Shrimp Market

The shrimp market size was valued at $31.6 billion in 2019, and is estimated to reach $54.6 billion by 2027, registering a CAGR of 9.2% from 2021 to 2027. 

Shrimp is a small invertebrate found in all marine ecosystem. Shrimps are essential components of the marine food web. Larger shrimp species are sought by commercial fisheries for human consumption. Some shrimp species are raised in aquaculture in tropical areas. They are omnivorous animals, which consume a wide range of plant and animal species. Conversely, they are natural prey for a variety of predators due to their small size and abundance.

The market is segmented into type, source, form, end use, distribution channel, and region. On the basis of type, the market is categorized into pink, brown, white, and others. Depending on source, it is segregated into cold water and hot water. By form, it is bifurcated into frozen and canned. As per end use, it is divided into residential and commercial. According to distribution channel, it is fragmented into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel. Region wise, the shrimp market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.

By type, the white shrimp segment garnered the highest shrimp market share in 2019, as white shrimps can be stocked for a longer period and have a better feed-to-growth ratio. Depending on the basis of source, the cold water shrimp segment is expected to dominate the market in the coming years. This is attributed to the nutritional properties of cold water shrimps, for instance, it is a rich source of omega-3. 

According to form of shrimp, the frozen shrimps segment held the largest market share in 2019, as the shelf life of frozen shrimps is significantly long. On the basis of end use, the commercial segment is anticipated to dominate the market with highest share during 2027. This is attributed to increase in number of hotels and restaurants for seafood. Depending on the basis of distribution channel, the specialty stores segment led the market in 2019. This is attributed to the fact that specialty stores offer options such as discounts as well as the benefit of immediate gratification. Region wise, Asia-Pacific is expected to dominate the market according to shrimp market forecast. The rich nutritional profile and associated health benefits are a significant factors driving the consumption of shrimps in Asia-Pacific. 

Shrimp is a rich source of protein, selenium, and vitamin B12. In addition, they have high concentration of phosphorous and iron. Furthermore, several initiatives have been taken by governments in developing areas for technology upgradation to improve input from shrimp farms, which are expected to assist the small-scale industry and help the underprivileged population involved in the industry's development process, thereby propelling the shrimp market growth.

The major factors and shrimp market trends that drive the growth of the shrimp market include easy availability of shrimps and their high nutritional content. As one of the most traded species of seafood, they are an essential components of various cuisines. One of the major trends observed is the expansion of the food industry as a result of rise in demand for ready-to-eat food items. Furthermore, rapid urbanization and a shift in food habits notably contribute toward the growth of the global market. Moreover, rise in global demand for shrimp has boosted shrimp imports, thereby augmenting the market growth. In addition, surge in disposable incomes, rise in health consciousness among consumers, and improvement in living standards are some of the other primary factors driving the demand for shrimps.

Shrimp is widely used in the pharmaceutical and cosmetic industries, in addition to the food industry. This is attributed to the fact that shrimp finds its application as anti-aging and sunscreen products, as it contains astaxanthin—a carotenoid that is a powerful antioxidant, which can significantly reduce the signs of ageing caused due to ultraviolet A (UVA) rays and sunlight. In addition, it increases the likelihood of skin beautification and the removal of scars from time-worn faces. Furthermore, it is used in shampoos, as it contains minerals such as zinc that help to reduce hair loss. Thus, major cosmetics manufacturers intend to use shrimp in their products, owing to multiple benefits associated with it, thereby propelling the growth of the global market.

Asian countries such as China, India, Indonesia, Bangladesh, the Philippines, Thailand, and Vietnam account for a large market share by creating shrimp market opportunities, resulting in Asian countries dominating the market. However, consumption of shrimp is rapidly increasing in developed regions such as North America and Europe.

Because of the popularity of shrimp among consumers, the market is gaining traction in North America and Europe. Shrimp is a high source of vitamins, proteins, and minerals, so the health-conscious population in North America and Europe is eager to incorporate more shrimp products into their diets. Despite high demand, North America and Europe have stable shrimp supplies due to import dominance of the market. Approximately 80% of the shrimp consumed domestically in North America and Europe is imported.

China, India, Indonesia, Ecuador, Costa Rica, Columbia, and Thailand account for the vast majority of shrimp imported into North America and Europe. As a result, despite high demand and low production, shrimp is a thriving market in North America and Europe due to large import volumes of shrimp from around the world.

The outbreak of the COVID-19 pandemic had a significant impact on the foodservice industry, with business activity dropping by 80–90%. Retail sales of shrimp increased significantly in many markets as a result of pandemic-related lockdown, curfews, and other distance control measures. Lockdown across all major regions have led to travel restrictions, which have seriously affected distribution channel structure of the shrimp industry. The COVID-19 pandemic had significantly reduced global shrimp production in 2020, with global demand for fresh and frozen shrimp declining significantly. Furthermore, coronavirus is likely to continue its impact on the aquaculture industry and market during the forecast period.

The prominent industry participants include Aqua Star Corp., Mazzetta Company LLC., Thai Union Group, Nordic Seafood A/S, Surapon Foods, Clearwater Seafoods Inc., High Liner Foods Inc., Avanti Feeds Ltd., The Waterbase Ltd., and Wild Oceans Pty Ltd.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global shrimp market from 2021 to 2027 to identify the prevailing market opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global industry. 
• The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
• The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.

 Shrimp Market Report Highlights