The shrimp market size was valued at USD 73.8 billion in 2023 and is expected to reach the market size of USD 126.3 billion by 2032, at a CAGR of 6.1%.
FORT COLLINS, Colo., April 18, 2024 (Globe Newswire) —
Rising demand for shrimp will drive market growth.
of shrimp market It has experienced significant growth due to increased demand and consumption across the world. Shrimp has become a popular seafood choice among consumers due to its culinary versatility, nutritional benefits, and appealing taste. According to the Food and Agriculture Organization (FAO), global shrimp production in 2020 reached 4.45 million tonnes, with an estimated value of US$31.6 billion. Increasing disposable income, urbanization, and changing food preferences in emerging countries such as China, India, and Southeast Asia are further stimulating the demand for shrimp and driving market growth.
Increasing consumer awareness of sustainability and increasing demand for environmentally friendly and socially responsible seafood products are creating significant opportunities for the shrimp market. Incorporating sustainable aquaculture practices, such as the use of natural feed ingredients, minimal water exchange, and integrated multi-trophic aquaculture (IMTA), addresses growing consumer preference for sustainable shrimp while addressing environmental concerns. can be dealt with effectively.
Additionally, we are responding to evolving consumer preferences by adding value-added shrimp products, including ready-to-eat and ready-to-cook options, organic and certified shrimp, and products with enhanced nutritional profiles. , can earn premium prices in the market. Marine Stewardship Council (MSC) report reveals global market for certified sustainable seafood soared to US$11.5 billion in 2020, expanding potential for sustainable shrimp products It highlighted that.
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Segmentation overview:
The shrimp market is segmented into sources, forms, end-uses, distribution channels, and regions.
Farmed shrimp occupy a large market share
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Based on the market segmentation of the shrimp market by source, the two major subsegments are wild-caught shrimp and aquaculture-reared shrimp. In 2023, farmed shrimp will become the largest subsegment. Aquaculture has grown rapidly in recent years due to increasing demand for shrimp and limited wild-caught supplies.
Frozen shrimp is dominating the growth in this segment and is projected to dominate the market share.
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The shrimp market is segmented by format into subsegments such as frozen, canned, peeled, cooked, and in shell. Frozen shrimp accounted for the largest subsegment in 2023. Frozen shrimp are known for their long shelf life, convenience, and ability to retain flavor and texture. The frozen format facilitates transportation and storage, making it the preferred choice for consumers and food service providers.
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Highlights of the shrimp market report:
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Prominent companies in the shrimp market report include Minh Phu Seafood Corp., Charoen Pokphand Foods PCL (CPF), Thai Union Group PCL, Nippon Suisan Co., Ltd., Maruha Nichiro Co., Ltd., Zhanjiang Guolian Aquatic Products Co., Ltd., Surapon. included. Foods Public Company Limited, Sirena A/S, Pacific Seafood Group, High Liner Foods Inc., Trident Seafoods Corporation, and Blue Star Foods Corp.
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