How Much Revenue Shrimp Market Will Generate Globally Till 2028? |Grand View Research, Inc.

Posted by Mrudula Karmarkar on September 9th, 2022

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.

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This can be credited to the growing trade activities involving seafood from developing economies such as Indonesia and Vietnam. Moreover, the rising popularity of brown shrimp in the healthcare industry is further anticipated to boost the market growth during the forecast period. The growing acceptance of eco-friendly production techniques is a major factor driving the market growth. Moreover, the rising demand for white shrimp across the globe to fulfill the demand for selenium is anticipated to boost business growth. The rising demand to procure canned shrimp products at an affordable cost is an upcoming opportunity for the market.

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 growth

However, the complexity to maintain the natural taste of the shrimp after the frozen process techniques is hindering the market growth. At present, key players are focusing on launching online platforms to gain the traction of shrimp consumers. Hence, the market for shrimp is expected to showcase significant growth during the assessment period.

Growing investments from key Japan-based players to procure high-quality shrimp products are fueling the market growth. The major key players in the market are procuring value-added shrimp products, cooked shrimp products, as well as headless, shell-off, and shell-on shrimp products. The rapidly growing demand for innovative seafood skewers from the consumers of North America is further driving the industry growth.

Companies are mainly focusing on launching salmon skewers products to meet the increasing demand for shrimp. The key players are adopting e-commerce platforms to fulfill the demand for cuttlefish skewers globally. However, implementing frozen techniques has its own set of unique challenges and limitations. Multiple companies are targeting the expansion and launch of premium spring roll products in the market. Some of the notable companies operating in the global shrimp market are as follows

• Thai Union Group
• Clearwater Seafoods Inc.
• Avanti Feeds Ltd
• High Liner Foods Inc.
• Surapon Foods
• Mazzetta Company LLC
• Aqua Star Corp
• Nordic Seafood A/S
• The Waterbase Ltd.
• Wild Oceans Pty Ltd.