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Shrimp Market 2024 to 2033: Key Trends and Market Insights
Shrimp Market
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According to The Business Research Company's, The shrimp market size has grown strongly in recent years. It will grow from $56.46 billion in 2023 to $60.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing global seafood consumption, rising demand for high-protein diets, improving cold chain logistics, growing middle-class populations, and rising disposable income.
The shrimp market size is expected to see strong growth in the next few years. It will grow to $78.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the expansion of organic and antibiotic-free shrimp production, increasing health consciousness, rising popularity of frozen and processed shrimp, increasing focus on traceability and transparency, and rise of plant-based shrimp alternatives. Major trends in the forecast period include the adoption of recirculating aquaculture systems (RAS), integration of artificial intelligence (AI) and automation in shrimp farming, advancements in fishing techniques, investment in research and development of shrimps, and advancements in aquaculture technologies.
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Market Drivers and Trends:
The increasing health consciousness is expected to propel the growth of the shrimp market going forward. The rising health consciousness is fueled by factors such as the growing prevalence of lifestyle-related diseases such as obesity, diabetes, and heart disease, which have raised awareness about the importance of healthy living. Shrimp is an ideal choice for health-conscious individuals, offering a low-calorie, high-protein option packed with essential nutrients such as omega-3 fatty acids and antioxidants that support heart health and overall wellness. For instance, in May 2022, according to a survey study among 1,005 American adults aged 18-80 and adult Gen Z consumers ages 18-24 conducted by the International Food Information Council, a US-based non-profit organization, around 52% of the participants followed a specific diet or eating pattern, up from 39% in 2021. Additionally, the top choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). Therefore, the increasing health consciousness is driving the shrimp market.
Major companies operating in the shrimp market are focusing on developing advanced solutions, such as real-time artificial intelligence analytics, to enhance production efficiency and monitor health conditions in shrimp farming. A real-time artificial intelligence analytics solution refers to the technology that uses artificial intelligence (AI) algorithms to process and analyze data as it is generated, providing immediate insights and feedback to improve decision-making and operational efficiency. For instance, in March 2022, Umitron, a Singapore-based data company for aquaculture, launched Umitron Eagle. Umitron Eagle is the first real-time AI-based analytics solution designed specifically for shrimp farming. This innovative system utilizes advanced artificial intelligence to monitor multiple biological conditions and environmental factors in intensive shrimp production settings. By leveraging real-time data, shrimp producers can optimize their feeding strategies automatically.
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Major Key Players of the Market:
Charoen Pokphand Foods PCL (CP Foods), Maruha Nichiro Corporation, Clearwater Seafoods LP, Nippon Suisan Kaisha (Nissui), Thai Union Group PCL, Pacific Seafood, High Liner Foods Inc., Royal Greenland A/S, Minh Phu Seafood Corporation, Avanti Feeds Ltd., Nekkanti Sea Foods Limited, Beaver Street Fisheries Inc., Surapon Foods Public Company Limited, Apex Frozen Foods Ltd., Devi Fisheries Ltd., Mazzetta Company LLC, Cooke Aquaculture Inc., Aqua Star, The Waterbase Limited, Grand Ocean Seafoods Co. Ltd., Seattle Shrimp & Seafood, Nordic Seafood A/S, SSF Limited, BMR Groups, Falcon Marine Exports, Ocean More Foods Co. Ltd.
Shrimp Market 2024 Key Insights:
• The shrimp market size is expected to see strong growth in the next few years. It will grow to $78.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Health Consciousness Fuels Growth In The Shrimp Market
• Artificial Intelligence (AI) Driven Innovation Revolutionizes Shrimp Farming with Real-Time Analytics Solutions
• Asia-Pacific was the largest region in the shrimp market in 2023
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