Shrimp Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Shrimp Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Exploring the Flourishing Trajectory of the Shrimp Market
This comprehensive analysis delves into the thriving global shrimp market, shedding light on its growth trends and dynamics in recent times.

Rising Demand from Seafood Restaurants
The global aquaculture production, surpassing 120 million tons in 2018 according to the Food and Agriculture Organization (FAO), has propelled the popularity of shrimp as a widely consumed shellfish. With its commercial use dating back to the early 1960s, shrimp has become a prominent seafood item, representing a significant portion, 15%, of the worldwide seafood industry.

Nutritional Value Fuels Shrimp's Popularity
Shrimp's high nutritional value, boasting quality protein, essential amino acids, and low fat content, has made it a sought-after choice among health-conscious consumers. Rich in essential minerals and vitamins such as A, D, and E, shrimp offers various health benefits, driving its popularity among those seeking nutritious meal options. The surge in demand for shrimp has been largely propelled by seafood-focused restaurants that prioritize serving healthy and delectable options.

Lockdown-Induced Trends: Cooking at Home
The COVID-19 pandemic and subsequent lockdowns dealt a blow to the food industry, leading to reduced restaurant sales and disruptions in supply chains. Shrimp sales were not immune to this impact, particularly due to decreased out-of-home consumption. Countries like India, Vietnam, and Thailand, major shrimp farming nations, reported lower production during the pandemic.

However, the lockdowns also sparked a surge in home cooking, with people exploring new recipes and adopting healthier eating habits. This shift contributed to the increased demand for shrimp in the market.

White Leg Shrimp Leads Export in Global Market
The global shrimp market is segmented by species type, format, sales channel, and region. Among species types, farmed white leg shrimp is poised to secure a substantial market share by the end of 2026. Its high volume production and export capabilities are expected to drive growth. India, for instance, introduced the vannamei shrimp variety in its coastal aquaculture systems in 2017 to meet the growing demand for white leg shrimps.

Fresh Shrimp Gains Favor
The fresh shrimp segment is anticipated to witness favorable growth in the format category. As health-conscious consumers seek healthier options with superior nutritional benefits, the demand for fresh shrimp is expected to rise. Consumers, now more aware of the consequences of consuming farmed shrimps with antibiotics, are leaning towards fresh catch alternatives.

Online Platforms: Emerging Sales Channels
The pandemic has accelerated the adoption of online platforms for purchasing shrimp. With lockdowns restricting dining out, consumers are turning to online platforms for their convenience and safety. Consequently, the business-to-consumer segment, including supermarkets, specialty outlets, convenience stores, and online platforms, is expected to experience growth. The e-commerce trend is expected to persist even as restrictions ease.

Manufacturers Expand Shrimp Processing Capacity
Asia Pacific, particularly countries like India, China, Indonesia, and Thailand, holds a significant position as a global shrimp producer. Despite challenges posed by the pandemic, export of shrimp from countries like Ecuador and Indonesia saw an increase. Key players in shrimp production are planning large-scale export farming to meet the growing demand. Expansion efforts include new factories and enhanced processing facilities to accommodate higher volumes.

Global Shrimp Market: Leading Players
Prominent players in the global shrimp market include The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd., Pescanova S.A., Omarsa S.A, Ristic GmbH, Dom International Limited, Marine Harvest ASA, Baton Rouge Shrimp Company, Inc., Charoen Pokphand Food PCL, and Gulf Shrimp Company.
The shrimp market's growth trajectory remains promising, driven by the surge in seafood restaurant demand and the growing trend of home cooking. With innovative approaches to serving health-conscious consumers and expanding processing capacities, the market is set to recover and thrive in the post-pandemic landscape.

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