Latest News- Shrimp Market: Frozen shrimp is expected to lead the Product segment during 2024-2028

The Shrimp Market is being driven by Growing awareness about health benefits of shrimp

The Shrimp Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7385.2 million. The global shrimp market is experiencing an upward trend in mergers and acquisitions (M&A) activities. These strategic moves enable larger market players to expand their product offerings and gain access to innovative technologies at cost-effective prices. Thai Union, a leading seafood company, recently completed the acquisition of Rugen Fisch AG in May 2021, thereby increasing its market share. Such inorganic growth strategies are anticipated to fuel the expansion of the global shrimp market during the forecast period. Successful M&A activities not only enhance a company's market presence but also contribute to increased competitiveness within the industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Frozen shrimp
  • Canned shrimp
  • Others
• Distribution Channel
  • Supermarket and hypermarket
  • Convenience store
  • Others
• Geography
  • Europe
    • France
    • Spain
  • North America
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing awareness about health benefits of shrimp
• Initiatives to increase shrimp production
• Rising number of shrimp-based product launches

However, the market also witnesses some limitations, which are as follows:

• Adverse climatic conditions and contamination
• Growing popularity of plant-based shrimp
• Stringent regulations and trade restrictions

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Market Scope in Shrimp Market Research Report

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Research Analysis Overview

The shrimp market caters to dietary preferences and health-conscious consumers, offering essential nutrients and omega-3 fatty acids. Various shrimp species, such as Litopenaeus vannamei, are protein-rich and integral to shrimp-based cuisines. Aquaculture practices ensure sustainable farming of marine crustaceans like decapods, contributing to the seafood industry's nutritional content. Exports adhere to international standards, providing nutritional benefits in various forms, including frozen shrimp and canned seafood. Sustainable shrimp farming upholds culinary traditions while maintaining the environment, making it a vital part of the global sustainable seafood industry. White shrimp, a popular choice, offers numerous nutritional benefits, making it a staple in many diets.

Market Research Overview

The global packaged foods and meats market encompasses businesses engaged in food processing for microbial elimination and shelf life extension. According to Technavio, the market's size is determined by the consolidated revenue of participating vendors. This market excludes food processing equipment manufacturers and packaged beverage producers. Factors driving the market's expansion include the health benefits linked to the consumption of minimally processed foods, such as shrimp, which are rich in essential nutrients, including omega-3 fatty acids. Popular shrimp species, like Litopenaeus vannamei, are increasingly sought after due to their nutritional value and sustainability certifications, such as Fair Trade. Both B2B and B2C distribution channels contribute significantly to the market's growth. While wild-caught shrimp maintains a strong presence, processed products like breaded shrimp continue to gain popularity due to their convenience and versatility.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/