What Has Been The Evolution of the Shrimp Market in Recent Years?
The shrimp market has seen considerable growth due to a variety of factors.
• The size of the shrimp market has seen significant expansion in the past few years. It is predicted to rise from $60.29 billion in 2024 to $64.56 billion in 2025, showing a compound annual growth rate (CAGR) of 7.1%.
The immense growth during the historic period may be credited to factors such as growing global seafood consumption, increasing preference for high-protein diets, enhancements in cold chain logistics, the expansion of the middle-class demographic, and the increase in disposable income.
What Is the Forecasted Market Size and Growth Rate for The Shrimp Market Size In The Coming Years?
The shrimp market is expected to maintain its strong growth trajectory in upcoming years.
• The shrimp industry is projected to experience significant expansion in the coming years, with the value anticipated to reach $83.91 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 6.8%.
The anticipated growth during the forecast period is tied to the rise in organic and antibiotic-free shrimp farming, heightened health awareness, growing preference for frozen and processed shrimp, emphasis on traceability and transparency, and the emergence of plant-based shrimp substitutes. Key trends for the forecast period consist of the implementation of recirculating aquaculture systems (RAS), incorporation of artificial intelligence (AI) and automation in shrimp cultivation, progression in fishing methods, investment in shrimp research and development, and advancements in aquaculture technologies.
What Factors Are Driving Growth In The Shrimp Market?
The surge in health awareness is anticipated to boost the shrimp market's expansion. The growth in such consciousness can be attributed to the proliferation of lifestyle diseases such as obesity, diabetes, and heart disease. These conditions have heightened the recognition of the value of a healthy lifestyle. Shrimp serves as an optimal selection for those whose focus is on health. It presents a high-protein, low-calorie alternative, laden with crucial nutrients such as omega-3 fatty acids and antioxidants beneficial for heart wellbeing and overall health. For example, in May 2022, the International Food Information Council, a non-profit organization in the US, conducted a survey of 1,005 American adults aged between 18 and 80 years and Gen Z adults aged 18 to 24 years. The results showed that about 52% followed specific dietary regimes or eating habits, a rise from 39% in 2021. Furthermore, the common choices included clean eating (16%), mindful eating (14%), and calorie counting (13%). Hence, the rising health awareness is contributing to the growth of the shrimp market.
What Are The Main Segments Of The Global Shrimp Market?
The shrimpmarket 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
Subsegments:
1) By Green Or Head-Off: Whole Shrimp, Tail-On Shrimp, Tail-Off Shrimp
2) By Green Or Head-On: Whole Shrimp, Peeled Shrimp
3) By Peeled: Peeled Tail-On Shrimp, Peeled Tail-Off Shrimp
4) By Cooked: Boiled Shrimp, Grilled Shrimp, Steamed Shrimp
5) By Breaded: Breaded Shrimp, Breaded Shrimp
6) By Other Forms: Shrimp Chips, Shrimp Paste, Shrimp Powder
Pre-Book The Shrimp Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Market Trends Are Altering The Shrimp Industry?
Renowned businesses in the shrimp market are working towards creating advanced systems like real-time artificial intelligence analytics. This strategy is aimed at increasing productivity and overseeing health parameters in shrimp cultivation. The concept denotes the use of AI technology to process and study data real-time to provide immediate understanding and suggestions, thereby enhancing decision-making and operational tactics. For instance, Umitron, a leading data firm for aquaculture practices in Singapore, launched Umitron Eagle in March 2022. This solution is the first of its kind, developed exclusively for shrimp farming using real-time AI-based analytics. The revolutionary system makes use of sophisticated artificial intelligence to keep track of various biological conditions and environmental factors in intensive shrimp production environments. Shrimp producers utilizing this live data can automatically fine-tune their feeding approaches.
Who Are the Key Players In The Shrimp Market?
Major companies operating in the shrimp market are:
• Charoen Pokphand Foods PCL (CP Foods)
• Maruha Nichiro Corporation
• Clearwater Seafoods LP
• Nippon Suisan Kaisha (Nissui)
• Thai Union Group PCL
• Pacific Seafood
• High Liner Foods Inc.
• Royal Greenland A/S
• Minh Phu Seafood Corporation
• Avanti Feeds Ltd.
• Nekkanti Sea Foods Limited
• Beaver Street Fisheries Inc.
• Surapon Foods Public Company Limited
• Apex Frozen Foods Ltd.
• Devi Fisheries Ltd.
• Mazzetta Company LLC
• Cooke Aquaculture Inc.
• Aqua Star
• The Waterbase Limited
• Grand Ocean Seafoods Co. Ltd.
• Seattle Shrimp & Seafood
• Nordic Seafood A/S
• SSF Limited
• BMR Groups
• Falcon Marine Exports
• Ocean More Foods Co. Ltd.
What Is The Most Dominant Region In The Shrimp Market?
Asia-Pacific was the largest region in the shrimp market in 2024. 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.
