The Shrimp Market is expected to increase by USD 7385.2 million billion. As per the research report 2024-2028 published by Technavio, the market is expected to grow at a CAGR of 4.36% during the forecast period. The industry is segmented by Product (Frozen shrimp, Canned shrimp, and Others), Distribution Channel (Supermarket and hypermarket, Convenience store, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
The frozen shrimp market is experiencing significant growth due to the extended product shelf life, which caters to consumer demand. Frozen shrimp can be stored in a freezer for up to nine months, making it an attractive option for businesses and consumers alike. The import and export of frozen shrimp is projected to drive market expansion during the forecast period. In 2022, frozen shrimp represented 53.18% of India's total seafood exports by value. The United States is the primary export market for Indian frozen shrimp. To ensure product quality, shrimp are frozen only hours after harvesting, with live shrimp transported in aerated tanks to production facilities situated near shrimp farms.
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The Europe hold the largest regional market size in the current year. The shrimp market represents a significant revenue generation avenue for the seafood industry. With increasing consumer preference for protein-rich and low-fat food sources, the demand for shrimp has surged. Major shrimp producing countries, such as China, India, and Indonesia, dominate the global market. Market growth is driven by factors like rising disposable income, population growth, and changing dietary patterns. However, challenges like disease outbreaks, environmental concerns, and trade disputes pose threats to market expansion.
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The global packaged foods and meats market encompasses vendors engaged in food processing to ensure microbial elimination and shelf life extension. According to Technavio, the market's size is determined by the consolidated revenue of the participating manufacturers. This market segment excludes equipment manufacturers and producers of packaged beverages, including alcoholic and non-alcoholic varieties. Key growth drivers for the global packaged foods and meats market include the health benefits associated with consuming minimally processed foods, such as vegetables, which are rich in essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.
The Shrimp Market is experiencing significant growth, fueled by the Growing awareness about health benefits of shrimp. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The global shrimp market encompasses canned and frozen shrimp, a popular choice for consumers due to its nutritional benefits and versatility in various culinary traditions. White shrimp, a common species, is rich in protein, low in fat, and contains essential nutrients like omega-3 fatty acids. Decapod crustaceans, including shrimp, are essential components of the seafood industry and biodiversity. However, overfishing and unsustainable practices pose threats to marine crustaceans. Sustainable shrimp farming and aquaculture practices have emerged as solutions, adhering to international standards and promoting species like Litopenaeus vannamei. Flexitarians and pescatarians increasingly opt for shrimp as a protein-rich, low-fat alternative. Shrimp exports continue to grow, fueled by health consciousness and dietary preferences. Shrimp-based cuisines from around the world showcase the versatility of this nutritious and delicious seafood.
Technavio Research
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