Shrimp Market to reach $130 Bn by 2032, Says Global Market Insights Inc.
Major shrimp market participants include Pacific Seafood, Clearwater Seafoods, Morubel nv, High Liner Foods, Maruha Nichiro Corporation, Blue Star Foods, Trident Seafoods, Rich Products Corporation, Cargill, Incorporated, Thai Union Group PCL & Marvesta Shrimp Farms.
Selbyville, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) --
The shrimp market valuation is predicted to exceed USD 130 billion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the increasing demand for seafood. As per Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO), fish and shellfish consumption to reach 21.2 kilograms per capita over the next decade, up from a 20.4 kilograms average between 2020 and 2022. Shrimp's popularity stems from its versatile culinary applications, appealing taste, and perceived health benefits, making it a sought-after choice for consumers worldwide. The growing awareness of the nutritional value of shrimp, rich in proteins, vitamins, and minerals, fuels its consumption.
Sustainable shrimp farming practices, coupled with innovations in hatchery management, water quality control, and disease prevention, leads to increased shrimp production. This ensures a year-round supply and helps meet the escalating demand. As aquaculture practices continue to evolve, the enhanced efficiency and reduced environmental impact will shape the industry outlook.
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The shrimp market from the pink segment is poised for sustained growth through 2032, led by the sweet and delicate flavor profile. It captivates consumers seeking a unique seafood experience. The product’s popularity is buoyed by the versatility, which adapts well to various culinary styles, from traditional dishes to contemporary creations. Furthermore, the surge in health-conscious consumer preferences favor pink shrimp consumption as it has a low calorie and fat content coupled with high protein levels.
The shrimp market from the canned segment will grow at substantial rate from 2024 to 2032, attributed to the unparalleled convenience and versatility. The growing consumer inclination toward hassle-free and time-efficient culinary solutions, make canned shrimp a go-to option for various dishes. It eliminates the need for intricate preparation, providing a quick and accessible seafood option for busy lifestyles. Moreover, the canned form ensures a longer shelf life, contributing to its popularity among consumers seeking a convenient pantry staple. The preservation process maintains the product's quality, taste, and nutritional value, offering a consistent and reliable product.
North America shrimp market will register a strong CAGR till 2032, owing to the rising consumer awareness and emphasis on sustainable seafood practices. Consumers in the region increasingly favor responsibly sourced shrimp, encouraging the adoption of eco-friendly and traceable shrimp farming practices. The growing demand for premium and value-added shrimp products, along with the consumers seeking high-quality, innovative shrimp offerings, including ready-to-cook options, gourmet preparations, and organic choices will bolster the regional market share.
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Some of the leading companies operating in the shrimp market are Pacific Seafood, Clearwater Seafoods, Morubel nv, High Liner Foods, Maruha Nichiro Corporation, Blue Star Foods, The Clover Leaf Seafoods Family, Lerøy Seafood Group, Trident Seafoods, Royal Greenland A/S, Nippon Suisan Kaisha Ltd., Rich Products Corporation, Cargill, Incorporated, Thai Union Group PCL & Marvesta Shrimp Farms.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Shrimp market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Form trends
2.6 End-use trends
2.7 Distribution channel trends
Chapter 3 Shrimp Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing consumer demand for seafood
3.8.1.2 Growing popularity of shrimp-based cuisines
3.8.1.3 Increased awareness of the health benefits of shrimp
3.8.2 Industry pitfalls & challenges
3.8.2.1 Environmental concerns
3.8.2.2 Competition from other seafood products
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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