Shrimp Market Size 2024-2028

What will be the Size of the Shrimp Market During the Forecast Period?

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Shrimp Market Segmentation

The shrimp market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Product Outlook 
  • Frozen shrimp
  • Canned shrimp
  • Others

• Distribution Channel Outlook 
  • Supermarket and hypermarket
  • Convenience store
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

By Product

The market share growth by the frozen shrimp segment will be significant during the forecast period. The demand is increasing among consumers due to its longer shelf life. Frozen fish and seafood, including frozen shrimp, can be stored in a freezer for up to nine months. Moreover, the increasing imports and exports will also help in the growth of the segment during the forecast period. 

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The frozen shrimp segment was valued at USD 19.18 billion in 2018. An increase in the demand for raw frozen shrimp in major shrimp-consuming countries, such as Japan, will positively influence the market. Preliminary trade statistics made public by the Japanese Ministry of Finance show that the number of fish and shellfish imported in 2021 grew from the previous year by 1.5% to 1,93,440 tonnes.  Furthermore, the increasing number of product launches in the segment promoted the growth of the frozen segment. Thus, an increase in imports and exports, as well as product launches, will promote the growth of the segment during the forecast period.

By Region

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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to companies is Europe. The market is growing in Europe, driven by the increasing import of shrimp and other processed seafood to Europe and various initiatives undertaken by companies to increase production in the region. Increasing awareness among consumers about the various health benefits of these will also aid market growth in Europe during the forecast period. The rising health consciousness among consumers and the healthy living trend in Europe have increased the demand for these in this region. Consumers across Europe are increasingly becoming aware of the several health benefits of shrimp.

For instance, this helps in the proper functioning of the immune, cardiovascular, and endocrine systems. They are also an excellent source of protein that helps maintain bone mineral density and improve metabolic health. These health benefits have increased its demand significantly among European consumers. Furthermore, the rising demand for convenience foods, owing to the busy lifestyle of consumers, will help in increasing the demand for ready-to-cook shrimp products. Hence, these factors will fuel the regional market during the forecast period. 

Shrimp Market Dynamics

The market is a significant segment of the seafood industry, driven by the increasing dietary preferences for low-fat, high-protein sources and growing health consciousness among consumers. Shrimp, as a protein-rich seafood, is prized for its essential nutrients, including Omega-3 fatty acids. Various shrimp species, such as Litopenaeus vannamei, are popular due to their nutritional content and versatility in shrimp-based cuisines. Crab and lobster also play prominent roles in the seafood market. Aquaculture practices have been crucial in meeting shrimp demand, with marine crustaceans like decapods being farmed sustainably. The seafood industry continues to the nutritional benefits of shrimp, particularly for pescatarians and flexitarians who seek sustainable seafood options. International standards ensure the quality and safety of shrimp exports.

Culinary traditions showcase shrimp's versatility, from Asian dishes to Western favorites, and innovations like cloud kitchens are expanding market reach. Sustainable shrimp farming is essential for maintaining biodiversity and mitigating concerns of overfishing. The market is expanding with B2B distribution and B2C distribution channels. The focus on wild-caught shrimp and Pacific white shrimp drives seafood exports and seafood trade. Advances in feed formulations, aquaculture technology, and biofloc technology support the growth of high-yielding varieties like Penaeus vannamei and Penaeus monodon. Digital technologies, blockchain traceability, and eco-friendly practices enhance risk management and ensure product quality.

Key Market Driver

Growing awareness about health benefits of shrimp is notably driving market growth. The market is witnessing significant growth due to the increasing health consciousness and dietary preferences for low-fat, high-protein seafood options. Shrimp, as an essential nutrient-dense marine crustacean, offers numerous health benefits. It is a rich source of protein and vitamin D, making it a popular choice for individuals seeking weight loss. Moreover, shrimp contains zinc, which plays a crucial role in regulating fat storage, appetite, and energy use in the body. This nutrient-rich seafood is also a natural source of astaxanthin, a potent antioxidant that aids in reducing signs of aging. Shrimp farming, primarily through aquaculture practices, has become a significant contributor to the seafood industry. Species such as Litopenaeus vannamei and Chinese White Shrimp are popular choices for commercial farming.

Further, the market is expanding through various distribution channels, including B2B and B2C, e-commerce, and international trade. Fair Trade certification and sustainable shrimp farming practices are gaining importance in the market, ensuring environmental protection and adherence to international standards. Shrimp-based cuisines are an integral part of various culinary traditions worldwide. Aquaculture technologies and government support are crucial in improving shrimp breeding, disease management, and water quality control. As a protein-rich seafood option, shrimp exports continue to grow, making it a vital component of the seafood industry's nutritional content and economic significance. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trend

The emergence of sustainable fishing practices is an emerging trend shaping shrimp market growth. The demand for this is increasing worldwide as awareness of the health benefits of the consumption is growing. This growing consumer demand for these has led to the growth of shrimp aquaculture. In addition to farming, retailers of seafood in the global market are looking to find alternative solutions to make shrimp fishery more sustainable.  These efforts include reducing waste and increasing the amount of catch for human consumption. 

Leading retailers in key countries such as Norway and the UK have introduced private branded seafood bycatch lines as part of their commitment to sustainability. These efforts are expected to increase the popularity of untapped fish species and manage the pressure on fish such as mackerel that have federal fishing quotas. Organizations such as the International Seafood Sustainability Foundation are also continuously committed to sustainable fisheries by promoting the long-term protection and sustainable use of these stocks worldwide, reducing bycatch, and promoting the health of tuna ecosystems. Such factors will fuel the market growth during the forecast period. 

Major Market Challenge

The adverse climatic conditions and contamination are major challenges impeding shrimp market growth. Excess carbon dioxide and other greenhouse gases in the atmosphere are causing climate change. This has significantly disrupted the natural patterns and processes of aquatic ecosystems. Sea level rise, abrupt weather changes, and ocean acidification are some of the effects of climate change. Such changes in the weather have the potential to hamper production worldwide, severely impacting the market.

Other consequences are artificial changes in species distributions with increases in the numbers of certain species and decreases in others. This can unbalance the entire ecosystem and sometimes lead to disease outbreaks. For example, early mortality syndrome is a common shrimp disease that has a major impact on farming. In such cases, the prices may become more volatile, posing significant challenges to the market.  Therefore, these factors will pose a major challenge to the growth of the global market during the forecast period.

Customer Landscape

The shrimp market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the shrimp market growth and trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

High Liner Foods Inc. - The key offerings include shrimps such as Breaded Shrimps, Beer Battered Shrimps, and Butterfly Shrimps.

The shrimp market growth insights report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• AFENTOULIS LIVERIS and SIA O.E.
• Apex Frozen Foods Ltd.
• Aqua Star
• Beaver Street Fisheries Inc.
• Charoen Pokphand Foods PCL
• Cooke Aquaculture Inc.
• Grand Ocean Seafoods Co. Ltd.
• GRUPO IBERICA CONGELADOS S.A.
• Maruha Nichiro Corp.
• Mazzetta Co. LLC
• Nissui Corp.
• Pacific Seafood Group
• Premium Brands Holdings Corp.
• Seaprimexco
• Surapon Foods Public Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

Further, shrimp-based dishes are an integral part of many culinary traditions. Sustainable shrimp farming, environmental protection, and adherence to international standards are essential for the growth of the Global market. Fair Trade certification, disease management, and water quality control are crucial aspects of sustainable shrimp farming. The market is influenced by various factors, including government support, aquaculture technologies, and aquatic products trade. Exports of shrimp and other seafood products play a significant role in the shrimp market's growth. In conclusion, the market is a dynamic and evolving industry that caters to the growing demand for protein-rich, low-fat, and nutrient-dense food options. It is essential to ensure sustainable farming practices, adherence to international standards, and continuous innovation to meet the changing consumer preferences and demands.

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What are the Key Data Covered in this Shrimp Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market's competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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