The new report by Expert Market Research titled, ‘Global Shrimp Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global shrimp market, assessing the market based on its segments like types, species, shrimp sizes, categories, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Shrimp Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.5%
The nutritional profile of shrimp includes various health boosting nutrients, such as omega-3 fatty acids, iodine, chlorine, and vitamin B12. The changing shift towards healthy sea food and increasing preference towards low calorie high nutrition diet is driving the market growth. Over the forecast period, the growing popularity of versatile shrimp-based dishes is anticipated to propel the market growth in the forecast period. Moreover, the favourable policies of the government aimed towards promoting the sustainable fishing practices are likely to be the major growth driving factors for the market in the coming years.
In terms of region, North America accounts for a significant share of the market owing to the boom in shrimp aquaculture due to the rising competition against foreign import of shrimp. In addition to this, the rising appetite of shrimp in the United States of America owing to the increasing inclination towards nutritional sea food due to increasing prevalence of obesity is anticipated to provide further impetus to the market growth in the forecast period.
Shrimp Industry Definition and Major Segments
Shrimps are defined as the marine species which belong to the decapod crustaceans and are found deep in water. More than 200 types of shrimps are available across the globe. Shrimp is small and has an elongated body and is consumed widely as food. It can be eaten as battered, fried, steamed, cocktail sauced, or boiled.
On the basis of type, the market can be bifurcated into:
• Wild Shrimp
• Farmed Shrimp
The market can be broadly categorised on the basis of species into:
• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others
Based on shrimp size, the market has been divided into:
• Size 41-50
• Size 51-60
• Size 31-40
• Size >70
• Size 61-70
• Size 26-30
• Size 21-25
• Size <21
By category, the market has been segmented into:
• Peeled
• Shell-on
• Cooked
• Breaded
• Others
Based on distribution channel, the market has been segmented into:
• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
• Online
• Others
The regional markets for shrimp include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Shrimp Market Trends
The technological advancements in the farm-shrimp market are likely to be the key trends in the market. Growing adoption of tank-based indoor system to raise marine shrimps is one such example. The increasing demand for frozen shrimps through the online sales channels is anticipated to be another key trend driving the growth of the market.
Furthermore, the increasing investments in the shrimp breeding programs, coupled with the increase in the production of genetically improved shrimps, are likely to be the crucial trends aiding the growth of the global shrimp market.
Key Market Players
The major players in the market are:
- Mazzetta Company, LLC
- Apex Frozen Foods Ltd
- Seaprimexco Vietnam
- Liveris Afentoulis & Co
- Grand Ocean Seafoods Co., Ltd
- Charoen Pokphand Foods PCL
- Grupo Ibérica Congelados, S.A
- Ocean More Foods Co., Limited
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
