Global White Shrimp Market Projected to Surpass $2.76 Billion by 2029 with 8% Annual Growth

What combination of drivers is leading to accelerated growth in the white shrimp market?
The white shrimp market's expansion is anticipated to be fueled by the rising consumer demand for seafood. Seafood, which includes eatable oceanic creatures such as fish, shellfish, and other aquatic species, is cherished for its nutritional properties. Trends like changing diet patterns, increasing disposable income, and awareness about seafood's health advantages are responsible for the surge in demand. White shrimp, due to their soft texture and subtle taste, are commonly incorporated in seafood dishes like shrimp cocktails, pasta, and stir-fries, making them a flexible ingredient in both informal and luxury cooking. As stated by Sea fish, a UK-based public organization serving the seafood industry, in October 2023, seafood imports from Iceland to the UK in 2022 amounted to £286.3 ($323.77) million, representing 8% of the total seafood imports of £3.64 ($4.11) billion. This represented an increase of £31.2 ($35.28) million (+12%) from 2021. Consequently, the growing consumer demand for seafood is propelling the expansion of the white shrimp market.

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What is the projected compound annual growth rate (CAGR) of the white shrimp market from 2025 to 2034, and what factors influence it?
The size of the white shrimp market has seen significant expansion in recent years. The market is projected to increase from $21.73 billion in 2024 to $23.04 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. This consistent growth during the historical period is a result of elevating consumer interest in seafood, a greater recognition of shrimp's health advantages, the emergence of online shopping platforms, a rising global population, and evolving food habits.

Anticipating strong progress in the near future, the market size of white shrimp is projected to climb up to $28.71 billion in 2029, maintaining a compound annual growth rate (CAGR) of 5.7%. This advancement predicted in the forecast period correlates with factors such as rising popularity of dishes based on shrimp, escalating global demand for Asian shrimp, an increasing shift in consumer preference towards frozen shrimp, mounting consumer requirement for sustainable and high-quality shrimp products, and the growing highlight on environmentally-friendly aquaculture practices. Emerging trends for the forecast period include the consumer preference for ecologically sound shrimp products, the application of new aquaculture practices like closed-loop systems, technological advancements in freezing methods and packaging, increasing demand for convenient and easy-to-cook seafood options, and the move towards sustainable practices.

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What are the emerging trends shaping the future of the white shrimp market?
Major firms in the white shrimp industry are focusing on the development of creatively designed, genetically enhanced white shrimp to tackle the issue of disease and augment the durability of the aquaculture industry. Genetically heightened white shrimp are those positively altered through selective breeding or genetic transformation, with the objective to boost the productivity, sustainability, and overall quality of shrimp farming. In January 2024, for example, the Department of Fisheries - a Thailand-based entity functioning under the Ministry of Agriculture and Cooperatives promoting the fishery industry - introduced two new shrimp breeds, Petchada 1 and Sida 1. Petchada 1 is a rapidly developing genotype and Sida 1 is constructed to resist early mortality syndrome (EMS), a bacterial ailment that has drastically affected shrimp farming since 2012 in the country. These breeds were developed using selective breeding and molecular genetic methods, applying different strains of Pacific white shrimp from the U.S., Guam, and Thailand. These new strains are undergoing commercial trials at present, after showing promising results in biosecure conditions, intending to lessen the losses for shrimp farmers and ensure the sector's prolonged existence.

What are the major segments of the white shrimp market and their role in driving growth?
The white shrimp market covered in this report is segmented -

1) By Product Type: Atlantic White Shrimp, Asia-Pacific White Shrimp, South America White Shrimp
2) By Form: Frozen, Canned, Peeled, Cooked, Shell-On
3) By Application: Food, Cosmetics, Pharmaceuticals, Biotechnology And Life science

Subsegments:
1) By Atlantic White Shrimp: Wild-Caught Atlantic White Shrimp, Farmed Atlantic White Shrimp, Fresh Atlantic White Shrimp, Frozen Atlantic White Shrimp
2) By Asia-Pacific White Shrimp: Vannamei White Shrimp, Wild-Caught Asia-Pacific White Shrimp, Farmed Asia-Pacific White Shrimp, Processed Asia-Pacific White Shrimp
3) By South America White Shrimp: Ecuadorian White Shrimp, Wild-Caught South America White Shrimp, Farmed South America White Shrimp, Organic South America White Shrimp

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Which regions are key players in the growth of the white shrimp market?
Asia-Pacific was the largest region in the white shrimp market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the white shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the white shrimp market?
Major companies operating in the white shrimp market are Charoen Pokphand Foods PCL, Cooke Inc., Pescanova, Songa C.A., Nekkanti Sea Foods Limited, Apex Frozen Foods Ltd., Mazzetta Company LLC, The Waterbase Limited, Devi Sea Foods Ltd., Allen Brothers, MIDLAND CO., Homegrown Shrimp USA, Roda International, Onda, The Natural Shrimp Company, Taprobane Seafood Group, Nippon Suisan Kaisha Ltd., Oceanloop Munich GmbH, Minh Phu Seafood Corporation, Kings Infra Venture Ltd., Zhejiang Zhoufu Food Co. Ltd.

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What Is Covered In The White Shrimp Global Market Report?

•Market Size Forecast: Examine the white shrimp market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the white shrimp market for a structured understanding.
•Key Players Overview: Analyze major players in the white shrimp market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the white shrimp market.
•Segment Contributions: Evaluate how different segments drive overall growth in the white shrimp market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the white shrimp market.
•Industry Challenges: Identify potential risks and obstacles affecting the white shrimp market.
•Competitive Landscape: Review strategic developments in the white shrimp market, including expansions, agreements, and new product launches.

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