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

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 Global Shrimp Market is valued at USD 70.20 Bn in 2024, and it is expected to reach USD 124.77 Bn by the year 2034, with a CAGR of 6.1% during the forecast period of 2025-2034.

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The shrimp market represents a rapidly growing segment of the global seafood industry, underpinned by its broad culinary applications and substantial economic significance. Shrimp is among the most highly valued crustaceans due to its nutritional benefits and versatility in international cuisines, particularly in Asian, Mediterranean, and Latin American culinary traditions. It is a lean protein source rich in essential nutrients, including omega-3 fatty acids, making it increasingly popular among health-conscious consumers. From a foodservice perspective, shrimp is favored for its quick preparation and ability to enhance flavors, making it a staple in restaurants and catering operations.

Beyond its culinary use, shrimp by-products are utilized in various sectors, including animal feed, organic fertilizers, bioplastics, and the extraction of chitin for applications in pharmaceuticals, cosmetics, and agriculture. Economically, the shrimp industry plays a vital role in global livelihoods, particularly in regions dependent on aquaculture and processing, while contributing to food security as a reliable source of high-quality protein.

The industry is witnessing robust growth fueled by rising health awareness and advancements in aquaculture practices, which have significantly improved production efficiency. Technological innovations in shrimp farming are also addressing sustainability concerns, enhancing the industry's long-term viability. Additionally, the increasing popularity of frozen shrimp products-offering extended shelf life and convenience-is contributing to dynamic market expansion.

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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Market Dynamics
Drivers:
The global shrimp market is experiencing significant growth, driven by a combination of rising consumer demand for seafood, rapid advancements in aquaculture practices, and a heightened global emphasis on sustainability. Shrimp, known for its low fat and high protein content, continues to gain traction among health-conscious consumers. Its widespread culinary appeal-particularly within Asian, Mediterranean, and Latin American cuisines-further enhances its market potential.

The Asia-Pacific region, particularly countries such as India, China, and Vietnam, has witnessed substantial growth in shrimp aquaculture, supported by technological innovations aimed at improving yield and promoting sustainable practices. Government-backed initiatives, including cluster farming models and production efficiency programs, are further propelling the sector forward.

Moreover, the global shift towards protein-rich and nutritionally balanced diets, especially in urban areas, is enhancing shrimp's market presence. The availability of sustainability certifications, such as those from the Aquaculture Stewardship Council (ASC), is also encouraging the adoption of responsible farming practices, serving as an additional catalyst for market expansion.

Challenges:
Despite its robust growth trajectory, the shrimp market faces notable environmental and social challenges. Environmental concerns such as habitat degradation, water pollution from shrimp farms, and a high carbon footprint associated with feed sourcing and bycatch are significant barriers to sustainable expansion. On the social front, issues related to labor rights violations, including forced labor and poor working conditions-especially in key producing countries like Thailand and India-pose reputational risks to the industry. Moreover, competition over land and water resources with local communities can hinder the long-term sustainability of shrimp farming operations, creating tension between industry growth and community welfare.

Regional Trends:
The Asia-Pacific region remains the dominant player in the global shrimp market due to its extensive production capabilities, established aquaculture infrastructure, favorable climatic conditions, and supportive government policies. Countries such as China, Indonesia, and India have emerged as major producers, benefiting from low labor and production costs that enable large-scale farming. Technological advancements in aquaculture have further enhanced sustainability and operational efficiency across the region.

Additionally, countries like India and Ecuador have established strong export channels, catering to the growing international demand for premium-grade shrimp. Rising incomes and evolving consumer preferences in domestic markets are also fueling demand for high-quality, protein-rich, and sustainably sourced seafood. The competitive and fragmented nature of the regional market fosters continuous innovation and adherence to global certification standards such as ASC, thereby reinforcing Asia-Pacific's leadership position in the global shrimp industry.

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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.