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.
Due to its health benefits and low-fat protein content, prawns are growing in popularity. Due to economic growth and increased prosperity, consumers are switching from a diet high in carbohydrates to one high in protein. Shrimp farmers all over the world are adopting superior production techniques that go above and beyond conventional ones in order to increase year-round shrimp output while protecting the environment.
Due to growing health consciousness, changing dietary preferences, and increased demand for seafood, the Shrimp Market is continuously growing globally. Consumers who are concerned about their health are drawn to prawns since it is a calorie- and protein-rich food. New product releases, such as value-added and ready-to-cook prawn items, are also contributing to the market’s expansion.
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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.
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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.
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
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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