Global Shrimp Market - 2022-2029

Global Shrimp Market - 2022-2029

Market Overview

Shrimp Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Shrimp is a small invertebrate found in all marine ecosystem. Shrimps are essential components of the marine food web. Larger shrimp species are sought by commercial fisheries for human consumption. Some shrimp species are raised in aquaculture in tropical areas. They are omnivorous animals, which consume a wide range of plant and animal species. Conversely, they are natural prey for a variety of predators due to their small size and abundance. The major factors and shrimp market trends that drive the growth of the shrimp market include easy availability of shrimps and their high nutritional content. As one of the most traded species of seafood, they are an essential components of various cuisines.

Market Dynamics: Rising demand for high protein diet and sustainable seafood choices to foster market growth

High consumer demand for the protein-rich diet, rising disposal income, and increasing expenditure on nutrient-rich products is expected to drive the market growth. Also, manufacturers are focused on developing new protein-rich products for consumers. Shrimps are the rich source of protein that attract consumers to the consumption of shrimps. Moreover, various health benefits drive the growth of market. Shrimp is low in calories. It provides more than 9 different vitamins and minerals and is a rich source of iodine, which is good for proper thyroid function and brain health. It is also rich source of fatty acid and a good health booster. It contains the primary type of antioxidant called astaxanthin. Astaxanthin is a component of algae, which shrimp consume. This antioxidant gives a red color to the cells of shrimp. This antioxidant helps to reduce the risk of chronic disease and the risk of a heart attack. It may also help increase levels of high-density lipoprotein or good cholesterol. Astaxanthin is good for brain health. Its anti-inflammatory properties prevent damage to brain cells.

Market Segmentation: Frozen shrimp segment accounted for the highest share in global shrimp market

In 2021, frozen shrimp had the highest revenue share of over XX percent. Fresh shrimps are available in a specific region and only for a specific season. On the other hand, frozen shrimps can be stored all year. They are easy to transport and handle. Frozen shrimp is available in different pack sizes and has many brand options to select from. Some major key players like Aqua Star, Avanti Feeds Ltd, Clearwater Seafood’s, and High Liner Foods Inc, among others, sell frozen shrimps. High demand for frozen shrimp from hotels and restaurants tends to increase sales. However, frozen shrimp is more expensive than fresh due to its storage and packaging costs.

Moreover, white shrimp held the highest market share after frozen shrimp. White shrimp is a rich source of nutrients, and it can store them for a long time. White shrimp are crustaceans with relatively long walking legs and five pairs of swimming legs located on the front surface of the abdomen. They have a light gray body with green coloration on the tail and a yellow band on the part of the abdomen. According to NOAA Fisheries, in 2020, white shrimp totaled 110 million pounds and were valued at $254 million. White shrimp were the commercially important shrimp species in the United States.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, the North American region had the highest revenue share of almost XX percent. Increasing demand for white shrimp in the region drives the growth of the market. The US imports 75% and 80% of the seafood from other countries, like Thailand, China, Canada, Indonesia, and Vietnam. Shrimp farming in the USA is the largest form of aquaculture business consuming various species of prawns and marine shrimp. The US is the second-largest consumer of shrimp after China. Shrimps are the most eaten food in the US, accounting for 25%-30% of the total seafood market in the country. The states of Hawaii, South Carolina, Kentucky and Florida have the highest surface acreage for prawn production. Also, the US government supports aquaculture producers. In the last few years, per capita consumption of meat has declined due to the changes in consumer food preference and increased health awareness; as a result, the country's popularity of seafood products such as shrimp increased.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are Aqua Star, Avanti Feeds Ltd., Clearwater Seafoods, High Liner Foods Inc, Mazzetta Company, LLC, and Nordic Seafood A/S. Some of the major key players follows merger and collaboration strategies for the company's growth. For instance, in March 2018, Aqua Star acquired an equity stake in an Indian shrimp producer. Sagar Grandhi produces about 150,000 tons of shrimp annually, with farms and contract farmers using 10,000 hectares in Chittedu, which is in the Nellore district of Andhra Pradesh. Also, in February 2019, Cooke Inc completed its acquisition of the business of the Seajoy Seafood Corporation group, which is one of the largest vertically integrated premium shrimp farms in Latin America. This acquisition's main focus is product diversification to meet consumers needs. In March 2020, Sykes completed the deal for shrimp processor Klass puul Beheer by creating $300 m shrimps. The combination of these two businesses offered customers access to a wide range of products in frozen format for retail and food service.

COVID-19 Impact: Negative impact on the global shrimp market

The outbreak of Covid 19 has a significant impact on the food service industry. The Asia Pacific is one of the leading producers of shrimp. However, decapod crustaceans production in the region was delayed by 3 months in the year 2020 due to the Covid 19 crisis. The decrease in demand from Asian countries like China, Vietnam, and India may negatively affect the market's growth. All the business dropped by 80-90%. Sales of seafood like shrimp have decreased due to the strict lockdowns and curfews worldwide. Lockdown across all major regions has led to travel restrictions which have serious effect on the distribution channel. The global production of shrimp is decreased in the year 2020, with global demand for fresh and frozen shrimp decreased significantly. Furthermore, the import and export of shrimp are completely closed during a pandemic. Also, hotels and restaurants are completely closed during the pandemic, which is the major reason for the decrease in shrimp sales in the global market.

The global shrimp market report would provide an access to approximately 77 market data tables, 71 figures and 170 pages