Shrimp is a highly nutritious and protein-rich seafood that is widely consumed across various regions. There is high demand for shrimp in food services and retail industry. The market is driven by factors such as increasing disposable income, rising health awareness, growing popularity of Asian cuisines which prominently use shrimp as an ingredient.
The global shrimp market size was valued at US$40 Billion in 2020 and is estimated to be valued at US$52 Billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the shrimp market are Thai Union Frozen Products, Nippon Suisan Kaisha, Siam Canadian Group, Charoen Pokphand Foods, Maruha Nichiro Corporation. The market is quite consolidated with few major players accounting for a significant share of the total market.
Growing middle class population in Asia Pacific countries is increasing the consumption of seafood including shrimp. Emerging markets like India and China offer huge untapped opportunities for shrimp producers and processors. There is also a rise in processing and export of shrimp from Latin American countries to North America and Europe.
The global Shrimp Market Demand is expanding into new regions and countries. Due to rise in disposable incomes, seafood including shrimp is gaining popularity in Central and Eastern European countries. African countries near coastal regions are also emerging as new markets for shrimp producers and exporters.
Market Drivers
The high growth of the shrimp market can be attributed to rising global consumption of seafood. Shrimp is one of the most widely consumed seafood globally due to its flavor and health benefits. With increasing health awareness, people are incorporating more seafood including shrimp into their diets. Changing lifestyles and introduction of new preparation styles have made shrimp popular even in regions which traditionally did not consume it. The market is expected to grow further during the forecast period driven by growing global population and economy.
PEST Analysis
Political: The shrimp market is impacted by regulations and restrictions imposed by regulatory bodies. New import and export policies adopted by governments can disrupt supply chains.
Economic: Global and regional economic growth trends determine the purchasing power and demand for shrimp. A rise in disposable incomes enables more consumers to afford shrimp as part of their diet.
Social: Demographic shifts and changes in consumer preferences affect seafood consumption patterns. Increased health awareness drives demand for nutritious protein sources like shrimp.
Technological: Advances in aquaculture technology help boost production yields. Automation of farming and processing operations enhances productivity while reducing operational costs. Adoption of cold chain logistics enables wider market reach.
Geographical concentration of the shrimp market
The Asia Pacific region accounts for the largest share of the global shrimp market in terms of value. Indonesia, Vietnam and China are the major shrimp producing nations in the world. Brazil and Thailand also have a sizeable production base. Developed markets in North America and Europe remain important importers of shrimp from Asian exporters.
Fastest growing region for the shrimp market
The shrimp market is expected to witness strong growth in the European region over the forecast period. Rising health awareness is boosting seafood consumption including shrimp. The availability of various frozen and processed shrimp products further drive their adoption. Countries like Spain, France and UK offer immense opportunities for shrimp suppliers.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
