Market Research Future (MRFR) has published a cooked research report on the “Global Shrimp Market” that contains information from 2018 to 2032. The shrimp market is estimated to register a CAGR of 9.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global shrimp market— Aqua Star Corp. (Seattle, U.S.), Avanti Feeds Ltd. (Hyderabad, India), Clearwater Seafoods Inc. (Bedford, Canada), High Liner Foods Inc. (Lunenburg, Canada), Marine Harvest (Bergen, Norway), Maruha Nichiro Corporation (Tokyo, Japan), Nippon Suisan Kaisha (Tokyo, Japan), Nordic Seafoods A/S (Hirtshals, Denmark), Surapon Foods (Muang, Thailand) and Thai Union Group (Bangkok, Thailand).
The global shrimp market is accounted to register a CAGR of 9.80% during the forecast period and is estimated to reach USD 90.2 billion by 2032.
Shrimp are a type of marine invertebrate that are classified as Malacostraca, the most significant group of crustaceans. A laterally compressed and expanded body with long legs and antennae distinguishes its anatomy. It is regarded as one of the most widely consumed seafood species worldwide and is widely available in freshwater lakes, streams, and deep and shallow waterways.
The increasing use of ecologically friendly techniques for shrimp farming is predicted to support market growth for shrimps over the forecast period. The industry is also expected to grow in the next years as a result of the rising demand for seafood products that are ready to eat. Shrimps have a high nutritional value and are a great source of protein, phosphorus, and selenium. Shrimp are very well-liked by customers since they are easily accessible and a great source of nutrients. The global market for shrimps will benefit from this.
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The global shrimp market has been segmented based type, form and end-user.
On the basis of type, the market is segmented into Pink, White, Brown and Other. The white segment was attributed to holding the largest market share in 2022.
Based on form, the global shrimp market has been segmented into Frozen and Canned. The frozen segment was expected to hold the largest market share in 2022.
On the basis of end-user, the market is segmented into Residential and Commercial. The commercial segment was attributed to holding the largest market share in 2022.
The global shrimp market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe shrimp market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The shrimp market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World shrimp market comprises of Middle East, Africa, and Latin America.
The largest market share for shrimp was maintained by the North American regional sector. The North American market includes Mexico, Canada, and the United States. The market is anticipated to expand in the upcoming years as a result of an increase in shrimp demand. Due to their high protein and vitamin content, low fat content, and lack of cholesterol, shrimps are becoming more and more popular in this region..
Moreover, the Europe market has been persistently growing over the forecast period. The market for shrimp is expanding in Europe as a result of rising shrimp imports as well as a number of initiatives launched by suppliers to boost local shrimp production. During the forecast period, rising consumer awareness of the various health advantages of shrimps will also support market expansion in Europe. The demand for shrimps in this region has increased as a result of rising consumer health consciousness and the healthy living trend in Europe.
Additionally, the production, import, and export of shrimps worldwide are all dominated by the Asia Pacific region. The main shrimp importers in the Asia Pacific in 2021, according to the FAO, were China and Japan. The same survey states that in 2021, consumer demand for seafood such as shrimps grew. Shrimp imports have surged in the area, which has helped the industry expand even further.
Furthermore, the rest of the world's shrimp market is divided into the Middle East, Africa, and Latin America. growing demand for seafood, notably shrimps, in the area is a result of the region's development. Another important aspect fueling the expansion is the increased support programmes launched by the regional governments for the production of various fisheries.
Key Findings of the Study