Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Shrimp Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The comprehensive assessment of the global shrimp market has indicated a promising future with the market value escalating to USD 69.22 billion as of 2023. A robust Compound Annual Growth Rate (CAGR) of 4.77% is projected through the year 2029. A vital segment of the seafood industry, the shrimp market, continues to thrive on account of burgeoning consumer demand, health consciousness, and culinary innovation worldwide.
Significant advancements in farming technology and sustainable practices are identified as major growth drivers in the sector. These enhancements not only bolster efficiency but also address major challenges such as disease control and environmental stewardship. Key market players focus on innovation and sustainable solutions to solidify industry viability and market expansion.
Global Supply Chains Underpin Market Dynamics
The international trade landscape has witnessed a notable impact on the global shrimp supply chains. With advancements in cold chain logistics and free trade agreements, the integration of markets across borders has been augmented. This has facilitated a year-round supply of diverse shrimp products, challenging the dynamics of seasonality and traditional production methods.
Sustainability Trend Gains Traction Amidst Challenges
Elevated consumer awareness and ecological concerns propel a shift toward sustainable shrimp farming. Certification initiatives and eco-friendly approaches remain at the forefront of this transformation. Despite the progressive trends, the industry grapples with challenges such as environmental sustainability, market price volatility, compliance complexity, and the imminent threat of climate change. Nonetheless, these hurdles present an opportunity for collaborative advancement and innovation within the sector.
Commitment to Sustainability and innovation Markets Future Outlook
The global shrimp market appears to be aligning closely with sustainability and technological innovation, responding to a consumer base increasingly inclined toward ethical and responsible sourcing. The rise in demand for value-added and convenience-based shrimp products reflects a transformation in consumer preferences driven by a fast-paced modern lifestyle and technological integration.
Market Segmentation Reveals a Widening Scope
Segmentation insights uncover growth across various channels, notably in fresh and frozen products, and an impressive upswing in online sales due to e-commerce proliferation. Regional analysis highlights Asia Pacific as a dominant force in production and consumption, with North America and Europe following suit in market expansion and innovation.
Industry participants and stakeholders are hence advised to pivot their strategies, embracing sustainability, technology, and a deep understanding of evolving consumer priorities to navigate the promising yet complex shrimp market landscape. For more market insights and developments in the global shrimp industry, interested parties are encouraged to engage with industry associations, market research firms, and environmental groups to gain a more comprehensive understanding.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $69.22 Billion |
| Forecasted Market Value (USD) by 2029 | $91.23 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Thai Union Group PCL
- Clearwater Seafoods
- Avanti Feeds Limited
- High Liner Foods
- Surapon Foods Public Company Limited
- Mazzetta Company, LLC
- Aqua Star
- Nordic Seafood A/S
- The Waterbase Limited
- Wild Ocean Direct
For more information about this report visit https://www.researchandmarkets.com/r/k7dvux
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