Shrimp

Shrimp

Global Shrimp Market to Reach US$35.8 Billion by 2030

The global market for Shrimp estimated at US$30.2 Billion in the year 2023, is expected to reach US$35.8 Billion by 2030, growing at a CAGR of 2.5% over the analysis period 2023-2030. Frozen Shrimp, one of the segments analyzed in the report, is expected to record a 2.9% CAGR and reach US$18.9 Billion by the end of the analysis period. Growth in the Canned Shrimp segment is estimated at 2.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$8.2 Billion While China is Forecast to Grow at 5.0% CAGR

The Shrimp market in the U.S. is estimated at US$8.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.1 Billion by the year 2030 trailing a CAGR of 5.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.6% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.

Global Shrimp Market - Key Trends and Drivers Summarized

How Is Shrimp Farming Revolutionizing the Aquaculture Industry?

Shrimp farming is revolutionizing the aquaculture industry by providing a scalable and efficient way to meet the growing global demand for seafood. As one of the most popular and widely consumed seafood products, shrimp are in high demand across the world, particularly in regions where seafood forms a significant part of the diet. Modern shrimp farming practices have made it possible to produce large quantities of shrimp in controlled environments, reducing reliance on wild-caught shrimp and contributing to more sustainable seafood production. This shift from wild capture to aquaculture has not only helped to stabilize shrimp supplies but also created economic opportunities in coastal and rural areas where shrimp farming is a major source of income. With advancements in farming techniques, disease management, and feed efficiency, shrimp farming is becoming increasingly productive and sustainable, ensuring that this valuable resource can meet global needs without depleting natural ecosystems.

What Innovations Are Enhancing the Functionality of Shrimp Farming?

Innovations in shrimp farming are enhancing its functionality through advancements in breeding, disease management, and sustainable farming practices. Selective breeding programs have led to the development of shrimp strains that grow faster, are more resistant to disease, and have improved survival rates. This genetic improvement has significantly boosted productivity and reduced the risks associated with shrimp farming. Disease management is another area where innovation is making a big impact, with the introduction of biosecurity measures, probiotics, and vaccines that help prevent and control common shrimp diseases such as white spot syndrome and early mortality syndrome. Additionally, the development of environmentally friendly feeds that use alternative protein sources, such as algae or insect meal, is reducing the environmental impact of shrimp farming. Sustainable practices, such as recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA), are also being adopted to minimize water usage, reduce waste, and enhance the overall sustainability of shrimp production. These innovations are making shrimp farming more efficient, sustainable, and resilient to the challenges posed by climate change and global market demands.

How Does Shrimp Farming Impact Food Security and Economic Growth?

Shrimp farming has a significant impact on food security and economic growth by providing a reliable source of high-quality protein and creating jobs in coastal and rural communities. As global populations grow and demand for seafood increases, shrimp farming offers a sustainable way to produce large quantities of nutritious food without overexploiting wild shrimp populations. This helps to ensure a steady supply of shrimp to markets worldwide, contributing to global food security. Economically, shrimp farming is a vital industry in many developing countries, particularly in Southeast Asia and Latin America, where it generates income for millions of small-scale farmers and workers. The export of farmed shrimp is a major contributor to the economies of these regions, bringing in significant revenue and supporting local development. By providing employment opportunities and boosting exports, shrimp farming plays a crucial role in reducing poverty and driving economic growth in regions where alternative livelihoods may be limited.

What Trends Are Driving Growth in the Shrimp Industry?

Several trends are driving growth in the shrimp farming industry, including the increasing global demand for seafood, the shift towards sustainable aquaculture practices, and advancements in farming technology. As consumers become more health-conscious and aware of the environmental impact of their food choices, demand for sustainably farmed shrimp is rising. This is encouraging the adoption of eco-friendly practices and certifications that ensure shrimp are produced in a way that minimizes environmental harm. Technological advancements, such as the use of automated feeding systems, water quality monitoring, and precision farming techniques, are also driving growth by making shrimp farming more efficient and reducing production costs. Additionally, the expansion of shrimp farming into new regions, including Africa and the Middle East, is contributing to the industry`s growth by increasing global production capacity. These trends highlight the dynamic nature of the shrimp farming industry and its ability to adapt to changing market demands and environmental challenges, ensuring its continued growth and success in the global seafood market.

Select Competitors (Total 42 Featured) -

• Aqua Star Corp.
• Avanti Feeds Limited
• Clearwater Seafoods Inc.
• Devi Fisheries Limited
• Grupo Ibérica Congelados, S.A.
• Jayalakshmi Sea Foods Pvt. Ltd.
• Mowi Lemmer B.V.
• Nekkanti Sea Foods Limited
• Nippon Suisan Kaisha Ltd.
• Nordic Seafood A/S
• SSF Limited
• Surapon Foods Public Company Limited
• Thai Union Group Public Company Limited
• The Waterbase Limited
• Wild Ocean Direct;

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