by Shrimps are a highly nutritious seafood low in saturated fats and high in protein, vitamins, and minerals. They have a delicate, subtly sweet taste and are a versatile ingredient used in various cuisines worldwide. The rising demand for shrimp as healthy and flavorful seafood has led to technological innovations in aquaculture and farming processes to increase yield sustainably. Advanced farming systems employ methods like recirculating aquaculture systems utilizing advanced water filtration and minimal water exchange to curb environmental impacts.
Global Shrimp Market is estimated to be valued at US$ 75.99 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
The growing global demand for seafood proteins and sustainable alternatives is driving the growth of shrimp aquaculture worldwide. Technologies enabling increased productivity, resource optimization and disease resistance are positively impacting the market.
Key Takeaways
Key players operating in the Shrimp market include Morubel N.V., Maruha Nichiro Corporation, Pacific Seafood, Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited. These companies are investing in sustainable farming practices, advanced hatcheries for quality seed production and strategic global expansion initiatives.
The rising health-conscious population and changing dietary preferences are fueling demand for shrimp globally. Technology advancements enabling all-year-round harvests through indoor and outdoor recirculating systems are helping meet the burgeoning demand. Various government initiatives stimulating aquaculture and trade are providing opportunities for market growth.
shrimps are witnessing increasing global exports led by Asian nations producing over 90% of the global supply. Leading exporters are expanding operations through trade agreements, certifications and infrastructure to tap international markets in the Americas, Europe and African regions.
Market Key Trends
One of the main trends gaining prominence in the Shrimp Market Size is the adoption of sustainable and eco-friendly farming practices. Increased focus on minimizing environmental pollution, optimized resource usage, disease prevention and animal welfare is driving growth. Techniques like urban indoor vertical farming models, decentralized localized systems and closed containment facilities are expected to revolutionize the industry in the coming years.
Porter’s Analysis
Threat of new entrants: Low production risks and high costs involved in set up farming require substantial financial capital. Bargaining power of buyers: Large buyers like wholesalers and retailers can negotiate low prices from suppliers who aim for high output volume. Bargaining power of suppliers: Few dominant producers in key exporting countries can influence prices in international markets. Threat of new substitutes: Seafood types such as salmon, tuna and tilapia are gaining popularity as alternatives. Competitive rivalry: Intense competition exists between major producers from Asian countries to gain market share in global export.
Geographical Regions
North America accounted for the largest share of the global shrimp market in value terms in 2024, attributed to high per capita seafood consumption, particularly shrimp. The region is projected to grow at a CAGR of over 4% during the forecast period on the back of increased imports of Frozen shrimp from Asian countries.
The Asia Pacific region is poised to witness the fastest growth through 2031, rising at a CAGR of around 6% owing to large production bases and growing domestic demand from countries such as India, Japan, and China. Increased farming and stringent quality control have made the region dominant in global shrimp trade.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
