Shrimps Market Share Set for Robust Growth Driven by Aquaculture Innovations and Rising Consumer Demand

Shrimps Market Poised for Significant Growth Amidst Evolving Industry Dynamics The shrimps market is on the cusp of substantial expansion, driven by a confluence of factors ranging from technological advancements in aquaculture to shifting consumer preferences toward seafood. This press release delves into the current market estimations, growth drivers, opportunities, U.S. market trends, key market segments, competitive landscape, regional insights, and future prospects.

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Market Estimation, Growth Drivers, and Opportunities

As of 2023, the shrimps market was valued at approximately USD 44.52 billion and is projected to reach USD 77.29 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

Several pivotal factors are propelling this anticipated growth:

• Shift Towards Aquaculture: With wild shrimp stocks facing depletion and environmental concerns, aquaculture has emerged as a sustainable solution to meet the growing demand for shrimp. Technological advancements in aquaculture practices, including improved breeding techniques, disease management, and feed formulation, have contributed to increased production and efficiency in shrimp farming.

• Rising Demand: Shrimps are among the most popular seafood items worldwide, with high demand in countries like the United States, Japan, China, and various European nations. Rising disposable incomes, changing dietary preferences, and increasing awareness of the health benefits of seafood contribute to this demand.

• Technological Innovations: Advances in aquaculture technology, genetics, feed formulation, and disease management contribute to improved shrimp farming practices and productivity, which significantly boosts the shrimps market growth.

U.S. Market Trends and Investments

In 2024, the U.S. shrimp market experienced notable trends and investments:

• Challenges in Domestic Production: The domestic shrimp industry, particularly in regions like Louisiana, faced significant challenges due to competition from cheaper imports and rising operational costs. Reports indicate that despite Louisiana's $1.3 billion shrimp industry, local shrimpers are struggling to compete with lower-priced imports, leading to concerns about the industry's sustainability.

• Regulatory Oversight: The Federal Trade Commission (FTC) issued warnings to leading seafood restaurant chains regarding false claims of locally sourced seafood. This move aims to protect consumers and support the domestic shrimp industry by ensuring transparency in sourcing practices.

• Sustainability Initiatives: There has been a growing emphasis on sustainable sourcing and ethical practices within the U.S. shrimp industry. Retailers and suppliers are increasingly adopting measures to ensure environmental and social responsibility in their supply chains.

Market Segmentation and Dominant Shares

The shrimp market is segmented based on source, form, and application. The segments with the largest market shares include:

• By Source:

o Farmed Shrimp: Dominates the market due to the scalability and control offered by aquaculture practices, allowing for consistent supply to meet demand.

• By Form:

o Frozen Shrimp: Holds the largest share as freezing extends shelf life, facilitates trade, and meets consumer demand for convenience.

• By Application:

o Food Industry: Encompasses the majority share, with shrimps being a staple in various cuisines, restaurants, and processed food products.

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Competitive Analysis

The shrimp market features several key players who have adopted various strategies to maintain and enhance their market positions:

1. Charoen Pokphand Foods PCL (CPF):
o Recent Initiatives: CPF has invested heavily in sustainable aquaculture practices, aiming to reduce environmental impact and improve traceability within its supply chain.

o Innovations: The company has developed advanced breeding programs and feed formulations to enhance shrimp growth rates and disease resistance.

2. Mitsubishi Corporation:

o Investments: Through its subsidiary, Cermaq, Mitsubishi has expanded its aquaculture operations, focusing on integrating technology to monitor shrimp health and environmental conditions.

o Sustainability Efforts: The corporation has committed to sourcing 100% of its seafood from sustainable sources by 2030.

3. Nippon Suisan Kaisha, Ltd. (Nissui):

o Policy Changes: Nissui has implemented stricter environmental policies, reducing the use of antibiotics in shrimp farming and enhancing water recycling methods.
o Product Development: The company has introduced value-added shrimp products, catering to the convenience food segment.

4. AquaBounty Technologies, Inc.:

o Technological Advancements: Known for its genetically engineered salmon, AquaBounty is exploring similar technologies in shrimp to improve growth rates and feed efficiency.
o Expansion Plans: The company is investing in new facilities to increase shrimp production capacity in North America.

5. Thai Union Group PCL:

o Sustainability Initiatives: Thai Union has launched the SeaChange® program, focusing on sustainable sourcing, ethical labor practices, and innovation in aquaculture.
o Innovations: The company is developing alternative protein sources for shrimp feed to reduce reliance on wild fish stocks.

Regional Analysis

• United States:

o Market Share: The U.S. remains one of the largest consumers of shrimp ly, with imports accounting for approximately 90% of consumption.

o Government Policies: Regulatory bodies are increasing scrutiny on labeling practices to ensure transparency regarding the origin of seafood products.

o Growth Drivers: Consumer preference for seafood, coupled with a focus on healthy eating, continues to drive demand.

• United Kingdom:

o Market Share: The UK has a robust seafood market, with shrimps being a popular choice among consumers.
o Government Initiatives: Retailers like Waitrose are leading efforts to improve animal welfare in shrimp farming, committing to more humane slaughter methods.
o Market Dynamics: Ethical considerations and sustainability are becoming significant factors influencing consumer purchasing decisions.

• Germany:

o Market Position: Germany is a significant importer of shrimp within Europe, with a strong emphasis on quality and sustainability.
o Regulatory Support: The government supports sustainable seafood initiatives, encouraging consumers to choose certified products.
o Industrial Growth: The foodservice sector's growth, particularly in ethnic cuisines, has boosted shrimp consumption.

• France:

o Market Share: France has a steady demand for shrimp, integrated into various traditional and contemporary dishes.
o Government Policies: Emphasis on food safety and quality has led to stringent import regulations, ensuring high standards.
o Consumer Trends: There is a growing interest in organic and sustainably sourced seafood among French consumers.

• Japan:

o Market Dynamics: Japan's seafood market is mature, with shrimps being integral to its culinary traditions.
o Government Support: Policies promoting domestic aquaculture aim to reduce dependency on imports and ensure food security.
o Technological Edge: Japanese companies are investing in advanced aquaculture technologies to enhance productivity and sustainability.

• China:

o Market Position: China is both a major producer and consumer of shrimp, with aquaculture playing a pivotal role in meeting domestic demand.
o Policy Framework: Government initiatives support the modernization of shrimp farming practices to boost efficiency and environmental compliance.
o Economic Factors: Rising middle-class incomes and urbanization have led to increased seafood consumption, including shrimp.

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Conclusion

The shrimp market is poised for significant growth, driven by technological advancements, sustainable aquaculture practices, and rising consumer demand. Companies investing in innovation, sustainability, and efficient production methods will likely gain a competitive edge in this evolving industry.

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