The Global Shrimp Market size is expected to reach $106.7 billion by 2030, rising at a market growth of 6.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,301.0 kilo tonnes, experiencing a growth of 4.7% (2019-2022).
Acetes japonicus shrimp is considered a delicacy in many Asian countries, especially Japan, South Korea, and parts of Southeast Asia. It is used in a variety of dishes, including sushi, sashimi, tempura, and as a garnish in soups and rice dishes. Thus, the Acetes Japonicus segment garnered $7,162.6 million revenue in the market by 2030. The unique flavor and texture of these shrimp make them a prized ingredient in traditional and contemporary Asian cuisine. It is also used as an ingredient in processed seafood products, such as surimi-based items, seafood sauces, and seasoning products. These processed goods are found in various cuisines and convenience foods, which further boost the demand for these shrimps. Some of the factors impacting the market are increasing global demand for seafood, rising consumer awareness of the health benefits of seafood, and rising disease outbreaks in shrimp farming.
The growing demand for seafood, including shrimp, leads to an expansion of the market. As more consumers seek seafood products, the overall market size increases, providing opportunities for established and emerging market players. Higher global demand for seafood results in increased consumption of shrimp. This particularly benefits shrimp producers and suppliers, as it translates to higher sales and revenue. The market is a significant source of economic opportunities, especially in regions with a strong focus on production. The increased scrutiny on sustainable and responsible sourcing in the seafood industry leads to more shrimp producers adopting eco-friendly and accountable production methods. This enhances the industry's reputation and appeal to conscientious consumers. Therefore, these factors will drive the market in the coming years. Additionally, as consumers become more health-conscious, the demand for shrimp and other seafood as a healthy dietary choice rises. Shrimp, a low-calorie and high-protein food, becomes a sought-after option, driving up consumption. Market expansion is fueled by the increased understanding of seafood's health advantages. The market is experiencing growth as consumers increasingly incorporate shrimp into their diets for its nutritional value. The market responds with value-added products, such as pre-cooked and pre-packaged shrimp, catering to consumers' busy lifestyles and dietary preferences. The connection between shrimp's health benefits and environmentally sustainable sourcing practices encourages consumers to look for responsibly sourced shrimp products, aligning the market's growth with sustainability initiatives. These factors are expected to boost the demand for shrimp in the future.
However, Disease outbreaks often lead to high mortality rates among shrimp populations. Shrimp farmers may lose a significant portion of their harvest due to infected or affected shrimp. This reduction in supply can decrease shrimp products' availability in the market. To manage and mitigate disease outbreaks, shrimp farmers may need to invest in disease prevention and control measures, such as improving biosecurity, changing water management practices, and adopting better feed and nutrition strategies. Frequent and severe disease outbreaks can create a disincentive for new investments in shrimp farming. Potential investors may be discouraged by the perceived risk associated with disease management and its impact on profitability. Therefore, the market will witness decreased demand in the coming years.
On the basis of source, the market is bifurcated into wild and aquaculture. In 2022, the wild segment witnessed a substantial revenue share in the market. Increasing consumer awareness and environmental concern has driven the demand for sustainably sourced seafood, including wild-caught shrimp. Consumers often perceive wild-caught shrimp as more ecologically responsible because it does not involve intensive farming practices that can harm coastal ecosystems. Wild-caught shrimp are celebrated for their distinctive, authentic flavor and firmer texture.
On the basis of the distribution channel, the market is divided into B2B and B2C. The B2B segment recorded the maximum revenue share in the market in 2022. B2B transactions have become essential for efficiently managing the global supply chains in the market. Shrimp is sourced from various regions worldwide, and B2B relationships enable producers, processors, and distributors to connect and trade across borders seamlessly. These connections facilitate the flow of shrimp products from farms to end consumers efficiently. Shrimp processing and exporting hubs, especially in countries like India, Thailand, Ecuador, and Vietnam, have become central to the global supply chain.
Based on form, the market is segmented into green/head-off, green/head-on, peeled, cooked, breaded, and others. The peeled segment procured a significant revenue share in the market in 2022. Peeled shrimp, sold without shells and often deveined, offers consumers a convenient and time-saving option. It eliminates the need for laborious peeling and deveining, making it a popular choice for busy individuals or those seeking quick meal solutions. This factor has been a significant driver of growth in the peeled shrimp segment. Peeled shrimp, a lean source of protein and low in saturated fats, aligns with health-conscious dietary preferences.
Based on species, the market is segmented into L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis, and others. The P. monodon segment procured a significant revenue share in the market in 2022. P. monodon is renowned for its large size and exceptional taste, making it a highly sought-after species among consumers who value bigger shrimp with a delicious flavor. This preference has increased demand for P. monodon in upscale restaurants and premium seafood sectors. The large size and premium taste of P. monodon contributes to its high market value.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 64.8 Billion |
| Market size forecast in 2030 | USD 106.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6% from 2023 to 2030 |
| Number of Pages | 487 |
| Number of Table | 990 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Source, Form, Species, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Asia-Pacific is the world's leading region in shrimp production, accounting for a substantial share of global supply. Countries like India, China, Indonesia, Vietnam, Thailand, and Bangladesh are among the largest shrimp producers. This region's contribution to production has been instrumental in meeting the increasing global demand for shrimp. The Asia-Pacific region offers various geographic conditions suitable for shrimp farming, from coastal areas to inland brackish water ponds and mangrove forests. This diversity allows for different shrimp species to be cultivated, contributing to various shrimp products available in the market.
Free Valuable Insights: The Global Shrimp Market size to reach USD 106.7 Billion by 2030
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 Geography (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
This Market size is expected to reach $106.7 billion by 2030.
Increasing global demand for seafood are driving the Market in coming years, however, Rising disease outbreaks in shrimp farming restraints the growth of the Market.
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
In the year 2022, the market attained a volume of 6,301.0 kilo tonnes, experiencing a growth of 4.7% (2019-2022).
The Aquaculture segment is leading the Market by Source in 2022; thereby, achieving a market value of $72.7 billion by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $25.1 billion by 2030.
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