Shrimp Market Size, Share, Growth, and Industry Analysis, By Type (Whiteleg Shrimp, Giant Tiger Prawn, Akiami Paste Shrimp and Other), By Application (Household and Restaurant and Hotel) and Regional Forecast to 2033

SHRIMP MARKET REPORT OVERVIEW

The global shrimp market size was USD 56267.12 million in 2024 and is projected to touch USD 90277.39 million by 2033, exhibiting a CAGR of 4.8% during the forecast period.

Shrimp exist as small aquatic crustaceans from Decapoda that also contain crabs and lobsters as members. Shrimp animals feature elongated bodies with long antennae together with a tough shell (exoskeleton) that gets replaced during their growth process. Most shrimp species possess ten limbs together with a rapid swimming capability enabled through their tail flicking movement.

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GLOBAL CRISES IMPACTING SHRIMP MARKET

COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"Shrimp Industry Had a Negative Effect Due to Disruptions in Shrimp farming operations during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Shrimp farming operations faced major interruptions because of imposed lockdowns together with travel limitations. Indian farmers who prepared ponds for stocking failed to proceed because they faced obstacles in acquiring proper seed and questionable product availability combined with unstable market prices.

LATEST TRENDS

"Rising Demand for Sustainable and Eco-Friendly Shrimp to Propel Market Growth"

The increasing number of environmentally conscious consumers drives their preference for shrimp resources affiliated with sustainability practices. The environmental consciousness of consumers drives shrimp producers to implement certified organic farming methods and environmentally friendly aquaculture systems together with diminished antibiotic utilization. The Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) certifications have gained significance because retailers plus food service providers now request thorough documentation about their sourcing operations.

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SHRIMP MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Whiteleg Shrimp, Giant Tiger Prawn, Akiami Paste Shrimp and Other.

• Whiteleg Shrimp- Whiteleg shrimp serve as the world's most cultivated shrimp species under their names Pacific white shrimp or vannamei especially in production nations including Ecuador and India together with Vietnam and Thailand.

• Giant Tiger Pawn- Giant tiger prawns stand out as the biggest shrimp species because their shell displays distinct dark stripes that create a tiger pattern.

• Akiami Paste Shrimp- The East Asian waterbodies primarily containing Akiami paste shrimp consist of Japanese and Korean as well as Chinese waters.

By Application

Based on application the market can be categorized into Household and Restaurant and Hotel.

• Household- Households commonly use shrimp as an adaptable food component which appears in everyday kitchen preparations. Shrimp appears at family feast celebrations as diverse preparations ranging from cooked on a grill to stir-fried or boiled or sautéed to accompany dinners both casual and festive.

• Restaurant and Hotel- Hotels around the world serve shrimp as their signature dish in Asian and Mediterranean and Latin American and traditional American seafood eats.

Driving Factors

"Growing Global Demand for Protein-Rich Food to Drive Market Advancement"

One of the key Driving Factors in the Shrimp Market growth is Growing Global Demand for Protein-Rich Food. Worldwide consumers embrace protein-rich diets since they show increased interest in health-conscious behavior. Shrimp provides low-fat food options which contain high concentrations of protein alongside essential vitamins B12 and omega-3 fatty acids and iodine. The protein contents of shrimp create a flavorful alternative compared to both red meat and different protein-based food items.

"Expansion of Aquaculture (Shrimp Farming) to Expand the Market"

The Expansion of aquaculture industries has increased shrimp availability so that wild-caught sources now have less demand. Modern advances in shrimp farming technologies including breeding practices and disease control and sustainable techniques enable production of improved yields and premium quality shrimp products.

Restraining Factors

"Disease Outbreaks and Biosecurity Issues Poses Potential Impediments to Market Growth"

The Shrimp Market faces substantial difficulties due to recurrent disease outbreaks that affect both White Spot Syndrome Virus (WSSV) and Early Mortality Syndrome (EMS). The disease outbreaks trigger massive shrimp deaths that result in substantial economic losses for farmers along with stopped-up supply networks. The crowded operations of shrimp farms create higher risks of disease spread and infections among farmed shrimp.

Opportunity

"Growth in Convenience and Frozen Food Segment to Create Opportunity for the Product in the Market"

Modern consumers lead hectic lives that drive the market demand for ready-to-cook and frozen seafood products. The convenience-friendly nature of shrimp makes it an ideal choice for rapid food preparation since it can be bought as frozen peeled products that meet customer preferences for easy consumption. The expanding value-added shrimp product selection of retail stores and food service operators stimulates shrimp consumption in both mature and emerging market areas.

Challenge

"Environmental Concerns and Sustainability Issues Could Be a Potential Challenge for Consumers"

The intensive farming of shrimp results in multiple environmental damage scenarios that include foresting mangroves while also causing water pollution and coastal ecosystem destruction. Such farming operations cause natural habitat deterioration which results in lasting ecological destruction. Shrimp producers now need to implement sustainable farming practices because environmental awareness continues to rise among both customers and regulatory authorities.

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SHRIMP MARKET REGIONAL INSIGHTS

North America

The United States stands among other North American countries to lead the global market for shrimp imports and consumption. The United States obtains the majority of its shrimp products from Asia-Pacific countries which supply most of the shrimp entering U.S. markets.

Europe

Countries such as Spain together with France and Italy and the Netherlands constitute major shrimp importing regions within Europe. To obtain market entry into the European Union it is necessary for exporting countries to fulfill all established quality standards for sustainability and food safety.

Asia

Asia Pacific has emerged as the most dominant region in the Shrimp Market share due to a convergence of factors that propel its leadership in this dynamic industry. The extensive coastal regions and governmental support for aquaculture together with lower labor costs make India as well as Vietnam and Thailand and Indonesia and China primary sources in global shrimp supply.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Shrimp Landscape through Innovation and Global Strategy"

Key enterprise players are shaping the Shrimp Marketplace through strategic innovation and marketplace growth. Top shrimp producers such as Thai Union Group, CP Foods, and Devi Seafoods are prioritizing sustainability to align with global environmental standards and consumer expectations. These companies are investing in eco-friendly farming systems, such as Recirculating Aquaculture Systems (RAS), which minimize water use and waste.

List of Market Players Profiled

• Thai Union (Thailand)
• Santa Priscila (Ecuador)
• Zhanjiang Guolian (China)
• Pescanova (Spain)
• Expalsa (Ecuador)

INDUSTRIAL DEVELOPMENT

April 2024: Thai Union joins forces with Samut Sakhon City Development to take part in marine debris cleanup activities for protecting their local environment.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.