PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594788
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594788
The global shrimp market, primarily constituting shrimp as a commodity in the food industry, stands as a significant sector within seafood, characterized by diverse shrimp varieties including tiger shrimp, white shrimp, and brown shrimp, among others. These shrimp are harvested from both farmed sources and natural water bodies and serve as an integral protein source worldwide. The following outlines the chief dynamics influencing this market.The shrimp market is estimated to grow at a CAGR of 5.7% from 2024 to 2032.
Driver: Escalating Demand in Emerging Economies
Emerging economies have witnessed a surge in shrimp consumption over the past few years. The pace of urbanization in regions like Southeast Asia and parts of South America has introduced urban consumers to a more diversified diet. Coupled with increasing income levels, these populations are moving towards protein-rich foods, including seafood like shrimp.Shrimp, being a low-calorie protein source rich in essential minerals and vitamins, is gaining traction among health-conscious consumers. As global health campaigns continue to underline the benefits of seafood consumption, shrimp remains at the forefront. The globalization of food has led to the fusion of cuisines, with shrimp dishes like tempura, paella, and shrimp tacos becoming popular in countries far from their origins.
Opportunity: Sustainable & Organic Shrimp Farming
In the backdrop of environmental concerns and food safety, sustainable shrimp farming presents a significant opportunity.Initiatives to establish eco-friendly shrimp farms that maintain water quality and ensure minimal ecological disturbance have gained momentum. Such farms, with transparent practices, have garnered attention and preference from environmentally-conscious consumers.Organic shrimp, free from harmful chemicals, antibiotics, and synthetic feed, has found a niche but rapidly expanding market segment, especially in European countries and the U.S. Restaurants and retailers promoting organic foods often highlight shrimp as a prime offering.
Restraint: Disease Outbreaks in Shrimp Farms
Disease outbreaks in shrimp farms have historically posed considerable challenges.Diseases like Early Mortality Syndrome (EMS) and White Spot Syndrome (WSS) have led to massive losses for shrimp farmers. For instance, in parts of Thailand and Vietnam, these outbreaks resulted in declining shrimp yields, impacting both local economies and global supply chains. Disease outbreaks often lead to negative media coverage, affecting consumer confidence. Consumers, fearing contamination, might avoid shrimp consumption, affecting sales and prices.
Challenge: Environmental & Social Concerns
Shrimp farming, while lucrative, is riddled with challenges pertaining to its environmental and social impact. Traditional shrimp farming has led to the destruction of vital ecosystems like mangroves. Such practices, over time, affect not only the local flora and fauna but also lead to soil erosion and make regions vulnerable to natural calamities like tsunamis. In regions like Bangladesh, the thrust on shrimp farming has led to saltwater intrusion into freshwater sources. It has disrupted traditional agriculture and has had socio-economic implications on communities that primarily relied on farming for livelihood.
Market Segmentation by Species
In 2023, the shrimp species that dominated in terms of revenue was L. Vannamei (Whiteleg shrimp). Its adaptability to various environmental conditions, resistance to certain diseases, and high growth rate made it a preferred choice for aquaculture globally. Following L. Vannamei, P. Monodon (Black Tiger Shrimp) maintained its stature as a significant revenue contributor, especially from wild catch. However, the species that demonstrated the highest CAGR was Acetes Japonicus (Japanese Grass Shrimp), which found increasing acceptance in East Asian markets for its distinctive flavor and potential health benefits. Other species like TrachipenaeusCurvirostris, PleoticusMuelleri, and Pandalus Borealis have also cemented their positions in specific markets, but their overall global footprint remains limited in comparison.
Market Segmentation by Form
When it comes to shrimp's commercial forms, 'Green/Head-off' shrimp witnessed the highest revenue influx in 2023. This preference can be ascribed to the ease of preparation and the versatility of head-off shrimps in various culinary preparations. The 'Peeled' segment, due to the convenience it offers to consumers and food service providers, followed closely. However, in terms of CAGR, 'Cooked' shrimp is expected to witness a robust growth trajectory from 2024 to 2032. This growth can be credited to the rising demand for ready-to-eat seafood products, especially in urban markets. Breaded shrimp, a staple in various cuisines, also exhibits promising growth potential.
Market Segmentation by Region
Asia-Pacific, given its vast coastline and historic seafood consumption patterns, dominated the global shrimp market in 2023. Countries like India, China, and Vietnam were primary contributors in terms of both production and consumption. North America, with the U.S. at the helm, showcased the highest revenue percentage, driven by robust demand and higher pricing. Europe, with its emphasis on sustainable and organic shrimp farming, is expected to register the highest CAGR from 2024 to 2032, with countries like Spain and the UK leading the charge.
Competitive Landscape
The shrimp market is characterized by a mix of regional giants and global players. In 2023, companies like 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 held significant market shares. Their strategies often revolved around expanding sustainable farming practices, streamlining supply chains, and bolstering their presence in emerging markets. Innovations in breeding, disease resistance, and farm management techniques were also at the forefront. Looking ahead, from 2024 to 2032, it's anticipated that market players will increasingly collaborate on technology fronts, especially in areas like genetic research and farm automation, to optimize yields and ensure quality.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Shrimp market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Shrimp market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Species
Source
Form
Distribution Channel
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Shrimp market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Shrimp market?
Which is the largest regional market for Shrimp market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Shrimp market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Shrimp market worldwide?
FIG. 11Market Positioning of Key Shrimp Market Players, 2023
FIG. 12Global Shrimp Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032