The Shrimps Industry is witnessing dynamic growth, driven by evolving consumer preferences, advances in aquaculture, and increasing emphasis on sustainable seafood practices. According to recent market analysis, the shrimps market was valued at USD 44.52 billion in 2023 and is expected to reach USD 77.29 billion by 2030, expanding at a CAGR of 8.2% during the forecast period.
Market Estimation & Definition
Shrimps are small, decapod crustaceans widely distributed across marine and freshwater habitats. They hold significant culinary and economic value, owing to their delicate flavor, tender texture, and nutritional profile. The market encompasses a broad range of shrimp products including fresh, frozen, canned, dried, and value-added forms, meeting diverse consumer and commercial demands worldwide. The rising popularity of protein-rich, low-fat seafood alternatives has positioned shrimps as a preferred choice among health-conscious consumers globally.
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Market Overview
Shrimps are small, decapod crustaceans belonging to the infraorder Caridea. They are found in various marine and freshwater habitats around the world. Shrimps are an important part of the aquatic food chain, serving as prey for larger fish, birds, and marine mammals. They are also consumed by humans and are popular in many cuisines worldwide, often served cooked, grilled, fried, or as ingredients in various dishes such as shrimp scampi, shrimp cocktail, or shrimp stir-fry. Shrimps are prized for their delicate flavor and tender texture. Shrimp is one of the most popular seafood items worldwide, with high demand in countries like the United States, Japan, China, and various European nations.
What Lies Ahead: Emerging Trends Shaping the Future
The global shrimps market is experiencing several emerging trends poised to shape its future landscape:
Sustainable Aquaculture Practices: The demand for certified, sustainably farmed shrimp is on the rise as environmental concerns become central to purchasing decisions.
Technological Integration: Adoption of advanced technologies like blockchain for traceability and AI-powered disease management tools is improving operational transparency and consumer trust.
Diversification into Value-Added Products: The growing popularity of convenience foods is driving the development of innovative, value-added shrimp products such as seasoned, pre-cooked, and ready-to-cook variants.
Rise of Plant-Based Alternatives: Although in its early stages, the emergence of plant-based shrimp substitutes caters to vegan and environmentally conscious demographics, adding diversity to the market.
Segmentation Analysis
According to recent market segmentation:
By Product Type: Fresh shrimp held the largest market share in 2023 and is expected to maintain its dominance through the forecast period, followed by frozen, canned, breaded, dried, and pre-cooked shrimps.
By Species: Whiteleg shrimp led the market in 2023 and continues to be the most widely consumed and commercially farmed species globally, followed by Black Tiger shrimp, Pacific White shrimp, Northern Pink shrimp, and Brown Rock shrimp.
By Application: The food segment accounted for the largest share, with other significant applications in pharmaceuticals, cosmetics, industrial processes, and biotechnology.
By Distribution Channel: Retail stores remained the primary distribution channel in 2023, with online platforms and direct sales witnessing accelerated growth.
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Regional Insight
The Asia Pacific region is home to some of the world's largest consumers of shrimp, including China, Japan, Vietnam, Thailand, and Indonesia. Rising populations, increasing disposable incomes, and changing dietary preferences toward seafood contribute to the growing demand for shrimp in the region, which significantly boosts the Asia Pacific Shrimps Market growth. Trade agreements and liberalization efforts in the Asia Pacific region have facilitated the movement of shrimp products across borders.
Consumer demand for shrimp experienced a notable decline, particularly in Western markets, throughout the first quarter of 2023. Import figures from the top five markets, including the United States of America, China, the European Union, Japan, and the Republic of Korea, revealed a significant 21 percent decrease year-on-year, amounting to 675,000 tonnes. Notably, import volumes only saw an increase in China during this timeframe. Preliminary data spanning January to June 2023 indicated that China emerged as the leading importer of shrimp globally, with a substantial 46.5 percent surge in imports compared to the previous year, totaling 538,430 tonnes.
Competitive Landscape Analysis
- Thai Union Group (Thailand)
- Charoen Pokphand Foods (Thailand)
- Minh Phu Seafood Corporation (Vietnam)
- Nissui Group (Japan)
- Zhanjiang Guolian Aquatic Products (China)
- Godrej Agrovet Limited (India)
- Devi Seafoods (India) North America:
- Clearwater Seafoods (Canada)
- High Liner Foods (Canada)
- Red Chamber Group (Canada)
- CenSea (United States)
- American Seafoods (United States)
- Pacific Seafood (United States)
- SeaPak Shrimp & Seafood Co. (United States)
Press Release Conclusion
The global shrimps market is charting a path of impressive growth, fueled by rising health awareness, aquaculture advancements, and shifting consumer preferences towards sustainable and value-added seafood products. As the industry navigates challenges such as disease outbreaks, production costs, and stringent environmental regulations, market players are adopting innovative, sustainable, and technology-driven solutions to secure long-term profitability and market relevance. The outlook for the shrimps market remains optimistic, with emerging trends and new product innovations set to redefine the seafood industry landscape in the coming years.
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