United States (US) Shrimp Market to Grow at 3.5% During 2023-2028, Impelled by Rising Preference for Protein-Rich Food

January 14, 2021 | Food & Beverages

According to the latest report by IMARC Group, titled “United States Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the United States shrimp market reached a volume of 921,000 Tons in 2022. Shrimp refers to a decapod crustacean that is characterized by an elongated body with a narrow muscular abdomen and long antennae. It is generally found near the coasts, lakes and rivers. It is widely consumed as a preferred alternative to meats as it is low in fat and calories. In addition, it is a rich source of essential nutrients, including protein, zinc, calcium, potassium, omega-3 and iron, that are required by an individual for overall health development. Apart from this, it also consists of astaxanthin antioxidants that help to prevent wrinkles, minimize skin damage caused by the sun, and treat inflammation.

United States Shrimp Market Trends:

The market in the United States (US) is primarily driven by the rising health-consciousness among the masses. Moreover, the increasing preference for leading a healthy lifestyle among individuals has led to the rising consumption of protein-rich and low-fat content food, which is creating a positive outlook for the market. The market is further driven by the widespread preference for frozen shrimp products with prolonged shelf-life, supported by the strong disposable incomes of the masses. Furthermore, the increasing initiatives by the government to support shrimp production and encourage domestic production by introducing fiscal reliefs to farmers are providing an impetus to the market growth. Some of the other factors contributing to the market growth include the rising popularity of value-added product variants, the introduction of convenient ready-to-cook or ready-to-eat shrimp products and the easy product availability via online and offline organized retail channels. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.5% during 2023-2028.

Market Summary:

  • On the basis of the environment, the market has been bifurcated into farmed shrimp and wild shrimp. Among these, farmed shrimp represent the leading market segment.
  • The US shrimp market is currently dependent upon imports.
  • Based on the species, the market has been segmented as Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Penaeus vannamei currently accounts for the majority of the total market share.
  • On the basis of the product category, the market has been classified into peeled, shell-on, cooked, breaded and others.
  • On the basis of the distribution channel, the market has been categorized into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online stores and others.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units  '000 Tons
Environments Covered Farmed, Wild
Domestic Production and Imports Covered Domestic Production, Imports
Species Covered Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others
Product Categories Covered Peeled, Shell-on, Cooked, Breaded, Others
Distribution Channels Covered Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Stores, Others
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United States (US) Shrimp Market to Grow at 3.5% During 2023-2028, Impelled by Rising Preference for Protein-Rich Food
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