Shrimp Market Insights and Future Development Plans 2024 - 2031 | Morubel N.V., Maruha Nichiro Corporation

Market Overview:

The shrimp market is estimated to be valued at USD 75.99 Bn in 2024 and is expected to reach USD 109.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

Market Dynamics:

The global shrimp market is expected to witness significant growth over the forecast period owing to factors such as increasing aquaculture farming and demand for high protein food. Aquaculture farming of shrimp has increased manifold over the years due to its high profitability. Several farmers in Asia Pacific and Latin America regions have adopted shrimp farming. Moreover, the demand for shrimp as a high protein food ingredient is also driving the market growth. Shrimp contain high nutritional value and find wide application in food processing industry for products like ready-to-eat meals, sauces etc. The increasing health-conscious population globally has led to strong demand for shrimp and other seafood.

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Shrimp Market Drivers - Increasing Demand for Seafood as a Healthy Protein Option

The shrimp market is experiencing high demand due to the increasing popularity of seafood as a healthy protein alternative. Shrimp is low in saturated fat and contains essential nutrients like vitamin B12, selenium, and omega-3 fatty acids. The health benefits of shrimp such as promoting heart health and brain function have encouraged more people to include shrimp in their diets. Research also shows that regular consumption of shrimp may help reduce inflammation and risks of cancer, diabetes, and other illnesses. With growing health consciousness, consumers are switching to shrimp as a lean protein option compared to red meats. The nutritional profile of shrimp makes it appeal to both health-focused consumers and diet conscious individuals looking to make better protein choices. The marketing of shrimp highlighting its versatility and health advantages has significantly boosted its demand in the global market.

Shrimp Market Driver- Growth of Foodservice Industry

Another pivotal driver for the shrimp market is the rapid expansion of the global foodservice industry. Foodservice refers to prepared meals and drinks served and consumed outside the home. The foodservice segment includes restaurants, cafes, hotels, catering businesses, pubs and other licensed and non-licensed establishments. Shrimp is a popular ingredient used in various cuisines by foodservice operators to attract customers. The convenience offered by eating out coupled with increasing disposable income has boosted traffic at foodservice outlets. In recent years, there has been a steep rise in the number of quick-service and fast casual restaurants franchise expansion worldwide. The proliferation of newer restaurant brands expanding globally relies on consistent shrimp supplies. The foodservice industry accounts for a considerable volume of shrimp sales and its ascending graph acts as a catalyst for the shrimp market growth.



Shrimp Market Opportunity- Aquaculture expansion in emerging markets

One of the key opportunities for the shrimp market lies in the rising aquaculture industry in emerging economies. Countries like India, Vietnam, Ecuador, and Indonesia offer immense potential to intensify shrimp aquaculture as they have long coastlines, favorable climates and increasing infrastructure investments. These developing nations recognize shrimp farming as a lucrative source of income, employment and economic growth. Governments provide incentives, farm development subsidies and technical support to boost the native aquaculture sector. Introducing best management practices, use of advanced hatcheries and adherence to food safety standards can help small fisheries expand production sustainably. These developing markets also experience increasing purchasing power and a growing appetite for seafood products. As living standards elevate, effective shrimp farming can meet the rising protein needs of these populous countries and open new export opportunities. The largely untapped aquaculture potential in emerging economies will drive future shrimp market growth.

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Top Companies Included in This Report:

• Morubel N.V.
• Maruha Nichiro Corporation
• Pacific Seafood
• Thai Union Group PCL
• Clearwater Seafoods
• Avanti Feeds Limited
• High Liner Foods
• Surapon Foods Public Company Limited
• Mazzetta Company LLC
• Aqua Star
• Nordic Seafood A/S
• The Waterbase Limited
• Wild Ocean Direct

Market Segmentation:

By Product Type:

• By Source Type: Cold Water Shrimps, Hot Water Shrimps
• By Species: Gulf Shrimps, Farmed Whiteleg Shrimps, Blue Shrimps, Ocean Shrimps, Royal Red Shrimps
• By Form: Frozen, Canned, Peeled, Cooked, Shell-On, Others
• By End use Industry: Food, Cosmetics, Pharmaceutical, Biotechnology and Life Sciences, Others
• By Distribution Channel: Hypermarket/Supermarket, Convenience Stores, Specialty Stores, Online, Others

Key Regions/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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The report offers insights on the following topics:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Competitor Landscape of the Shrimp Market by Players

Chapter 4: Market Size of the Shrimp Market by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, Recent Developments, and Investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

Ultimately, the Shrimp Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Shrimp industry.

Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.

Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

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