Clearwater Seafoods Inc. (Bedford, Canada), SSF LIMITED, BMR Groups, Marine Harvest (Bergen, Norway), High Liner Foods Inc. (Lunenburg, Canada), Thai Union Group (Bangkok, Thailand), Surapon Foods (Muang, Thailand), and Nekkanti Sea Foods Limited (NSFL) among others.
Get More Valuable Insights into the Shrimp Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Shrimp presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the shrimp market by shrimp market by species (gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, royal red shrimp, giant tiger shrimps, blue shrimps, ocean shrimps), source (organic, conventional), form (canned, breaded, peeled, cooked & peeled, shell-on, frozen), sales channel (direct, indirect), application (food, pharmaceutical, cosmetics, industrial, biotechnology), and region.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Shrimp Market Outlook by Category
By Species:
Gulf Shrimps
Farmed Whiteleg Shrimps
Banded Coral Shrimps
Royal Red Shrimp
Giant Tiger Shrimps
Blue Shrimps
Ocean Shrimps
By Source:
Organic
Conventional
By Form:
Canned
Breaded
Peeled
Cooked & Peeled
Shell-On
Frozen
By Sales Channel:
Direct
Indirect
By Application:
Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology
By Region:
North America
Latin America
Europe
Middle East and Africa
East Asia
South Asia
Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the m arket. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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