DUBAI, United Arab Emirates, Feb. 05, 2023 (GLOBE NEWSWIRE) -- 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.
Owing to shrimp's great nutritional value and low-fat protein content, demand is rising. Due to rapid economic expansion and rising affluence, consumers are switching from a diet high in carbohydrates to one high in proteins. As a result, shrimp farmers all over the world are using improved production techniques that outperform the conventional ones, boosting year-round shrimp production and protecting the environment.
The market for shrimp-based goods is anticipated to rise in the next ten years, particularly in canned and frozen forms. This is attributed to rising demand for seafood products in the global food sector due to their rich nutritional contents. North America ranks among the top importers of shrimp in the world due to immense demand for them.
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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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“High demand for seafood owing to their rich nutritional content is anticipated to drive sales of shrimps in the next ten years. Key companies are aiming to provide shrimps at a relatively low cost backed by increasing demand from conventional fish shops in emerging countries,” says a lead analyst at Future Market Insights.
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
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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.
Table of Content
1. Executive Summary | Shrimp market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Macro-Economic Factors
Explore FMI’s Extensive Coverage on Food & Beverage Domain:
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Seafood Takeout Market Share: The seafood takeout market is anticipated to have an effective CAGR of 6.50% during the period 2022-2032.
Seafood Flavours Market Demand: According to the latest research by Future Market Insights, the seafood flavours market is set to witness steady growth during 2021-2031.
Plant-Based Shrimp Market Size: The regions like Asia-Pacific and the Middle East are anticipated to have a lucrative demand for the plant-based shrimp.
Canned Salmon Market Analysis: The global canned salmon market is expected to reach a market valuation of US$ 4.7 Bn by the year 2022, accelerating with a CAGR of 6.8% by 2022-2032, reaching US$ 9.2 Bn by 2032.
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