Global Shrimp Market to Reach US$ 100.2 Billion by 2032, Augmented by the Increasing Consumption of Seafood

According to the latest report by IMARC Group, titled "Shrimp Market Report by Environment (Farmed Shrimp, Wild Shrimp), Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Shrimp Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, and Others), and Region 2024-2032," the global shrimp market size reached US$ 69.0 Billion in 2023. Shrimp is a semi-transparent, long invertebrate aquatic animal belonging to the crustacean family that is found in saltwater or freshwater. It is rich in proteins, vitamins, minerals, phosphorous, selenium, iodine, omega-3 fatty acids, and other essential nutrients. It aids in boosting bone health, improving skin elasticity, promoting weight management, lowering blood pressure, minimizing inflammation, relieving eye fatigue, maintaining a healthy and lean body mass, and minimizing the risk of developing cardiovascular diseases. It is commonly prepared in several ways, such as boiled, grilled, fried, and baked. At present, key players operating worldwide are introducing value-added products, including whole shrimp, varied cuts, coated shrimp, and frozen shrimp, to expand their product portfolio.

Global Shrimp Market Trends:

Shrimp-based dishes, such as pizza, pasta, fajitas, wraps, sandwiches, quesadillas, and mac and cheese, are widely served across restaurants, luxury hotels, cafes, and other food outlets. This, coupled with the increasing consumption of seafood on account of the rising awareness among individuals about its health benefits advantages, represents one of the major factors augmenting the market growth around the world. Moreover, the growing health consciousness among the masses and changing dietary patterns are driving the demand for lean meat and protein-rich food like shrimp in their daily diets. In addition, the increasing inclination toward ready-to-eat (RTE) food products like shrimp-based chips on account of rapid urbanization, rising working population, hectic schedules, and inflating income levels are contributing to the market growth. Apart from this, the surging prevalence of obesity, eye problems, skin cancer, cardiovascular diseases, and other chronic and lifestyle disorders is propelling the growth of the market. Furthermore, the growing sales of shrimp-based food products through various online food delivery applications are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 100.2 Billion by 2032, exhibiting a CAGR of 4.1% during 2024-2032.

Market Summary:

• On the basis of the environment, the market has been bifurcated into farmed shrimp and wild shrimp.
• On the basis of the producing region, the market has been segmented into China, India, Indonesia, Vietnam, Thailand, Ecuador, and others. Amongst these, China enjoys the leading position in the market.
• Based on the consuming region, the market has been segregated into United States, China, Europe, Japan, Indonesia and others. Amongst these, China enjoys the leading position in the market.
• On the basis of the species, the market has been classified into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii, and others. Presently, Penaeus vannamei holds the largest market share.
• Based on the shrimp size, the market has been divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.
• On the basis of the distribution channel, the market has been categorized into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.
• The competitive landscape of the market has also been examined, with some of the key players being Apex Frozen Foods Ltd, Aqua Star (Admiralty Island Fisheries Inc.), Charoen Pokphand Foods PCL, Grand Ocean Seafoods Co. Ltd, Grupo Ibérica Congelados S.A., Liveris Afentoulis & Co., Mazzetta Company LLC, Nordic Seafood A/S (Nippon Suisan Kaisha Ltd.), Ocean More Foods Co. Ltd, Pacific Seafood, Seaprimexco Vietnam, Thai Union Group PCL, etc.

Report Coverage:

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