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Global Shrimp Market Size Forecast 2024 - 2033

9 Dec, 2024

What Is The Scope Of The Global Shrimp Market?

Shrimp are small, aquatic crustaceans found in both saltwater and freshwater environments. They have elongated bodies, long antennae, and a shell-like exoskeleton. Shrimp are popular in various cuisines worldwide due to their sweet flavor and versatility in cooking. They play a significant role in marine ecosystems and are also important in commercial fisheries and aquaculture.

Shrimp Global Market Report 2024 provides data on the global shrimp market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shrimp market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Shrimp Market Expected To Grow In Size And Annual Rates?

The shrimp market is growing from $56.46 billion in 2023 to $60.29 billion in 2024, at a CAGR of 6.8%. The increase is driven by higher seafood consumption, demand for high-protein diets, improved cold chain logistics, rising middle-class populations, and growing disposable incomes. By 2028, the market is expected to grow to $78.67 billion at a CAGR of 6.9%, with factors such as organic shrimp production, health consciousness, the rise of plant-based shrimp alternatives, and advancements in aquaculture technologies. Trends include recirculating aquaculture systems (RAS), AI and automation integration, and new research and development investments.

What Main Forces Are Fueling Expansion In The Shrimp Market?

The rising awareness of health and nutrition is anticipated to fuel the growth of the shrimp market. Health-conscious consumers are increasingly seeking nutritious, low-calorie, and high-protein food options like shrimp, which also contain omega-3 fatty acids and antioxidants. For instance, the International Food Information Council reported in May 2022 that 52% of American adults followed a specific diet or eating pattern, up from 39% in 2021, with clean and mindful eating gaining popularity. This trend underscores the increasing health consciousness driving the shrimp market's growth.

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What Are The Primary Segments In The Global Shrimp Market?

The shrimp market covered in this report is segmented –
1) By Form: Green Or Head-Off, Green Or Head-On, Peeled, Cooked, Breaded, Other Forms
2) By Species: L. Vannamei, Trachipenaeus Curvirostris, Pleoticus Muelleri, P. Monodon, Acetes Japonicus, Pandalus Borealis, P. Chinensis, Other Species
3) By Distribution Channel: Hypermarkets Or Supermarkets, Convenience Stores, Specialty Stores, Online Sales Channels
4) By Application: Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology
5) By End-User: Residential, Commercial

Which Key Trends Are Driving Changes In The Shrimp Market?

Key players in the shrimp industry are adopting advanced technologies such as real-time AI analytics to improve production efficiency and monitor shrimp health. This technology uses AI algorithms to process live data, offering immediate insights for better decision-making. In March 2022, Umitron, a Singapore-based aquaculture data company, launched Umitron Eagle, an AI-driven system specifically designed for shrimp farming. The solution leverages real-time data to optimize feeding strategies and monitor multiple environmental factors in intensive shrimp production.

What Is The Leading Region In The Shrimp Market?

Asia-Pacific was the largest region in the shrimp market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.