Shrimp Market Research Report

Market Outlook 2023-2028:

The global shrimp market size reached US$ 65.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028. The rising number of organized retail chains, various health benefits offered by shrimp, and the wide availability of shrimp through offline and online distribution channels represent some of the key factors driving the market.

Wide Availability Through Online Channel Facilitating Market Growth

The online channel represents one of the fastest-growing distribution channels, which is creating an impressive opportunity for the shrimp industry. With a fast-growing online sales channel, the market is now wide open for consumers to buy seafood from any corner of the globe. Major online stores are launching more products with aquaculture stewardship council (ASC) certification, which is increasing online seafood purchases. All these factors are more likely to supplement the growth of the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented as the industry consists of a large number of small and large number of players. The product offered by different processors in the industry is largely the same as they employ more or less similar manufacturing processes. The volume of new entrants is moderate in the shrimp industry due to low product differentiation, strict regulations by various governments, and high capital investments.

What is Shrimp?

Shrimp refers to decapod crustaceans classified as the infraorder caridea and characterized by a body that is compressed from side to side with long antennae and legs, thin and semitransparent exoskeleton, lamellar gills, and fan-like tail. It comprises crabs, lobsters, shrimp, krill, and woodlice that are found in fresh and salt water. It relies on their swimmerets to move forward or backward by flexing their abdomen and fan-like tail. It is widely used to prepare various dishes, such as shrimp kebabs, shrimp creole, shrimp gumbo, pan fried, deep fried, and stir fried. Besides this, it is employed in cooking pineapple and lemon shrimp, shrimp soup, shrimp stew, shrimp and potatoes, shrimp burgers, coconut shrimp, pepper shrimp, shrimp sandwiches, and shrimp fajitas. It is also kept in home aquaria as shrimp assist in controlling algae and removing debris. As it is a rich source of calcium and protein, the demand for shrimp is rising around the world.

COVID-19 Impact:

The COVID-19 pandemic outbreak has changed the consumption patterns of consumers as they tried to limit frequent visits to convenience stores and have shifted their seafood preferences towards preserved and prepared products, such as cooked and breaded shrimp products. The lockdown has severely hit the seafood industries across various countries, such as China, India, and Ecuador. The production in these industries has declined tremendously owing to delays in aquaculture harvests due to labor shortages, transportation restrictions, production facility shutdowns, and restrictions on import and export. Though aquaculture activities have been exempted from the restrictions and remained operational during the later stages of the lockdown, adverse situations arose, such as low availability of raw materials, which made the sector difficult to thrive. The outbreak of coronavirus has triggered a collapse in demand for shrimp and their farmgate prices, raising concerns about food availability and the economy. The closure of all restaurants, quick service restaurants (QSRs), fast food chains, and fresh seafood counters has created a serious dent in demand. However, consumer demand for frozen and value-added seafood products has witnessed a surge due to the lockdown in several countries.

Market Trends:

At present, there is a rise in the demand for shrimp as they are a rich source of calcium, iodine, vitamin D, vitamin B3, zinc, protein, and omega-3 fatty acids. This, along with the thriving food and beverage (F&B) industry, represents one of the key factors supporting the growth of the market. Besides this, various health benefits offered by shrimp, such as improving bone and brain health, aiding weight loss, reducing the risks of cardiovascular disease, relieving eye fatigue, and lowering blood pressure, are propelling the growth of the market. In addition, the growing demand on account of rising organized retail chains across the globe is positively influencing the market. Moreover, governing agencies of various countries are promoting the seafood sector through several fiscal reliefs and incentives, which is catalyzing the demand for shrimp. Additionally, the wide availability through offline and online distribution channels is offering lucrative growth opportunities to industry investors.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global shrimp market, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on environment, species, market size and distribution channel.

Environment Insights:

• Farmed Shrimp
• Wild Shrimp
   

The report has provided a detailed breakup and analysis of the market based on the environment. This includes farmed shrimp and wild shrimp. According to the report, farmed shrimp represented the largest segment as farmers are adopting diverse farming approaches, such as shorter duration crops with high stocking densities, super-intensive, high-yield methods to avoid the loss of survival and risk. They are also using probiotics to improve the immunity of shrimps against diseases, which is positively influencing the respective segment.

Species Insights:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others
   

A detailed breakup and analysis of the market based on the species. This includes Penaeus Vannamei, Penaeus monodon, macrobrachium rosenbergii, and others. According to the report, Penaeus Vannamei represented the largest segment as it is the main cultured shrimp species due to high larval survival, better tolerance to high stocking density, lower dietary protein requirement, and stronger adaptability to low salinity.

Shrimp Size Insights:

• <21 
• 21-25
• 26-30  
• 31-40
• 41-50
• 51-60
• 61-70
• >70
   

A detailed breakup and analysis of the market based on the shrimp size has also been provided in the report. This includes <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.

Distribution Channel Insights:

• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
• Online Sales
• Others
   

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.

Regional Insights:

Major Producing Regions:

• China
• India
• Indonesia
• Vietnam
• Thailand
• Ecuador
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include China, India, Indonesia, Vietnam, Thailand, Ecuador, and Others. According to the report, China was the largest producing region for shrimp on account of the increasing government support for improving product quality and promoting sustainable farming practices. In addition, the rising domestic demand for shrimp and the increasing demand for processed exports in China is propelling the growth of the market. Besides this, governing agencies of China are improving its breeding program to achieve better yields, which is positively influencing the market.

Major Consuming Regions:

• United States
• China
• Europe
• Japan
• Indonesia
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include United States, China, Europe, Japan, Indonesia, and Others. According to the report, China was the major consuming region for shrimp as shrimp is an integral part of Chinese cuisine and is widely used in noodle soup and bonnet (dumpling). Moreover, driven by strong economic growth and rising affluence, consumers in China are undergoing a ‘nutrition transition,’ whereby they are shifting from a carbohydrate-based diet to a food that consists of higher levels of proteins. Apart from this, rapid urbanization and busy lifestyles of consumers have led to a further rise in the demand for cooked and breaded shrimp as they are ready-to-eat (RTE) food items that do not require extensive preparation before cooking.

Competitive Landscape:
 

The report has also provided a comprehensive analysis of the competitive landscape in the global shrimp market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Recent Developments:

• Aqua Star has released a new line of chef-designed seafood bowls that are microwaveable, providing a quick and convenient meal solution for those cooking at home or staying at home. The MicroSteam® Seafood Bowls are available in six flavors, namely, shrimp scampi, shrimp ramen, shrimp pad Thai, shrimps & grits, salmon teriyaki, and sesame ginger wild Alaskan pollock.
• Charoen Pokphand Foods Public Company Limited (CP Foods) has adopted probiotic shrimp farming to promote sustainable production and ensure safe, antibiotic-free products. CP Foods' focus on "3 Cleans" techniques, including clean water, disease-free baby shrimp, and clean pond floors, helps boost shrimp growth rate and sustainably prevent diseases.
• Thai Union Group has announced a joint venture with R&B Food Supply and Srinivasa Cystine to launch a new company focused on providing high-quality food ingredients to the Indian market. The joint venture will market R&B Food Supply's flavoring and coating products and may explore the establishment of a manufacturing facility in India.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the shrimp market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global shrimp market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the shrimp industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.