Shrimp Market Key Players Analysis - Mseafood Corp., Ristic AG, Seajoy Seafood Corporation, ArtisanFish LLC.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Shrimp Market Size, Share & Trends Analysis Report By Products (Frozen shrimps, Live/fresh/chilled/cooked/smoked shrimps, Prepared or preserved shrimps), Species (L. vannamei, P. monodon, M. rosenbergii, Other), Shrimp Source (Farmed/Aqua Cultured, Wild Captured)- Market Outlook And Industry Analysis 2031"

The Global Shrimp Market is valued at US$ 67.5 Bn in 2023, and it is expected to reach US$ 104.0 Bn by 2031, with a CAGR of 5.7% during the forecast period of 2024-2031.

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The shrimp market is a rapidly expanding sector within the global seafood industry, driven by its diverse applications and significant economic impact. Shrimp is one of the most prized crustaceans for culinary adaptation and nutrition values; being a basic ingredient in most cuisines especially the Asian, Mediterranean, and Latin American cuisines. High in protein and with minimal fat, and rich in essential nutrients including omega-3 fatty acids, shrimp has gained popularity for the healthy consumer. From the foodservice professional perspective, shrimp's ease of preparation with a flavor-enhancing quality makes it a staple of restaurants and catering. Apart from serving as food, by-products of shrimp are applied in animal feed, organic fertilizers, bioplastics, and chitin for pharmaceuticals, cosmetics, and agriculture.

The shrimp industry is very important economically to the international world, with millions relying on farming and processing and contributes to food security as a much-needed source of protein. The demand for seafood has grown with health consciousness and the discovery of new culture techniques that find an application in aquaculture, contributing to growth and improvement in efficiency in production. Technological improvements in shrimp farming have also supported the industry thoroughly, overcoming all kinds of sustainability issues. Frozen shrimp products, with an extended shelf life and easy convenience, are now gaining popularity, thus spurring market growth in a dynamic way.

List of Prominent Players in the Shrimp Market:
• Mseafood Corp.
• Ristic AG
• Seajoy Seafood Corporation
• ArtisanFish LLC
• Orchid Marine
• Ananda Group
• Charoen Pokphand Food PCL
• The Clover Leaf Seafoods Family
• Nippon Suisan Kaisha, Ltd.
• Marine Harvest ASA
• Gulf Shrimp Company
• Thai Union Frozen Products PLC
• Baton Rouge Shrimp Company, Inc.
• Pescanova S.A
• Galveston Shrimp Company
• Labrador Fishermen's Union Shrimp Company Ltd.
• Ristic GmbH
• Vinnbio India Pvt. Ltd
• Dom International Limited
• Carribbean Shrimp Company Limited
• Artisanfish LLC

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Shrimp Market Report Scope:
Report Attribute Specifications
Market Size Value In 2023 USD 67.5 Bn
Market Size Value In 2031 USD 104.0 Bn
Growth rate CAGR CAGR of 5.7% from 2023 to 2031
Quantitative units Representation of revenue in US$ Bn, and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered By Products, Species, Shrimp Source
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:
Drivers-
Several major factors, such as growing consumer demand for seafood, expansion in aquaculture, and increasing world focus on sustainability, drive the shrimp market at a very high growth rate. Shrimp is low in fat and rich in protein, a favorite of the health-conscious consumers, and has culinary appeal, especially in Asian cuisines, making it more marketable worldwide. Shrimp production in the aquaculture sector has been scaled up significantly in Asia-Pacific countries, such as India, China, and Vietnam. It is driven by technological advancements in terms of yield and sustainability. The recent encouragement by governments through cluster farming models and strategic initiatives towards improving production efficiency will further augment shrimp farming. More importantly, healthier, protein-based diets are gaining precedence, making a perfect meal more accessible for urban consumers. Added to this, sustainability emphasis along with the availability of certifications such as Aquaculture Stewardship Council has been encouraging producers to develop better practices, which acts as a growth driver for the market.

Challenges:
Environmental and social challenges are threats to the growth of shrimp markets. A primary concern is habitat destruction, exacerbated by pollution from shrimp farms. High carbon footprint also threatens industry as it increases global warming resulting from overfishing for shrimp feeds and bycatch at large. At social levels, human rights abuses such as forced labor and poor labor conditions characterized in Thailand and India soil up the reputation of the industry. Further, competition over land and resources with local communities over water areas compound sustainable shrimp farming.

Regional Trends:
The Asia-Pacific region is the dominant force in the shrimp market because of large production capacity, established aquaculture, important economic benefits, and increased domestic consumption. Countries like China, Indonesia, and India have taken the lead as climate conditions and government policies boost production. Low labor costs and low costs of production have made high-scale shrimp farming possible at a low cost in this region; at the same time, advancement in technology in aquaculture promotes sustainability and reduces production-related problems. Asia-Pacific has also advantageous for its export possibilities, in countries like India and Ecuador, which meet part of the world's demand for premium-grade shrimp. Increasing domestic markets driven by income growth and changing consumer demand toward protein-rich, sustainably sourced foodstuff drive further demand. A very fragmented structure, so much into competition spurs innovation; certifications, such as ASC, are becoming increasingly important to consumers wanting sustainably farmed shrimp. These various factors, however, combine to effectively make Asia-Pacific dominate the world shrimp industry for several years running.

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Recent Developments:
• In April 2023, Charoen Pokphand Foods Ltd. (CP Foods) inaugurated its sustainable shrimp farm, Homegrown Shrimp USA, in Indiantown, Florida. This significant move allows the Thai agriculture firm to expand its presence in the U.S. market while prioritizing sustainability.
• In March 2023, Nissui Corporation is pleased to announce the completion of a feasibility study on land-based aquaculture of whiteleg shrimp (Litopenaeus vannamei), conducted by the Oita Marine Biological Technology Center at the Central Research Laboratory.

Segmentation of Shrimp Market-
By Products:
• Frozen shrimps
• Live/fresh/chilled/cooked/smoked shrimps
• Prepared or preserved shrimps
By Species:
• L. vannamei
• P. monodon
• M. rosenbergii
• Other
By Shrimp Source:
• Farmed/Aqua Cultured
• Wild Captured
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.