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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Forecast period |
2024-2028 |
Base Year |
2023 |
Historic Data |
2018 - 2022 |
Segment Covered |
Product (Frozen shrimp, Canned shrimp, and Others), Distribution Channel (Supermarket and hypermarket, Convenience store, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) |
Region Covered |
Europe, North America, APAC, South America, and Middle East and Africa |
Key companies profiled |
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 |
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
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Segment Overview
This shrimp market report extensively covers market segmentation by
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
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio