The shrimp market is expected to register a healthy CAGR of 8.7% during the forecast period due to the increasing consumption of shrimps in cuisines and soups, largely in Asian countries. The market value is projected to increase from US$ 64.8 billion in 2024 to US$ 149 billion by 2034.
Prawns are becoming more and more popular due to their nutritional attributes and low-fat protein composition. Consumers are shifting from a diet strong in carbs to one high in protein as a result of economic expansion and rising affluence. In order to increase year-round shrimp production while preserving the environment, shrimp farmers all around the world are utilising better production techniques that go above and beyond conventional ones.
Globally, the Shrimp Market is expanding steadily due to rising health consciousness, shifting dietary habits, and rising demand for seafood. Shrimp is a protein- and calorie-rich food that appeals to consumers who are concerned about their health. The market is also growing as a result of new product introductions such value-added and ready-to-cook prawn products.
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Demand for shrimp-based products is expected to rise over the next 10 years, particularly for canned and frozen options. Seafood items are getting more popular in the global food sector due to their good nutritional value. Because there is such a high demand for prawns, North America is one of the major importers of them worldwide.
In the Asia Pacific region, there is also a considerable demand for prawns because they are so accessible and affordable. Due to the region’s expanding desire for marine items, demand is also predicted to rise. North America is the second-largest producer of prawns in the world, after Asia Pacific.
Consumers in Asia Pacific and Western Europe are becoming highly concerned with their health and leading fast-paced lives. Traditional fish and chip shops are witnessing more customers every day, which is predicted to stimulate expansion of the shrimp market.
Over the course of the projected period, an increase in demand for seafood snacks is anticipated. The market for shrimps is anticipated to grow over the next ten years due to the rising trend for fresh and frozen seafood products.
Key Takeaways from Shrimp Market Study
- The North America shrimp market is estimated to be valued at US$ 13.0 billion in 2023.
- In North America, the USA currently holds a share of 81.4% of the shrimp market.
- East Asia holds a share of 25.8% in the global shrimp market.
- In Asia Pacific, China holds a share of 52.1% in the shrimp market.
- The North America shrimp industry is expected to register a 9.6% CAGR between 2023 and 2033.
Competitive Landscape: Shrimp Market
Shrimp has a strong competitive global market. Leading manufacturers are striving to strengthen their distribution channels. They are emphasizing on joint ventures for increasing their production capacity of innovative shrimp products.
Few of the leading companies offering shrimp include Apex Frozen Foods Ltd., Avanti Feeds Ltd. (Hyderabad, India), Maruha Nichiro Corporation (Tokyo, Japan), Aqua Star Corp. (Seattle, USA), Nordic Seafoods A/S (Hirtshals, Denmark), Devi Fisheries Limited, Jayalakshmi Sea Foods Pvt. Ltd., Falcon Marine Exports, Nippon Suisan Kaisha (Tokyo, Japan), Clearwater Seafoods Inc. (Bedford, Canada), SSF LIMITED, BMR Groups, Marine Harvest (Bergen, Norway), High Liner Foods Inc. (Lunenburg, Canada), Thai Union Group (Bangkok, Thailand), Surapon Foods (Muang, Thailand), and Nekkanti Sea Foods Limited (NSFL) among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Shrimp presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the shrimp market by shrimp market by species (gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, royal red shrimp, giant tiger shrimps, blue shrimps, ocean shrimps), source (organic, conventional), form (canned, breaded, peeled, cooked & peeled, shell-on, frozen), sales channel (direct, indirect), application (food, pharmaceutical, cosmetics, industrial, biotechnology), and region.
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Shrimp Market Outlook by Category
By Species:
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
By Source:
- Organic
- Conventional
By Form:
- Canned
- Breaded
- Peeled
- Cooked & Peeled
- Shell-On
- Frozen
By Sales Channel:
- Direct
- Indirect
By Application:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
