Shrimp Market Growth Outlook: Trends, Key Players, and Regional Insights (2024-2028)

The global shrimp market is poised for significant growth from 2024 to 2028, driven by several critical factors such as rising health awareness, increased demand for seafood, and technological advances in aquaculture. As shrimp emerges as a favored high-protein, low-fat food choice, both consumers and businesses are showing a growing interest in this nutritious crustacean. With sustainable practices gaining momentum, the shrimp market is evolving rapidly, with players worldwide focusing on efficiency, environmental responsibility, and innovation.

Market Overview

The global shrimp market is estimated to grow by USD 7.39 billion from 2023 to 2028, achieving a compound annual growth rate (CAGR) of 4.36%. This growth can be attributed to rising consumer demand for protein-rich foods, increasing adoption of sustainable shrimp farming practices, and innovations in the seafood sector. The continued expansion of the shrimp aquaculture industry, combined with rising health-consciousness among consumers, will contribute significantly to the market’s expansion.

Shrimp’s rich nutrient profile, including high levels of Omega-3 fatty acids, protein, and antioxidants, makes it a popular choice for health-conscious consumers. As awareness of these health benefits increases, demand for shrimp is expected to rise, further fueling growth in the sector.

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Key Market Segments

1. Product Segmentation:
   The shrimp market is segmented by product type, including:

   • Frozen Shrimp: The frozen shrimp segment is expected to dominate the market due to its long shelf life and easy transportability. Consumers' increasing preference for frozen shrimp, driven by its convenience and storage advantages, is contributing to this segment's growth.
   • Canned Shrimp: While smaller in comparison, the canned shrimp market is also growing, driven by its popularity in ready-to-eat meals.
   • Other Shrimp Products: This includes fresh shrimp and processed shrimp products, which are gaining traction in foodservice and retail channels.

2. Distribution Channels:
   The shrimp market is accessed through various distribution channels, including:

   • Supermarkets and Hypermarkets: These large retail chains continue to be a primary sales channel for frozen shrimp and seafood products.
   • Convenience Stores: Smaller retail formats also play a growing role in the distribution of shrimp products, particularly frozen and ready-to-cook varieties.
   • Online and E-Commerce: The online shrimp sales channel is expanding rapidly, providing consumers with direct access to fresh and frozen shrimp, particularly through platforms offering premium or sustainably sourced products.

Regional Market Insights

The shrimp market is witnessing varied growth patterns across different regions, with key players targeting markets in North America, Europe, and Asia-Pacific.

• North America: The U.S. is the largest market for shrimp, owing to its high demand from both consumers and businesses. The growing trend towards healthy eating and seafood consumption is expected to continue to drive the market. Additionally, the increased focus on sustainability in shrimp fishing and farming will help ensure long-term market growth. Other than U.S, Canada has a prominent market

• Asia-Pacific (APAC): APAC is forecast to contribute significantly to the market’s growth, driven by the expanding aquaculture industry in countries like China and India. The growing consumption of shrimp in countries such as Japan, South Korea, and China, along with rising demand for processed and value-added shrimp products, will fuel the regional market.

• Europe: Europe is also witnessing increasing demand for shrimp, particularly driven by rising health consciousness among consumers and the popularity of sustainable seafood. The U.K., Germany, and France are expected to be the largest contributors in this region, with a growing focus on both sustainable sourcing and product innovation.

• South America: Brazil and Chile are key players in the shrimp industry in South America, with shrimp production growing to meet both domestic and international demand. These countries benefit from their strong export relationships with North America and Europe. Argentina is also an important market.

• Middle East & Africa: The Middle East, particularly in countries like Saudi Arabia and the UAE, is experiencing a growing demand for seafood, including shrimp. South Africa, a key player in the region, is expanding its aquaculture industry, contributing to the regional market’s growth.

Market Dynamics and Trends

Key Drivers:

• Health Benefits: Shrimp is a popular seafood choice due to its low-fat, high-protein content, making it an attractive option for health-conscious consumers. Its rich nutrient profile, including Omega-3 fatty acids, antioxidants, and essential vitamins, supports the growing demand for shrimp in global markets.
• Sustainability Initiatives: Sustainable shrimp farming practices, including aquaculture innovations and waste reduction techniques, are playing an increasingly important role in the market. The demand for responsibly farmed shrimp is pushing companies to adopt eco-friendly practices, improving traceability and reducing environmental impact.
• Convenience and Ready-to-Cook Options: With busy lifestyles, consumers are gravitating towards convenient, ready-to-cook shrimp products. The growing preference for frozen shrimp and other processed shrimp products aligns with this trend, driving growth in the retail and foodservice sectors.

Challenges:

• Climate Change: Adverse climatic conditions such as rising sea levels, extreme weather events, and ocean acidification threaten shrimp production. These factors can disrupt farming operations, increase costs, and reduce supply, challenging industry growth.
• Disease Outbreaks: Shrimp farms are susceptible to diseases like Early Mortality Syndrome (EMS), which can significantly impact production and lead to market volatility. Maintaining optimal water quality and disease management is critical for ensuring consistent supply.

Emerging Trend:
The rise of sustainable fishing practices is one of the most significant trends shaping the shrimp market. With increasing consumer demand for environmentally friendly and ethical sourcing, retailers and producers are exploring new ways to minimize waste, reduce bycatch, and improve the efficiency of shrimp farms. Efforts to increase the sustainability of the shrimp supply chain are likely to strengthen market growth and consumer trust in the long term.

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Key Players in the Market

Several companies are driving innovation and growth within the shrimp industry, including major producers, aquaculture firms, and seafood distributors. Key players in the market include:

• AFENTOULIS LIVERIS and SIA O.E.
• Apex Frozen Foods Ltd.
• Aqua Star
• Beaver Street Fisheries Inc.
• Charoen Pokphand Foods PCL
• Cooke Aquaculture Inc.
• Grand Ocean Seafoods Co. Ltd.
• GRUPO IBERICA CONGELADOS S.A.
• High Liner Foods Inc.
• Maruha Nichiro Corp.
• Mazzetta Co. LLC
• Nissui Corp.
• Pacific Seafood Group
• Premium Brands Holdings Corp.
• Seaprimexco
• Surapon Foods Public Co. Ltd.

These companies are focusing on strategic alliances, mergers and acquisitions, geographical expansion, and product launches to increase their market presence. Investments in sustainable shrimp farming technologies and expanding product offerings are central to their growth strategies.

The shrimp market’s future growth hinges on adapting to consumer trends, embracing sustainable practices, and overcoming environmental challenges. With increasing demand for healthy and responsibly sourced seafood, the shrimp industry is set to thrive globally, particularly in key markets such as North America, APAC, and Europe.