As per a recent research report by Future Market Insights, a market research and competitive intelligence provider, sales of shrimps are estimated to reach a valuation of US$ 60.4 billion in 2023. It is projected to surge at 7.4% CAGR through the forecast period between 2023 and 2033. It is set to reach US$ 123.8 billion by 2033.
Prawns are becoming more and more popular due to their nutritional attributes and low-fat protein composition. Consumers are shifting from a diet strong in carbs to one high in protein as a result of economic expansion and rising affluence. In order to increase year-round shrimp production while preserving the environment, shrimp farmers all around the world are utilising better production techniques that go above and beyond conventional ones.
Globally, the Shrimp Market is expanding steadily due to rising health consciousness, shifting dietary habits, and rising demand for seafood. Shrimp is a protein- and calorie-rich food that appeals to consumers who are concerned about their health. The market is also growing as a result of new product introductions such value-added and ready-to-cook prawn products.
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Demand for shrimp-based products is expected to rise over the next 10 years, particularly for canned and frozen options. Seafood items are getting more popular in the global food sector due to their good nutritional value. Because there is such a high demand for prawns, North America is one of the major importers of them worldwide.
In the Asia Pacific region, there is also a considerable demand for prawns because they are so accessible and affordable. Due to the region’s expanding desire for marine items, demand is also predicted to rise. North America is the second-largest producer of prawns in the world, after Asia Pacific.
Consumers in Asia Pacific and Western Europe are becoming highly concerned with their health and leading fast-paced lives. Traditional fish and chip shops are witnessing more customers every day, which is predicted to stimulate expansion of the shrimp market.
Over the course of the projected period, an increase in demand for seafood snacks is anticipated. The market for shrimps is anticipated to grow over the next ten years due to the rising trend for fresh and frozen seafood products.
Key Takeaways from Shrimp Market Study
- The North America shrimp market is estimated to be valued at US$ 13.0 billion in 2023.
- In North America, the USA currently holds a share of 81.4% of the shrimp market.
- East Asia holds a share of 25.8% in the global shrimp market.
- In Asia Pacific, China holds a share of 52.1% in the shrimp market.
- The North America shrimp industry is expected to register a 9.6% CAGR between 2023 and 2033.
Competitive Landscape: Shrimp Market
Shrimp has a strong competitive global market. Leading manufacturers are striving to strengthen their distribution channels. They are emphasizing on joint ventures for increasing their production capacity of innovative shrimp products.
Few of the leading companies offering shrimp include Apex Frozen Foods Ltd., Avanti Feeds Ltd. (Hyderabad, India), Maruha Nichiro Corporation (Tokyo, Japan), Aqua Star Corp. (Seattle, USA), Nordic Seafoods A/S (Hirtshals, Denmark), Devi Fisheries Limited, Jayalakshmi Sea Foods Pvt. Ltd., Falcon Marine Exports, Nippon Suisan Kaisha (Tokyo, Japan), Clearwater Seafoods Inc. (Bedford, Canada), SSF LIMITED, BMR Groups, Marine Harvest (Bergen, Norway), High Liner Foods Inc. (Lunenburg, Canada), Thai Union Group (Bangkok, Thailand), Surapon Foods (Muang, Thailand), and Nekkanti Sea Foods Limited (NSFL) among others.
Get More Valuable Insights into the Shrimp Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Shrimp presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the shrimp market by shrimp market by species (gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, royal red shrimp, giant tiger shrimps, blue shrimps, ocean shrimps), source (organic, conventional), form (canned, breaded, peeled, cooked & peeled, shell-on, frozen), sales channel (direct, indirect), application (food, pharmaceutical, cosmetics, industrial, biotechnology), and region.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Shrimp Market Outlook by Category
By Species:
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
By Source:
- Organic
- Conventional
By Form:
- Canned
- Breaded
- Peeled
- Cooked & Peeled
- Shell-On
- Frozen
By Sales Channel:
- Direct
- Indirect
By Application:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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