Shrimp Market Know the Scope and Trends

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 2034"

The Shrimp Market Size is valued at USD 70.20 Bn in 2024 and is predicted to reach USD 124.77 Bn by the year 2034 at an 6.1% CAGR during the forecast period for 2025-2034.

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The global shrimp market is a rapidly expanding segment of the seafood industry, driven by its diverse applications and significant economic contributions. As one of the most widely consumed crustaceans, shrimp holds a prominent place in culinary traditions worldwide, particularly in Asian, Mediterranean, and Latin American cuisines. Its high protein content, low fat, and abundance of essential nutrients, including omega-3 fatty acids, have contributed to its growing appeal among health-conscious consumers. From a foodservice industry perspective, shrimp's versatility, ease of preparation, and flavor-enhancing qualities make it a staple ingredient in restaurants and catering services. Beyond its role in human consumption, shrimp by-products serve various industries, including animal feed, organic fertilizers, and bioplastics, as well as chitin extraction for pharmaceutical, cosmetic, and agricultural applications.

The shrimp industry plays a critical role in the global economy, providing employment opportunities in farming, processing, and distribution, while also contributing to global food security as a valuable source of protein. The rising demand for seafood, driven by growing health awareness and advancements in aquaculture techniques, has fueled industry expansion. Innovations in shrimp farming technologies have enhanced efficiency and sustainability, addressing key environmental challenges.

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

Market Dynamics:
Drivers-
The shrimp market is experiencing rapid growth, driven by rising global demand for seafood, expansion of aquaculture, and increasing focus on sustainability. Shrimp's high protein content and low fat levels make it particularly appealing to health-conscious consumers, while its widespread culinary popularity, especially in Asian cuisine, enhances its marketability worldwide. The Asia-Pacific region, including India, China, and Vietnam, has significantly expanded shrimp farming operations through technological advancements that improve yield and sustainability. Additionally, government support for cluster farming models and strategic initiatives aimed at enhancing production efficiency is further accelerating growth. As urban consumers shift towards healthier, protein-based diets, shrimp is becoming an increasingly preferred option.

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Challenges:
Despite strong growth, the shrimp market faces several environmental and social challenges. One of the major concerns is habitat degradation, exacerbated by pollution from shrimp farms and high carbon emissions linked to overfishing for shrimp feed and bycatch. Additionally, the industry is under scrutiny for social issues, including labor rights violations and poor working conditions, particularly in Thailand and India, which have negatively impacted its reputation. Furthermore, competition for land and water resources between shrimp farms and local communities presents additional challenges for the sustainable expansion of shrimp farming.

Regional Trends:
The Asia-Pacific region remains the dominant player in the global shrimp market, owing to high production capacity, well-established aquaculture practices, economic advantages, and increasing domestic consumption. Countries such as China, Indonesia, and India lead in production, supported by favorable climatic conditions, government policies, and advancements in aquaculture technology. The availability of low-cost labor and lower production expenses has enabled large-scale shrimp farming at competitive prices. Furthermore, technological innovations are enhancing sustainability while mitigating industry challenges.

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.

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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.