United States Shrimp Market to Touch Sumptuous Value of USD 10 Billion by 2030

Published | 17 September 2024

United States Shrimp Market is flourishing due to an increasing consumer demand, higher disposable income, a thriving foodservice industry, and the convenience of ready-to-eat options.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated United States Shrimp Market size by value at 8.63 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects United States Shrimp Market size to expand at a CAGR of 1.65% reaching a value of USD 9.8 billion by 2030. The Shrimp Market in United States is propelled by the rising consumer demand for shrimp as a versatile and nutritious seafood option across diverse cuisines. The growing health consciousness among consumers, coupled with the recognition of shrimp's lean protein profile, is significantly boosting its consumption. Increasing disposable incomes are enabling more consumers to indulge in this delicacy, while the availability of convenient, ready-to-cook or pre-packaged shrimp products further fuels demand. The expanding reach of shrimp in restaurant menus and the overall growing popularity of seafood are creating new avenues for market growth. Technological advancements in aquaculture have enhanced farming practices, ensuring a steady and high-quality supply of shrimp. Moreover, the rapid growth of online retail channels and e-commerce platforms has simplified access to shrimp products, contributing to the market's sustained expansion.

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Opportunity - Innovations in Shrimp Products

Rapid innovations and diversification in shrimp products are significantly enhancing market growth. Seafood companies are consistently introducing novel and creative shrimp-based items to meet evolving consumer demands and broaden their market presence. Popular new offerings include pre-seasoned and ready-to-eat shrimp meals, which cater to busy individuals looking for convenient and flavorful dining options. Additionally, the rise of shrimp-based snacks, such as crackers, chips, and dips, is expanding shrimp’s appeal beyond traditional meals. The food service industry is also embracing this trend, with restaurants and catering services incorporating shrimp into a variety of dishes, from classic shrimp scampi to diverse international cuisines. This ongoing innovation and product diversification help attract a wider audience and drive the shrimp market in United States.

Farmed Segment Holds Larger Market Share

United States Shrimp Market, on the basis of environment, is bifurcated into Farmed and Wild segment. Farmed Shrimp/Aquaculture shrimp segment has emerged as the dominant force in United States Shrimp Market by type, due to its reliable supply, consistent quality, and sustainability advantages. By cultivating shrimp in controlled environments, farmers can ensure a year-round availability unaffected by external factors while also maintaining precise control over size and quality. As concerns about overfishing and habitat destruction intensify, aquaculture shrimp's environmentally responsible nature has significantly contributed to its market dominance and will likely drive continued growth in United States Shrimp Market.

Impact of Escalating Geopolitical Tensions on United States Shrimp Market

United States Shrimp Market may face significant challenges from intensifying geopolitical tensions across the world. Disrupted supply chains, resulting from these barriers, lead to higher costs for both consumers and businesses. Moreover, strained international relations hinder United States shrimp producers' access to vital markets and resources, further exacerbating market instability. These factors collectively threaten the market growth and its resilience.

Competitive Landscape

United States Shrimp Market is fragmented, with numerous players serving the market. The key players dominating United States Shrimp Market include Admiralty Island Fisheries Inc, Beaver Street Fisheries, Dulcich Inc, Gulf Shrimp Co LLC, Millennium Ocean Star Corporation, NaturalShrimp Inc, Pacific American Fish Company Inc, Paul Piazza & Son Inc, Sysco Corporation, and The American Shrimp Company. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of United States Shrimp Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and United States Shrimp Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Shrimp Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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