According to the latest report by IMARC Group, titled “United States Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the United States shrimp market reached a volume of more than 747 Kilo Tons in 2018. A large part of the US population prefers different types of meat on a daily basis. However, owing to altering food preferences of the consumers and rising health consciousness among them, the per capita consumption of meat has declined in the recent decades. As a result, seafood products like shrimp have gained immense popularity in the country. They are now being included in several recipes such as seafood gumbo, shrimp cocktails, noodle soups and dumplings.
Shrimp are highly rich in astaxanthin which averts brain cell damage, prevents numerous chronic health diseases and increases good HDL cholesterol levels in the human body, owing to which the consumption of shrimp is augmenting in the United States. Apart from this, the country is also witnessing a rise in the demand for convenient and value-added shrimp products, such as cooked shrimp, breaded shrimp, tempura shrimp and shrimp paste, which require minimal cooking. Moreover, as shrimp are low in calories and carbohydrates, they are widely being incorporated in meals by health-conscious consumers. Further, the US Government is planning to enforce rigid regulations on shrimp exports in the coming years, so as to encourage the domestic production. On account of these factors, the market is projected to expand at a CAGR of 2.3% during 2019-2024, exceeding a volume of 862 Kilo Tons by 2024.
- Based on sources, the market has been bifurcated into farmed and wild shrimp. Amongst these, farmed shrimp dominate the market, holding the largest share, owing to escalating shrimp imports from Asian countries such as China, India, Thailand and Indonesia.
- The US shrimp market has been segregated on the basis of domestic production and imports. Currently, imports exhibit a clear dominance in the market due to the rising demand for shrimp in the country.
- On the basis of species, Penaeus vannamei represents the most popular shrimp species in the country. Other popular species include Penaeus monodon and Macrobrachium rosenbergii.
- Based on product categories, the market has been divided into peeled, shell-on, cooked and breaded shrimps. Currently, peeled shrimp account for the majority of the market share.
- Presently, hotels and restaurants are the largest distribution channels of shrimp as they offer numerous shrimp-based dishes. They are followed by supermarkets and hypermarkets, convenience stores, and online.
- The competitive landscape of the industry has also been analyzed along with the detailed profiles of key players operating in the market.
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