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’s nutritional value and low-fat protein content are increasing in demand. Because of the faster speed of economic expansion and greater income, consumers are shifting from a carbohydrate-heavy diet to one high in protein. As a result, shrimp farmers all around the world are using improved production techniques that outperform traditional ones, increasing year-round shrimp production while protecting the environment.
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The market for shrimp-based products is expected to grow during the next 10 years, especially in canned and frozen versions. This is owing to increased demand for seafood items in the global food sector due to their high nutritional value. Because of the high demand for prawns, North America is one of the world’s leading importers.
Demand for shrimps in Asia Pacific is also high due to easy availability of these products at a low price. Growing preference for seafood items in the region is also expected to drive demand. Asia Pacific ranks as the world’s largest producer of shrimp, 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.
Demand for seafood snacks is anticipated to rise throughout the projection period. In the next ten years, rising trend for fresh and frozen seafood products is expected to fuel market expansion for shrimps.
Key Takeaways from Shrimp Market Study
- 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.
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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 Us
Future Market Insights (ESOMAR certified 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 market. 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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