Global Shrimp Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Shrimp Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Shrimp are small crustaceans that live in the ocean and in freshwater lakes and streams. Shrimp contains a lot of vitamins and minerals, is low in fat, contains no carbohydrates, and is also low in calories. Fresh shrimp can be processed into various shrimp products, including frozen shrimp, canned shrimp, etc.

Market Overview:

The latest research study on the global Shrimp market finds that the global Shrimp market reached a value of USD 36542.33 million in 2022. It’s expected that the market will achieve USD 56737.82 million by 2028, exhibiting a CAGR of 7.61% during the forecast period.

Regional conflicts are not conducive to the development of various industries; regional conflicts in a certain region will restrict trade and increase social pressure. Among the current regional conflicts, the most influential event in the world is the war between Russia and Ukraine. The Russia-Ukraine war has put pressure on the global supply chain, and the recovery of the world economy is facing more challenges and uncertainties.

The Russian and Ukrainian wars have adversely affected the shrimp industry. For example, the war between Russia and Ukraine has had a major impact on the EU seafood industry. Rising energy and raw material prices lead to high operating costs for fishers, aquaculture farmers and processing companies.
The Russia-Ukraine war affects shrimp prices. For example, in the Indian market, shrimp exports have been affected by the Russo-Ukrainian war and prices have fallen by as much as Rs 50 per kg. Shrimp farmers in the Indian market are also in trouble due to the war due to the drop in shrimp prices. At the same time, due to economic uncertainty, the price of aquafeed has risen sharply, and the cost has also increased a lot.
The Russia-Ukraine war poses a huge risk to the shrimp industry. For example, the Russia-Ukraine war has brought huge risks to the Bangladeshi shrimp industry. Shrimp exports rebounded on a surge in demand and prices after the COVID-19 situation eased, but the conflict between Russia and Ukraine has cut demand and hampered the recovery trend. According to the Bangladesh Frozen Food Exporters Association (BFFEA), shrimp export destinations have increased by about 30%-40%. Product prices have also dropped by more than 30 percent in the process, the trade body added.
Overall, any regional conflict could have huge global ramifications. As far as the shrimp industry is concerned, it needs to face changes in many aspects such as regional conflicts leading to supply chain interruptions, rising energy and raw material prices leading to increased production costs; these factors are not conducive to the development of the shrimp industry.

Fast food culture promotes the development of shrimp products

In the global market, as the pace of life accelerates and the employment rate of women increases, more and more consumers spend less energy and time on cooking. Fast food culture is affecting consumers' living habits. Since the finished shrimp products are pre-processed, consumers spend relatively less time in the cooking process. Plus, canned shrimp is a ready-to-eat food that requires no further cooking or preparation before consumption. Therefore, processed shrimp products satisfy consumers' pursuit of convenience. In the global market, more and more consumers tend to buy packaged food or ready-to-eat food. Hence, increasing demand for products such as frozen shrimp and canned shrimp is driving the growth of the global shrimp market.

The high nutritional value of shrimp is sought after by the downstream market

In recent years, with the continuous improvement of the mass consumption level, people's requirements for food nutrition are also increasing, and white meat (chicken, fish) is gradually replacing red meat (pig, beef, sheep), and prawns are replacing fish. Under this trend, as various seafood supermarkets and restaurants continue to spread in various countries and regions around the world. Because shrimp meat is rich in nutrition, it is a high-protein, low-fat, and highly nutritious aquatic food, which is very popular among consumers. Therefore, shrimp has gradually begun to replace some bulk freshwater fish and become one of the mainstream aquatic protein channels. The global shrimp The market gradually rises and develops.
In addition, as most Chinese people begin to pay attention to healthy eating, and the rise of fitness craze in recent years, the high-quality high-protein food - shrimp meat has gained popularity among the public.

The improvement of health awareness makes people pursue fresh ingredients

With the improvement of living standards, consumers' health awareness has gradually improved, especially the healthy diet.
Because the processors processed prawns in advance, such as decapitation and shrimp line removal, it provided great convenience for consumers. However, the market quality of processed shrimp products is uneven, which may be mixed with dead shrimp. Because shrimp is rich in nutrition, it is easy to breed bacteria and microorganisms after death, which will do some harm to human body. Consumers will still choose fresh ingredients in more cases out of concern about this aspect.
On the other hand, consumers are worried about food additives. All processed products need certain food additives to maintain their long shelf life, and excessive consumption of food additives will cause serious harm to health.

Product quality is easily affected by water quality, feed and other factors

Shrimp industry can't live without aquaculture. In recent years, due to climate change and industrial wastewater discharge, shrimp aquaculture environment has also been seriously threatened. The following three problems will lead to the decline of shrimp quality.
Water quality problem
With the continuous development of industry and agriculture in recent years, the environmental pollution in some areas has been aggravated year by year, and the increase of shrimp culture density has also caused the rapid deterioration of water quality and the rapid aging of many aquaculture waters. On the other hand, the deterioration of surface water year by year can not be underestimated, and the ecosystem of groundwater and soil has also been seriously damaged, which will lead to the death of shrimp larvae due to hypoxia.
Disease problem
The main diseases suffered by shrimp are white spot syndrome, etc. With the increase of culture density, new diseases have appeared in the process of shrimp culture, such as premature death caused by EMS virus. Due to the low self-purification ability of water body, the eutrophication of water body has also become a hotbed of bacteria and viruses.
Feed problem
The quality of feed is directly related to the nutritional needs of shrimp fry. At present, some manufacturers purchase fish meal with poor quality, or simply use plant protein instead of animal protein to save costs, which can't meet the animal protein needs of shrimp. Therefore, shrimp often eats slowly and doesn't grow flesh, which greatly reduces the breeding effect. Therefore, it is urgent to add high-quality feed to improve the feeding effect.

Region Overview:

In 2021, the share of the Shrimp market in Europe stood at 20.75%.

Company Overview:

Santa Priscila is one of the major players operating in the Shrimp market, holding a share of 3.13% in 2022.

Santa Priscila is a fishing company. The Santa Priscila company that cold packs the day of fishing to ensure the quality and freshness of the food serves families in Ecuador and around the world.

The Omarsa Group started in the shrimp business in February 1977 when Don Arturo Vanoni Fernandez acquired the first 250 hectares of land for shrimp farming on Chupadores Grande Island, Ecuador.

Omarsa's processing plant was established in 1982 under the name Cachugran with the vision to combine the shrimp production phase with the commercial phase, thus enabling Omarsa farmed shrimp to be sold to different international markets.

Minh Phu Seafood Corporation is a Vietnamese seafood company. Minh Phu Seafood Corporation's products are currently available in more than 50 countries and territories.

Songa is an Ecuadorian shrimp producer and exporter, as well as an exporter of Ecuadorian tuna and seafood. Songa established the first shrimp farm in Ecuador in 1967 and it is still in production.

Segmentation Overview:

By type, Frozen Shrimp segment accounted for the largest share of market in 2021.
Frozen shrimp is a shrimp product that is processed or packaged and then frozen. Frozen shrimp need to be cooked before eating.
Canned shrimp is cleaned, shelled, and then cooked and canned. Canned shrimp can be eaten directly.
Other types of shrimp include fresh and peeled shrimp, etc.

Application Overview:

The market's largest segment by application is the segment Supermarkets and Hypermarkets, with a market share of 37.30% in 2021.

Supermarkets and Hypermarkets

Downstream applications are segmented by sales channel; consumers can purchase shrimp products through supermarkets and hypermarkets.

Wholesaler

Downstream applications are segmented by sales channel; final consumers such as individual consumers as well as restaurant service providers can purchase shrimp products through wholesalers.

Independent Retailers

Consumers can purchase shrimp products through independent retailers. Independent stores are businesses that operate with a single retail outlet, or are structured as a small chain with no more than three locations. Generally, stores of this type are individually owned, owned by a family, or owned by two partners. Stores of this type are found in just about every city and town around the world, and are usually owned by people who live in the community.

Others

There are other applications, such as online e-commerce stores and so on.

Key Companies in the global Shrimp market covered in Chapter 3:

FIMEX VN
Bahari Makmur Sejati
Avanti Feeds
Thai Union Group
Mazzetta Company, LLC
Minh Phu Seafood Corporation
STAPIMEX
Unima
Omarsa
Songa
Expalsa
Seaprimexco
Thuan Phuoc Corp
Bumi Menara Internusa
Atlantic Shrimpers Limited
DanMarin A/S
Apex Frozen Foods
CP Group
AquaStar
Santa Priscila

In Chapter 4 and Chapter 14.2, on the basis of types, the Shrimp market from 2018 to 2029 is primarily split into:

Frozen Shrimp
Canned Shrimp
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Shrimp market from 2018 to 2029 covers:

Supermarkets and Hypermarkets
Wholesaler
Independent Retailers
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)