The Latin America, Middle East and Africa Shrimp Market would witness market growth of 6.7% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 714.7 kilo tonnes, showcasing a growth of 8.0% (2023-2030).
Shrimp breeding programs focus on developing strains with improved disease resistance, growth rates, and feed conversion ratios. These selective breeding efforts enhance the productivity of shrimp farms. Recirculating Aquaculture Systems (RAS) technology allows for efficient and sustainable shrimp production by minimizing water usage and environmental impact. This innovation is particularly valuable in land-locked areas. Novel feed formulations, including probiotics and alternative protein sources, are reducing the reliance on fishmeal and improving shrimp health and growth.
Additionally, blockchain technology is employed to create transparent and traceable supply chains, which provide consumers with information about the origin and quality of shrimp products. Shrimp farming and processing automation increase efficiency, reduce labor costs and improve product consistency. Innovations in product development include creating ready-to-cook shrimp meals, marinated shrimp, and flavored shrimp snacks, expanding consumer choices and convenience. Developing plant-based and cell-cultured shrimp alternatives is an emerging frontier, offering sustainable options for consumers.
As per the report titled Aquaculture Growth Potential in South Africa, published by the Food and Agriculture Organisation of the United Nations, aquaculture production in South Africa increased from 2,819 tonnes in 2000 to 9,753 tonnes in 2020. In 2020, the country was the 12th largest aquaculture country in Africa. Therefore, the demand for shrimp is expected to grow in the LAMEA region.
The Brazil market dominated the LAMEA Shrimp Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,919.7 million by 2030. The Argentina market is showcasing a CAGR of 7.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.4% during (2023 - 2030).
Based on Source, the market is segmented into Aquaculture, and Wild. Based on Distribution Channel, the market is segmented into B2B, and B2C. Based on Form, the market is segmented into Green/ Head-on, Green/ Head-off, Peeled, Cooked, Breaded, and Others. Based on Species, the market is segmented into L. Vannamei, Trachipenaeus Curvirostris, Pleoticus Muelleri, Pandalus Borealis, P. Monodon, Acetes Japonicus, P. Chinensis, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Shrimp Market is Projected to reach USD 106.7 Billion by 2030, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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 and Wild Ocean Direct
By Source (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Form (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Species (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
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