Global shrimp market shall attain US$6 9.35 Billion by 2028, Size, Share, Growth |Renub Research

The global shrimp market is projected to witness widespread growth, increasing at a compound annual increase rate (CAGR) of about 6.72% from 2022 to 2028. Shrimp is pivotal within the food enterprise, driving sales and creating employment in areas in which shrimp farming and fishing thrive. Shrimp farming, also referred to as shrimp aquaculture, is a thriving enterprise devoted to cultivating marine shrimp or prawns for human consumption. The continuous advancements in era have facilitated the improvement of greater in depth sorts of shrimp farming, assembly the growing market call for.

As a result, shrimp farms have proliferated international, predominantly in tropical and sub-tropical regions. This expansion in the enterprise can be attributed to the growing consumer demand for shrimp, coinciding with declining wild shrimp catches. The combination of those factors has fuelled a notable growth in shrimp aquaculture, making it a essential quarter in the global seafood market.

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Shrimp production and trade bolster the economic development of coastal countries with suitable aquaculture conditions. The popularity of shrimp is due to its culinary versatility, delectable taste, and tender texture. The global accessibility of shrimp, facilitated by advancements in aquaculture and efficient supply chains, has significantly amplified its appeal to consumers worldwide.

According to the GOAL Conference 2022 by the Global Seafood Alliance (GSA), the global shrimp supply experienced a 4.2 Percent growth. Shrimp, highly advantageous seafood, holds a prominent position in the global shrimp market. It boasts nutritional benefits, combining low calories with abundant protein, essential vitamins, minerals, omega-3 fatty acids, and selenium, promoting heart health, brain function, and immune support. Emphasizing sustainable sourcing safeguards marine ecosystems and encourages a well-balanced seafood consumption approach. Shrimp-derived compounds such as chitosan have applications in pharmaceuticals and nutraceuticals, while ingredients like astaxanthin benefit the cosmetics industry. Shrimp by-products serve as valuable components for animal feed in aquaculture and livestock, supporting genetic research and biotechnology breeding programs. Furthermore, shrimp waste contributes to water purification and acts as a valuable research model in biology and environmental studies, fostering advancements across various fields and bolstering the global shrimp market.

Vietnam has risen as the foremost producer in the global shrimp market.

Vietnam plays a prominent role in the global shrimp production market, benefiting from its favourable geographical location, extensive coastline, and suitable climate. As one of the largest shrimp producers and exporters, shrimps contribute significantly to the country economy and employment. Shrimp farming in Vietnam focuses on black tigers and white-leg shrimp, employing sustainable and high-quality production systems.

Advancements in farming techniques, genetics, infrastructure, and production practices have led to increased productivity, superior shrimp quality, and effective disease management. The Vietnamese government’s regulations promote responsible farming, product safety, traceability, and environmental sustainability. Vietnamese shrimp products are renowned for their exceptional quality, delicious taste, and competitive pricing, driving their high demand in major markets like the United States, Europe, Japan, and China.

Production – Global Shrimp Market breakup of top 10 Countries

1. China

2. India

3. Viet Nam

4. Indonesia

5. Thailand

6. Philippines

7. Bangladesh

8. Malaysia

9. Latin America

10. Others Countries

China has emerged as the leading importer in the global shrimp market due to its scarce home production.

China’s insufficient domestic shrimp production drives the demand for imports, bridging the supply-demand gap and ensuring a consistent shrimp supply. The growth of China’s food service industry and tourism fuels the demand for shrimp in diverse dishes. Enhanced logistics and transportation networks enable cost-effective imports from various countries, providing a wide selection of shrimp species and value-added products. Government policies, trade agreements, and specialized import channels and distribution networks further facilitate the expansion of shrimp exports in China, propelling the global shrimp market.

Import – Global Shrimp Market breakup of top 7 Countries

1. European Union (EU28)

2. United States of America

3. China

4. Japan

5. South Korea

6. Canada

7. Vietnam

The enhanced quality standards of shrimp in India are contributing to the increased proportion of exports in the global shrimp market.

India extensive coastline, favourable climate, and suitable farming conditions position it significant in the global shrimp export market. With a strong presence in frozen and processed shrimp sectors, India benefits from thriving shrimp aquaculture in coastal regions like Andhra Pradesh, Gujarat, Tamil Nadu, and West Bengal. The country primarily cultivates white leg shrimp for fast growth and adaptability to different farming systems.

As the demand for shrimp continues to surge in the United States, Europe, and Japan where per capita consumption is the highest- India seizes a significant market opportunity. Presently, India stands as the top shrimp exporter to the United States, second to Europe, and fourth to Japan, with over 80% of its production catering to these markets. India solidifies its position as a major player in the global shrimp export industry.

Export – Global Shrimp Market breakup of top 7 Countries

1. Ecuador

2. India

3. Vietnam

4. Indonesia

5. China

6. Thailand

7. Argentina

The most widely accepted species of shrimp globally is Litopenaeus vannamei (L. vannamei).

Litopenaeus vannamei (L. vannamei) shrimp, also known as whiteleg shrimp or Pacific white shrimp is widely cultivated in the aquaculture industry, dominating global shrimp production. It exhibits fast growth, adapts to different farming systems, and enjoys high market acceptance. L. vannamei shrimp can be intensively farmed in ponds or using advanced techniques like biofloc and recirculating aquaculture systems (RAS). With its mild flavor and firm texture, it suits diverse culinary preparations. Cultivated and exported by countries like India, China, Ecuador, Thailand, and Vietnam, L. vannamei shrimp meets global demand and contributes to the growth of the global shrimp market.

Species- Global Shrimp Market breakup in 4 parts

1. L. vannamei

2. P. monodon

3. M.rosenbergii

4. Others

Global shrimp market favours the 26-30 size range.

Consumers prefer this medium-sized range (26-30) for its suitability in various recipes. It strikes a balance between affordability and quality, making it appealing to a broader consumer base. Foodservice establishments favour it for portion control and consistent serving sizes. The 26-30 size range is consistently supplied as producers and suppliers prioritize meeting its high demand.

Size – Global Shrimp Market breaks up into 9 viewpoints

<15
15-20
21-25
26-30
31-40
41-50
51-60
61-70
>70

The rising acclaim of green/head-on in the global shrimp market is because it adheres to sustainable seafood preferences.

The popularity of green/head-on shrimp stems from its exceptional flavour, attractive presentation, perceived freshness, culinary versatility, and alignment with sustainable seafood preferences. This shrimp offers a unique and bold taste that seafood enthusiasts appreciate. The inclusion of the head and shell enhances visual appeal and authenticity. The head-on presentation is linked to freshness, allowing consumers to assess quality. Green/head-on shrimp’s versatility enhances the flavour of various dishes. Its demand is also driven by the growing interest in sustainable seafood, which is responsibly sourced and appealing to environmentally conscious consumers.

Product Form – Global Shrimp Market breakup of 6 Form

1. Breaded

2. Cooked

3. Peeled

4. Green/Head-off

5. Green/Head-on

6. Other Form

Competitive Landscape

Avanti Feeds Ltd, Liner Foods Inc, Surapon Foods, Thai Union Group, The Waterbase Ltd., Royal Greenland, Maruha Nichiro Corporation, Marine Harvest, and Mowi ASA are among the key players in the global shrimp market.

All companies have been covered from 3 Viewpoints

• Overview

• Recent Development

• Revenue

Company Analysis

1. Avanti Feeds Ltd.

2. High Liner Foods Inc

3. Surapon Foods

4. Thai Union Group

5. The Waterbase Ltd.

6. Royal Greenland

7. Maruha Nichiro Corporation

8. Marine Harvest

9. Mowi ASA

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