Shrimp Market Size, Share & Trends Analysis Report By Type (Pink, Brown), By Source (Cold Water, Hot Water), By Form (Frozen, Canned), By End Use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

Shrimp Market Size, Share & Trends Analysis Report By Type (Pink, Brown), By Source (Cold Water, Hot Water), By Form (Frozen, Canned), By End Use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

Shrimp Market Growth & Trends

The global shrimp market size is expected to reach USD 23.21 billion by 2028, registering a CAGR of 7.2% during the forecast

period, according to a new report by Grand View Research, Inc. The market growth is accelerated by the increasing demand for

brown shrimp in the healthcare industry.

In December 2020, the Thailand department of internal trade launched a set of measures to help the fish catchers of Samut

Sakhon (Thailand). These kinds of initiatives will support the business of frozen seafood in the coming years, which is

poised to drive significant growth during the forecast period. The rising demand to procure canned shrimp products at an

affordable cost is an upcoming opportunity for the market.

The hot water segment is projected to register the fastest growth during the assessment period. This growth is attributed to

the growing demand for pistol shrimps from the consumers of South-East Asian countries. The growing consumption of hot water

shrimp in developed countries to maintain body metabolism is propelling the market growth.

The key players in the market are launching value-added salmon skewers products to meet the growing demand for seafood. At

present, key players are focusing more on the adoption of e-commerce platforms to meet the demand for cuttlefish skewers.

Technologically advanced storage systems are being adopted by the key players to improve the life-cycle of shrimps. The

growing demand for shrimp from the healthcare and food industries is projected to drive significant market growth during the

assessment period.

Specialty stores contributed a share of more than 31% to the global market revenue in 2021. The specialty stores consist of

retail providers, such as domestic frozen food suppliers and seafood shops. Domestic suppliers are delivering a variety of

frozen shrimps at an affordable cost, which will drive the segmental growth. The ease of availability of raw materials

required for seafood and the connectivity of several distribution channels in the Asia Pacific is expected to propel the

market growth.

Asia Pacific dominated the industry with a revenue share of more than 37% in 2021. The growing consumption of brown shrimp in

China and India to maintain sustainability in health is a major factor propelling the market growth. The fishery department

of Japan is providing funding to the shrimp catchers to expand their storage capacity. These kinds of government measures are

anticipated to boost market growth. The key players located in China and Japan are implementing frozen techniques to improve

the lifespan of shrimp, which is expected to raise product sales.

Shrimp Market Report Highlights

• North America is expected to register the fastest CAGR of 7.8 % from 2022 to 2028, owing to the increasing demand for

cuttlefish skewers in the region. The increasing demand for stuffed seafood with dill sauce from the consumers of the U.S.

and Canada is anticipated to boost the market growth

• The white shrimp segment contributed the highest share of 33.6% to the global revenue in 2021, due to the

availability of classic flavored white shrimp with a sweet taste. The lower fat content and delicious taste of this type is a

major factor for white shrimp demand to accelerate the market growth in the upcoming years

• Asia Pacific dominated the market by contributing over 37% revenue share in 2021, due to the growing demand for

ambient seafood, and frozen & chilled seafood in China and Japan. The increasing demand for premium shrimp fishery from the

shrimp consumers of China and India will help in boosting the market growth. The market share of China is driven by the

rising consumption rate of cooked seafood products

• The cold water source segment held the largest share in 2021 and contributed more than 60% of the overall revenue.

The growing consumption of a variety of seafood items such as red cherry shrimp, ghost shrimp, blue shrimp, bee shrimp, and

marble shrimp in the U.K. and Germany is refueling the segment growthPlease note The report will be delivered in 2-3 business days upon order notification.