US Shrimp Market Projected to Expand at a CAGR of Around 3% during 2018-2023

The growth of the United States shrimp market can be accredited to the benefits offered by shrimp consumption, increasing health awareness amongst consumers and the introduction of value-added shrimp products by the manufacturers.

According to the latest report by IMARC Group, titled “United States Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the United States shrimp market reached a volume of 722 Kilo Tons in 2017. 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.

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Market Trends:

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 around 3% during 2018-2023, exceeding a volume of 840 Kilo Tons by 2023.

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United States Shrimp Market Segmentation:

Market Breakup by Shrimp Source:

1. Farmed

2. Wild

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.

Market Breakup by Domestic Production and Imports:

1. Domestic Production

2. Imports

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.

Market Breakup by Species:

1. Penaeus Vannamei

2. Penaeus Monodon

3. Macrobrachium Rosenbergii

4. Others

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.

Market Breakup by Product Categories:

1. Peeled

2. Shell-on

3. Cooked

4. Breaded

5. Others

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.

Market Breakup by Distribution Channel:

1. Hypermarkets and Supermarkets

2. Convenience Stores

3. Hotels and Restaurants

4. Online Stores

5. Others

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.

Competitive Landscape:

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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This release was published on openPR.