TABLE 1 Global Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 2 Global Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 3 Global Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 4 Global Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 5 North America Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 6 North America Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 7 North America Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 8 North America Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 9 U.S. Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 10 U.S. Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 11 U.S. Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 12 U.S. Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 13 Canada Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 14 Canada Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 15 Canada Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 16 Canada Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 17 Rest of North America Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 18 Rest of North America Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 19 Rest of North America Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 20 Rest of North America Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 21 UK and European Union Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 22 UK and European Union Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 23 UK and European Union Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 24 UK and European Union Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 25 UK Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 26 UK Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 27 UK Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 28 UK Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 29 Germany Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 30 Germany Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 31 Germany Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 32 Germany Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 33 Spain Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 34 Spain Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 35 Spain Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 36 Spain Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 37 Italy Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 38 Italy Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 39 Italy Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 40 Italy Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 41 France Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 42 France Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 43 France Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 44 France Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 45 Rest of Europe Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 46 Rest of Europe Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 47 Rest of Europe Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 48 Rest of Europe Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 49 Asia Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 50 Asia Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 51 Asia Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 52 Asia Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 53 China Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 54 China Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 55 China Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 56 China Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 57 Japan Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 58 Japan Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 59 Japan Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 60 Japan Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 61 India Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 62 India Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 63 India Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 64 India Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 65 Australia Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 66 Australia Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 67 Australia Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 68 Australia Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 69 South Korea Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 70 South Korea Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 71 South Korea Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 72 South Korea Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 73 Latin America Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 74 Latin America Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 75 Latin America Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 76 Latin America Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 77 Brazil Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 78 Brazil Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 79 Brazil Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 80 Brazil Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 81 Mexico Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 82 Mexico Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 83 Mexico Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 84 Mexico Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 85 Rest of Latin America Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 86 Rest of Latin America Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 87 Rest of Latin America Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 88 Rest of Latin America Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 89 Middle East and Africa Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 90 Middle East and Africa Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 91 Middle East and Africa Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 92 Middle East and Africa Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 93 GCC Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 94 GCC Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 95 GCC Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 96 GCC Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 97 South Africa Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 98 South Africa Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 99 South Africa Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 100 South Africa Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 101 North Africa Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 102 North Africa Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 103 North Africa Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 104 North Africa Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 105 Turkey Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 106 Turkey Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 107 Turkey Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 108 Turkey Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 109 Rest of Middle East and Africa Shrimp Market By Species, 2022-2032, USD (Million)
TABLE 110 Rest of Middle East and Africa Shrimp Market By Source, 2022-2032, USD (Million)
TABLE 111 Rest of Middle East and Africa Shrimp Market By Form, 2022-2032, USD (Million)
TABLE 112 Rest of Middle East and Africa Shrimp Market By Distribution Channel, 2022-2032, USD (Million)
Market Overview
The global shrimp market, primarily constituting shrimp as a commodity in the food industry, stands as a significant sector within seafood, characterized by diverse shrimp varieties including tiger shrimp, white shrimp, and brown shrimp, among others. These shrimp are harvested from both farmed sources and natural water bodies and serve as an integral protein source worldwide. The following outlines the chief dynamics influencing this market.The shrimp market is estimated to grow at a CAGR of 5.7% from 2024 to 2032.
Shrimp Market Dynamics
Driver: Escalating Demand in Emerging Economies
Emerging economies have witnessed a surge in shrimp consumption over the past few years. The pace of urbanization in regions like Southeast Asia and parts of South America has introduced urban consumers to a more diversified diet. Coupled with increasing income levels, these populations are moving towards protein-rich foods, including seafood like shrimp.Shrimp, being a low-calorie protein source rich in essential minerals and vitamins, is gaining traction among health-conscious consumers. As global health campaigns continue to underline the benefits of seafood consumption, shrimp remains at the forefront. The globalization of food has led to the fusion of cuisines, with shrimp dishes like tempura, paella, and shrimp tacos becoming popular in countries far from their origins.
Opportunity: Sustainable & Organic Shrimp Farming
In the backdrop of environmental concerns and food safety, sustainable shrimp farming presents a significant opportunity.Initiatives to establish eco-friendly shrimp farms that maintain water quality and ensure minimal ecological disturbance have gained momentum. Such farms, with transparent practices, have garnered attention and preference from environmentally-conscious consumers.Organic shrimp, free from harmful chemicals, antibiotics, and synthetic feed, has found a niche but rapidly expanding market segment, especially in European countries and the U.S. Restaurants and retailers promoting organic foods often highlight shrimp as a prime offering.
Restraint: Disease Outbreaks in Shrimp Farms
Disease outbreaks in shrimp farms have historically posed considerable challenges.Diseases like Early Mortality Syndrome (EMS) and White Spot Syndrome (WSS) have led to massive losses for shrimp farmers. For instance, in parts of Thailand and Vietnam, these outbreaks resulted in declining shrimp yields, impacting both local economies and global supply chains. Disease outbreaks often lead to negative media coverage, affecting consumer confidence. Consumers, fearing contamination, might avoid shrimp consumption, affecting sales and prices.
Challenge: Environmental & Social Concerns
Shrimp farming, while lucrative, is riddled with challenges pertaining to its environmental and social impact. Traditional shrimp farming has led to the destruction of vital ecosystems like mangroves. Such practices, over time, affect not only the local flora and fauna but also lead to soil erosion and make regions vulnerable to natural calamities like tsunamis. In regions like Bangladesh, the thrust on shrimp farming has led to saltwater intrusion into freshwater sources. It has disrupted traditional agriculture and has had socio-economic implications on communities that primarily relied on farming for livelihood.
Market Segmentation by Species
In 2023, the shrimp species that dominated in terms of revenue was L. Vannamei (Whiteleg shrimp). Its adaptability to various environmental conditions, resistance to certain diseases, and high growth rate made it a preferred choice for aquaculture globally. Following L. Vannamei, P. Monodon (Black Tiger Shrimp) maintained its stature as a significant revenue contributor, especially from wild catch. However, the species that demonstrated the highest CAGR was Acetes Japonicus (Japanese Grass Shrimp), which found increasing acceptance in East Asian markets for its distinctive flavor and potential health benefits. Other species like TrachipenaeusCurvirostris, PleoticusMuelleri, and Pandalus Borealis have also cemented their positions in specific markets, but their overall global footprint remains limited in comparison.
Market Segmentation by Form
When it comes to shrimp's commercial forms, 'Green/Head-off' shrimp witnessed the highest revenue influx in 2023. This preference can be ascribed to the ease of preparation and the versatility of head-off shrimps in various culinary preparations. The 'Peeled' segment, due to the convenience it offers to consumers and food service providers, followed closely. However, in terms of CAGR, 'Cooked' shrimp is expected to witness a robust growth trajectory from 2024 to 2032. This growth can be credited to the rising demand for ready-to-eat seafood products, especially in urban markets. Breaded shrimp, a staple in various cuisines, also exhibits promising growth potential.
Market Segmentation by Region
Asia-Pacific, given its vast coastline and historic seafood consumption patterns, dominated the global shrimp market in 2023. Countries like India, China, and Vietnam were primary contributors in terms of both production and consumption. North America, with the U.S. at the helm, showcased the highest revenue percentage, driven by robust demand and higher pricing. Europe, with its emphasis on sustainable and organic shrimp farming, is expected to register the highest CAGR from 2024 to 2032, with countries like Spain and the UK leading the charge.
Competitive Landscape
The shrimp market is characterized by a mix of regional giants and global players. In 2023, companies like Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited, Mazzetta Company, LLC, Aqua Star, Nordic Seafood A/S, The Waterbase Limited, and Wild Ocean Direct held significant market shares. Their strategies often revolved around expanding sustainable farming practices, streamlining supply chains, and bolstering their presence in emerging markets. Innovations in breeding, disease resistance, and farm management techniques were also at the forefront. Looking ahead, from 2024 to 2032, it's anticipated that market players will increasingly collaborate on technology fronts, especially in areas like genetic research and farm automation, to optimize yields and ensure quality.
