Advancements in Aquaculture Technology and Eco-friendly Agricultural Techniques Propel Demand for Seafood. In the United States indoor shrimp farming is driving market growth due to increased seafood demand and health-conscious consumers seeking red meat alternatives. The ease of shrimp imports, affordability, and the popularity of international shrimp dishes are also boosting the market.

/EIN News/ -- NEWARK, Del, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The shrimp market size is expected to be valued at USD 64.8 billion in 2024. The market rose at a CAGR of 8.3% during the historical period. The market is projected to progress at a CAGR of 8.7% from 2024 to 2034. The demand for shrimps is forecasted to hit a value of USD 149 billion by 2034.

As more people become aware of the nutritional benefits of shrimp, the market demand continues to rise. Advancements in fishing and farming techniques are fueling growth in the market. Shrimp is a highly nutritious food low in fat and protein, making it a popular choice among health-conscious consumers.

The growing popularity of sustainable and eco-friendly products has also contributed to the growth of the shrimp market as consumers seek products that are produced in a sustainable and responsible manner. The increasing demand for shrimp can also be attributed to its versatility in cooking. Shrimp can be cooked in various ways, including grilling, boiling, and frying, making it a popular ingredient in many cuisines globally.

Key Takeaways from the Shrimp Market

• The global shrimp market is estimated to register a CAGR of 8.7% through 2034.
• The market is expected to reach a valuation of US$ 149 billion by 2034.
• The overall shrimp business in Western Europe is projected to grow at a CAGR of 8.1% from 2023 to 2033, reaching USD 17.3 billion by 2033
• The farmed whiteleg shrimp segment is estimated to dominate the global market by registering a 43.0% share in 2024.
• The frozen segment is expected to account for a 37% market share in 2024.
• Japan's shrimp market is projected to grow at a CAGR of 7.2% from 2023 to 2033, reaching USD 9.52 billion by 2033

“The development of new products such as easy-peel shrimps and pre-cooked shrimps has enhanced the convenience for consumers, contributing to the growth of the shrimp market,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.

Competitive Landscape

The market is characterized by the presence of many players, from small local producers to major global businesses. Key players hold a considerable market share and are projected to maintain their dominance during the forecast period. However, many smaller competitors are entering the market with new products and marketing tactics. This creates a highly competitive landscape, which is excellent for customers since it gives them more options.

Some prominent companies in the market include Aqua Star Corp., Falcon Marine Exports, High Liner Foods Inc., Surapon Foods, Avanti Feeds Ltd., Devi Fisheries Limited, Thai Union Group, Marine Harvest, BMR Groups, Clearwater Seafoods Inc., Nekkanti Sea Foods Limited, Jayalakshmi Sea Foods Pvt. Ltd., etc.

Recent Developments in the Shrimp Market

• In 2022, Thai Union Group PCL collaborated with R&B Food Supply and Srinivasa Cystine Private Limited to introduce high-quality food ingredients in the Indian market. This partnership aims to utilize the relative skills of R&B Food Supply, Srinivasa Cystine, Thailand's food ingredients company, and an affiliate of Avanti Group, an Indian participant in aquaculture and marine food processing.
  

Maximize Growth Potential Grab Your Report Now: https://www.futuremarketinsights.com/checkout/1838

Key Market Segments

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
• East Asia
• South Asia
• Europe
• Oceania
• The Middle East and Africa
  

Report Preview: https://www.futuremarketinsights.com/reports/shrimp-market

Authored by:  

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.  

Explore FMI’s related ongoing Coverage in Food and Beverage Domain:

The global fish oil market size is expected to grow from USD 10,401.5 million in 2024 to USD 24633 million by 2034, with a projected annual growth rate of 9% over the next decade.

The demand for seafood market, valued at USD 114,608 million in 2023, is projected to reach USD 157,042.9 million by 2033, with a CAGR of 3%.

The global Cod Fish Market Size, valued at USD 1,678.9 million in 2023, is projected to reach USD 3,241.4 million by 2033, with a CAGR of 6.8% over the next decade.

The seafood takeout market size is projected to grow from USD 31.1 billion in 2022 to USD 51.3 billion by 2032, with a CAGR of 6.50%.

Demand for shrimp in Korea is anticipated to exhibit a promising CAGR of 8.9% through 2033, with sales projected to grow from USD 2.75 billion in 2023 to around USD 6.45 billion.

The global canned seafood market size is estimated at USD 33.6 billion in 2023 and is expected to exceed USD 48.2 billion by 2033, growing at a CAGR of 3.7%.

The demand for frozen seafood market is projected to grow from USD 21,995.1 million in 2024 to USD 42,657.6 million by 2034, with a CAGR of 6.8%.

The fish meal market size is expected to grow at a CAGR of 4.4%, with sales rising from USD 5,633.5 million in 2024 to USD 8,698.7 million by 2034.

The global vegan supplements market is expected to reach a valuation of US$ 4,830.2 Million by the end of 2022. It is set to accelerate with a CAGR of 11.3% during the forecast period from 2022 to 2032.

The global dietary supplement market size is expected to attain a valuation of around US$ 170.1 billion by 2034. The market is anticipated to witness a steady CAGR of 9.5% in the assessment period 2024 to 2034. 

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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. 

Contact FMI:  

Future Market Insights Inc. 
Christiana Corporate, 200 Continental Drive, 
Suite 401, Newark, Delaware – 19713, USA 
T: +1-845-579-5705 
For Sales Enquiries: sales@futuremarketinsights.com 
Website: https://www.futuremarketinsights.com 
LinkedIn| Twitter| Blogs | YouTube