Shrimp Market to Grow by USD 7.39 Billion (2024-2028), Driven by Health Benefits, AI Powered Report Reveals Market Evolution - Technavio

NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global shrimp market  size is estimated to grow by USD 7.39 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period.  Growing awareness about health benefits of shrimp is driving market growth, with a trend towards increasing m and a activities. However, adverse climatic conditions and contamination  poses a challenge. Key market players include Admiralty Island Fisheries Inc., AFENTOULIS LIVERIS and SIA O.E., Apex Frozen Foods Ltd., Beaver Street Fisheries Inc., Charoen Pokphand Foods PCL, Cooke Aquaculture Inc., Grand Ocean Seafoods Co. Ltd., GRUPO IBERICA CONGELADOS S.A., High Liner Foods Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Nissui Corp., Pacific Seafood Group, Premium Brands Holdings Corp., Seaprimexco, Surapon Foods Public Co. Ltd., Sykes Seafood Ltd., Thai Union Group PCL, The Waterbase Ltd., and Wild Ocean Direct.

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Key Market Trends Fueling Growth

The global shrimp market is experiencing an increase in mergers and acquisitions (M&A) among vendors. Thai Union, a leading seafood company, recently completed the acquisition of Rugen Fisch AG, expanding its market share. Vendors engage in M&A activities to access new products and technologies at lower costs and increase their market presence. These strategic moves are expected to fuel the growth of the shrimp market during the forecast period. Successful M&A activities enable companies to strengthen their market positions and remain competitive in the industry. 

The global shrimp market is thriving, driven by growing consumer trends towards sustainable seafood and dietary preferences for low-fat, high-protein options. Brackish water shrimp farming using high-yielding varieties is on the rise, with digital technologies and eco-friendly practices like biofloc technology and closed-loop systems gaining popularity. Decapod crustaceans, including white shrimp (Litopenaeus vannamei), offer essential nutrients, omega-3 fatty acids, and are favored by pescatarians and flexitarians. Aquaculture technology advances, such as Fair Trade certification and blockchain traceability, ensure risk management and ethical production. Online sales, B2B and B2C distribution, and specialty stores are key channels for frozen shrimp, canned seafood, and foodservice sectors. Sustainability remains a priority, with concerns over overfishing, biodiversity, and nutritional benefits driving industry innovation. 

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Market Challenges

• The global shrimp market faces significant challenges due to adverse climatic conditions and contamination. Climate change, caused by excessive greenhouse gases, disrupts natural patterns and processes in aquatic ecosystems. Effects include rising sea levels, abrupt weather changes, and ocean acidification, which impact shrimp production. Diseases like early mortality syndrome can spread, leading to high price volatility. Aquaculture, an alternative production method, also poses risks. Escaped exotic species can interbreed with wild fish, spreading diseases. Vaccines and antibiotics, used in aquaculture, can pollute marine habitats and harm both the environment and humans. These factors hinder shrimp production and growth in the global market.
• The global shrimp market is thriving due to growing consumer demand for low-fat, high-protein seafood options aligned with dietary preferences and health consciousness. Shrimp, an essential nutrient source rich in omega-3 fatty acids, is a popular choice. Various shrimp species, such as Litopenaeus vannamei and Penaeus monodon, are farmed using sustainable practices like Fair Trade certification, aquaculture, and e-commerce for B2B and B2C distribution. Wild-caught shrimp, breaded shrimp, head-on shrimp, and value-added products are in high demand. Aquatic products, including Chinese White Shrimp, offer numerous health benefits. The seafood industry focuses on international standards, culinary traditions, and sustainable shrimp farming, ensuring environmental protection and disease management through advanced aquaculture technologies and feed formulations. Shrimp farming also provides government support and breeding innovations, making it a protein-rich and versatile ingredient in various cuisines.

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Segment Overview 

This shrimp market report extensively covers market segmentation by

1. Product 
• 1.1 Frozen shrimp
• 1.2 Canned shrimp
• 1.3 Others
2. Distribution Channel
• 2.1 Supermarket and hypermarket
• 2.2 Convenience store
• 2.3 Others
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Frozen shrimp-  The frozen shrimp market is experiencing growth due to its extended shelf life, allowing consumers to purchase larger quantities. Frozen shrimp can be stored in a freezer for up to nine months. The import and export of frozen shrimp will continue to expand, contributing to market growth. In 2022, frozen shrimp accounted for over half of India's seafood exports by value. The US is the primary destination for Indian frozen shrimp exports. Shrimp are quickly frozen after harvesting, with live shrimp transported in aerated tanks to maintain quality. Contamination is a concern for the canned shrimp market, but the demand for raw frozen shrimp in countries like Japan is increasing, positively influencing market growth. Product launches and imports/exports will continue to fuel the frozen shrimp segment's growth during the forecast period.

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Research Analysis

The global shrimp market is experiencing significant growth due to the increasing demand for low-fat, high-protein seafood options aligned with dietary preferences and health consciousness. Shrimp, a type of marine crustacean, is rich in essential nutrients like omega-3 fatty acids, making it a popular choice for pescatarians and flexitarians. Various shrimp species, such as Litopenaeus vannamei, are essential to the seafood industry, providing protein-rich options for consumers. Shrimp-based cuisines from around the world showcase the versatility of this essential ingredient. Aquaculture practices have become increasingly important in meeting the demand for sustainable shrimp farming. The nutritional content, exports, and international standards of shrimp are crucial aspects of the industry. Sustainable shrimp farming is essential to ensure the future of this decapod crustacean and maintain biodiversity. Frozen shrimp and canned seafood offer convenience and accessibility to consumers, further increasing the market's reach.

Market Research Overview

The global shrimp market is a significant segment of the seafood industry, renowned for its low-fat, high-protein content, making it an ideal choice for those following dietary preferences aligned with health consciousness. Shrimp, a type of marine crustacean, is rich in essential nutrients, including omega-3 fatty acids. Several shrimp species are popular, with Litopenaeus vannamei and Penaeus monodon being the most commonly farmed. Aquaculture plays a crucial role in shrimp production, with Fair Trade certification ensuring ethical and sustainable practices. E-commerce, B2B, and B2C distribution channels have transformed the way shrimp is bought and sold, making it accessible to a broader consumer base. Wild-caught shrimp coexists with farmed varieties, with breaded and head-on shrimp being popular choices. Shrimp's nutritional benefits, versatility, and health benefits have made it a staple in various cuisines worldwide. Sustainable shrimp farming practices, environmental protection, and international standards are essential for the industry's growth. Shrimp exports, particularly from countries like China, have increased, fueled by the demand for protein-rich seafood. Shrimp farming involves various technologies, including aquatic products, feed formulations, disease management, and water quality control. Decapod crustaceans, including shrimp, are essential to pescatarians and flexitarians, contributing to the seafood industry's growth. The market is continually evolving, with digital technologies, eco-friendly practices, and sustainable farming methods shaping its future.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Frozen Shrimp
• Canned Shrimp
• Others
• Distribution Channel
• Supermarket And Hypermarket
• Convenience Store
• Others
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

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SOURCE Technavio