Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- The global shrimp market size was USD 28.45 billion in 2020, It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of a flexitarian diet are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Shrimp Market, 2023-2028.”
The shrimp market refers to the global trade in shrimp, which is one of the most popular seafood items consumed worldwide. Shrimp is a versatile and nutritious source of protein that is low in fat and calories, making it a popular choice among health-conscious consumers. Shrimp are typically harvested from both wild and farmed sources, and the market for shrimp is highly competitive, with many countries and companies vying for a share of the global market.
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List of Key Players Profiled in the Report
- Aqua Star Corp. (Seattle, U.S.)
- Avanti Feeds Ltd. (Hyderabad, India)
- Clearwater Seafoods Inc. (Bedford, Canada)
- High Liner Foods Inc. (Lunenburg, Canada)
- Marine Harvest (Bergen, Norway)
- Maruha Nichiro Corporation (Tokyo, Japan)
- Nippon Suisan Kaisha (Tokyo, Japan)
- Nordic Seafoods A/S (Hirtshals, Denmark)
- Surapon Foods (Muang, Thailand)
- Thai Union Group (Bangkok, Thailand)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.81% |
| 2028 Value Projection | USD 53.63 Billion |
| Shrimp Market Size in 2020 | USD 28.45 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Shrimp Market Growth Drivers | Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth |
COVID-19 Impact:
Disruptions in Supply Chain and Reduced Seeding Activities to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The sudden spike in COVID infections led to the adoption of lockdown, thereby negatively affecting seeding and storage activities. Furthermore, the halt on transport led to wastage, thereby affecting business. Moreover, lack of raw materials led to a decline in seeding activities. However, the adoption of reduced capacities, technologically advanced production machinery, and sanitization methods may enable manufacturers to recover their losses. These factors may positively impact market development during the pandemic.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Segmentation
Type, Form, End-user, Distributional Channel, and Region are studied for the Market
By type, the market is segmented into brown, white, pink, and others. As per form, it is classified into canned and frozen. Based on end-user, it is classified into commercial and residential. On the basis of distributional channel, it is categorized into online sales channels, specialty stores, convenience stores, and hypermarkets/ supermarkets. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth
Consumers' demand for a healthy protein-rich diet and rising spending is expected to propel the demand for the product. As a result, manufacturers focus on developing better storage and preservation techniques to provide fresh foods to consumers. Furthermore, support for fishing activities from several countries is expected to boost industry growth. In the U.S., sustainable fishing initiatives are helping to spread awareness regarding seafood consumption. The National Oceanic and Atmospheric Administration (NOAA) supports U.S. participation in several global fisheries agreements and takes several measures to tackle illegal fishing. These factors may bolster the shrimp market growth during the upcoming years. However, trade wars between several countries are expected to hinder the market's progress.
Rising technological advancements in the seafood sector are expected to boost seafood products' demand. The rising demand for healthy snacking leads to the adoption of shrimp in consumers’ diets. Further, rising focus on the supply and storage of seafood is expected to surge the product demand. Moreover, the rising trend of flexitarian trends is expected to boost the product adoption. In addition, the entry of new players is expected to bolster market development in the coming years.
Regional Insights
Rising Adoption of the Crustaceans in Cuisines to Foster Market Development in Asia Pacific
Asia Pacific is expected to dominate the shrimp market share due to the adoption of seafood in several cuisines in India, China, Japan, Vietnam, and Australia. The market in Asia Pacific stood at USD 10.74 billion in 2020 and is expected to gain a considerable share globally. Further, the rising adoption of crustaceans from the foodservice sector is expected to bolster market development. These factors may propel industry development.
In North America, robust demand for big-sized decapod crustaceans and brown shrimps is expected to fuel the industry's development. Further, the rising adoption of seafood as a protein source and increasing import activities are expected to bolster the market growth.
In Europe, the rising popularity of decapod crustaceans from consumers is expected to bolster market development. In addition, the rising adoption of seafood products may fuel market development.
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Competitive Landscape
Major Players Acquire Companies to Increase Resources and Establish Market Presence
Prominent companies operating in the market devise acquisition strategies to increase their resources and dominate their presence. For example, Cooke aquaculture acquired a Honduras-based decapod crustacean producer “Seajoy” in February 2019. This acquisition may enable Cooke to establish a remarkable brand presence globally. Furthermore, the adoption of research and development, mergers, novel product launches, partnerships, and expansion strategies may enable companies to boost their brand image globally.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain and SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Shrimp Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Pink
- White
- Brown
- Others
- By Form
- Frozen
- Canned
- By End User
- Residential
- Commercial
- By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channel
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
To Be Continued…!
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Industry Development
- March 2021: BioMar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, shrimp farming, and shrimp hatcheries industries.
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