Report Overview

Global Shrimp Market- Industry Trends & Forecast Report 2028

The Global Shrimp Market was worth USD 30.64 billion in 2022 and is further projected to reach USD 74.28 billion by the year 2028, growing at a CAGR of 10.4% during the forecast period (2023-2028). The escalating demand due to the increasing health benefits offered by shrimps, rising advanced technology, government initiatives, and increasing organized retail chains in the market are all factors that have contributed to the recent boom of this market. Furthermore, the rising preference of consumers toward sustainable seafood meals is driving the growth of the Global Shrimp Market during the forecast period. 

Shrimp – Overview

Shrimp is a type of crustacean or a type of small marine species with long antennae, having a muscular abdomen, and slender legs. It can be found feeding near the seafloor on most coasts, in rivers, and lakes. Shrimp are widespread and abundant, usually live from one to seven years, and play a crucial role in the food chain. The muscular tails of shrimp are widely caught and farmed for human consumption. Shrimp is a good source of selenium, vitamin B12, and omega-3 fatty acids, and is very beneficial to prevent various diseases.

Growth Drivers

Rising Governments Support for Cluster Shrimp Farming

The governments and organizations of small-scale farmers in Asian countries are empowering small-scale farmers to increase stakeholder interaction and involvement in the cluster to meet the markets’ requirements. Moreover, the governments are promoting shrimp cluster farming with fiscal reliefs and incentives owing to the escalating demand for shrimps across the globe. And major producing countries have acknowledged the seafood sector as a high priority industry. As a result, the adoption of cluster farming through the participatory concept increases the production of shrimps, achieves sustainability, and reduces risk of diseases . Governments in India, China, Vietnam, and Thailand are supporting Shrimp culture through cluster farming which is expected to attract new investors in the industry and proliferate the growth of the Global Shrimp Market during the forecast period.

Rising Usage of Shrimps in various Industries.

Shrimp is widely used in the Food and Beverage industry to make various delicious, processed shrimp products and a variety of shrimp beverages. Shrimp has many health benefits such as reducing BP, regulating cholesterol levels, helping to increase vitality, and being naturally diuretic. Shrimp shells have antimicrobial, anti-aging properties, and include carotenoids that protect skin from UV rays and can be applied as a natural sunscreen, also   helps improving skin and hair problems. In addition, shrimp is used as a key ingredient in the pharmaceuticals industry, cosmetics, and personal care such as shampoos, body lotions, and sunscreens. All these factors foster the growth of the Global Shrimp market during the forecast period. 

Restraints

High Cholesterol Content in Shrimp.

Shrimp is widely accepted and consumed in almost all regions because of its high nutritional value. Also, shrimp are available in various forms such as frozen, raw, and cooked. Raw shrimp can be stored for up to 2 days. But some consumers are more concerned about the freshness of the product, and they prefer fresh, natural, as well as nutritional seafood. However, shrimp contains high cholesterol, and some consumers fear eating high cholesterol food due to the belief that it increases cholesterol in the blood and promotes heart diseases which in turn declines the growth of the Global Shrimp Market.

Impact of COVID-19 on Global Shrimp Market

The COVID-19 pandemic impacted both positively and negatively the growth of the Global Shrimp Market. The largest shrimp producer country India faced a serious challenge in the pond seeding process owing to the halt in production and farming due to the worldwide lockdown While South-East Asia, Indonesian, and Vietnam farmers managed to harvest decapod crustaceans with relatively good production. While Thailand remained low in shrimp production due to low market prices which decline the growth of the Global Shrimp Market.  However, post COVID-19 pandemic, people are more aware of health and wellness which improves their purchase patterns, and concern about the food they are eating. Thus, resulting a surge in demand for nutritional, immunity-boosting, and healthy shrimp food products. These factors are driving the demand for shrimps, thereby, fueling the growth of the Global Shrimp Market during the forecast period.

 Global Shrimp Market - By Type

Based on Type, the Global Shrimp Market is segmented into Pink, Brown, White, and Others. The White segment accounts for the largest market share owing to the increasing demand, wide acceptance, and its better feed-to-growth ratio. Also, white shrimp has many nutritional benefits and has a longer shelf life which drives the growth of this segment globally during the forecast period (2023-2028). 

Global Shrimp Market - By Distributional Channel

Based on Distribution Channel, the Global Shrimp Market is segmented into Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Restaurants, and Online. The Online segment dominates the market owing to the rising adoption of Frozen Shrimps products and Online Channels have the wide availability of different frozen shrimp products, also changing purchasing pattern of consumer, and discounted price grabs consumers’ interest in buying through E-Commerce which in turn reinforces the growth of the Global Shrimps Market during the forecast period.

Global Shrimp Market - By End User

Based on End user, the Global Shrimp Market is segmented into Food and Beverage Industry, Pharmaceuticals, and Personal Care. The Food and Beverage Industry accounts to hold the largest share in the market owing to the wide usage of shrimp in various food dishes and beverages such as creamy garlic shrimp, shrimp stir-fry, shrimp appetizers, frozen shrimp, drunken shrimp cocktails, bloody mary shrimp, and other shrimp cocktails. All these popular shrimp dishes are widely adopted around the globe and available in many restaurants, hotels, and caterings that drive the growth of the Global Shrimp Market during the forecast period.

Global Shrimp Market - Regional Insights

Geographically, the Global Shrimp Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Asia-Pacific (APAC) segment accounts to hold the largest share in the market owing to the largest adoption of shrimps in traditional cuisines in China, Japan, India, Australia, and Vietnam. Moreover, Asia-Pacific (APAC) accounts for the largest producer of shrimp being imported into North America and Europe. As a result, shrimp is a flourishing market in North America and Europe owing to the large import volumes of shrimp around the world.

Competitive Landscape

The leading market players in the Global Shrimp Market are Aqua Star Corp. (US), Nordic Seafood A/S (Hirtshals, Denmark), Mazeetta Company LLC., Surapon Foods (Muang, Thiland), High Linear Foods Inc. (Lunenburg, Canada), Marine Harvest (Bergen, Norway), Clearwater Seafoods Inc. (Bedford, Canada), Wild Oceans Pvt Ltd., Avanti Feeds Ltd. (Hyderabad, India), The Waterbase Ltd., Thai Union Group (Bangkok, Thailand), and other prominent players.

The Global Shrimp Market is highly fragmented with the presence of multinational Food and beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Developments

• In March 2021, BioMar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, Shrimp hatcheries industries, and shrimp farming.

Scope of the Report

By Type

• Pink

• Brown

• White

• Others

By Distribution Channel

• Supermarkets/Hypermarkets

• Specialty Stores

• Convenience Stores

• Restaurants

• Online Retail

By End-User

• Food and Beverage Industry

• Pharmaceuticals

• Personal Care

By Region

• North America

• Europe

• Asia-Pacific (APAC)

• Latin America (LATAM)

• Middle East & Africa (MEA)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Shrimp Market Insights
   1. Industry Value Chain Analysis
   2. GROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Shrimp Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1.   By Type
         1. Pink
         2. Brown
         3. White
         4. Others
      2.           By Distribution Channel
         1. Supermarkets/Hypermarkets
         2. Specialty Stores
         3. Convenience Stores
         4. Restaurants
         5. Online Retail

5. 1. 3.           By [21] End-User
         1. Supermarkets/Hypermarkets
         2. Specialty Stores
         3. Convenience Stores
         4. Restaurants
         5. Online Retail
      4.           By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle-East and Africa
6. North America Shrimp Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By Region
         1. United States
         2. Canada
7. Europe Shrimp Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia Pacific Shrimp Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Shrimp Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Shrimp Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Type
       2. By Distribution Channel
       3. By End-User
       4. By Region
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of the Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of COVID-19 on the Shrimp Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Aqua Star Corp. (US)
    2. Nordic Seafood A/S (Hirtshals, Denmark)
    3. Mazeetta Company LLC.
    4. Surapon Foods (Muang, Thailand)
    5. High Liner Foods Inc. (Lunenburg, Canada)
    6. Marine Harvest (Bergen, Norway)
    7. Clearwater Seafoods Inc. (Bedford, Canada)
    8. Wild Oceans Pvt Ltd.,
    9. Avanti Feeds Ltd. (Hyderabad, India)
    10. The Waterbase Ltd.
    11. Thai Union Group (Bangkok, Thailand)
    12. Other prominent players.

14. Key Strategic Recommendations

List of Figures

 Figure 1        Global Shrimp Market Segmentation

Figure 2        Global Shrimp Market Value Chain Analysis

Figure 3        Company Shrimp Share Analysis, 2022

Figure 4        Global Shrimp Market Size, By Value (USD Billion), 2018-2028

Figure 5        Global Shrimp Market Share, By Type, By Value, 2018-2028

Figure 6        Global Shrimp Market Share, By Region, By Value, 2018-2028

Figure 7        Global Shrimp Market Share, By Value, 2018-2028

Figure 8        Global Shrimp Market Share, By Region, By Distribution Channel, 2018-2028

Figure 9        North America Shrimp Market Size, By Value (USD Billion), 2018-2028

Figure 10       North America Shrimp Market Share, By Type, By Region, 2018-2028

Figure 11       North America Shrimp Market Share, By Distribution Channel, 2018-2028

Figure 12       North America Shrimp Market Share, By Region, By Value, 2018-2028

Figure 13       North America Shrimp Market Share, By Type, By Value, 2018-2028

Figure 14       Europe Shrimp Size, By Value (USD Billion), 2018-2028

Figure 15       Europe Shrimp Share, By Type, By Value, 2018-2028

Figure 16       Europe Shrimp Market Share, By Value, 2018-2028

Figure 17       Europe Shrimp Market Share, By Type, By Value, 2018-2028

Figure 18       Europe Shrimp Market Share, By Country, By Value, 2018-2028

Figure 19       The Asia-Pacific Shrimp Market Size, By Value (USD Billion), 2018-2028

Figure 20       The Asia-Pacific Shrimp Market Share, By Product, By Value, 2018-2028

Figure 21       The Asia-Pacific Shrimp Market Share, By Value, 2018-2028

Figure 22       The Asia-Pacific Shrimp Market Share, By Distribution Channel, By Value, 2018-2028

Figure 23       The Asia-Pacific Shrimp Market Share, By Country, By Value, 2018-2028

Figure 24       Latin America Shrimp Market Size, By Value (USD Billion), 2018-2028

Figure 25       Latin America Shrimp Market Share, By Product, By Value, 2018-2028

Figure 26       Latin America Shrimp Market Share, By Value, 2018-2028

Figure 27       Latin America Shrimp Market Share, By Type, By Value, 2018-2028

Figure 28       Latin America Shrimp Market Share, By Country, By Value, 2018-2028

Figure 29       The Middle East & Africa Shrimp Market Size, By Value (USD Billion), 2018-2028

Figure 30       The Middle East & Africa Shrimp Market Share, By Type, By Value, 2018-2028

Figure 31       The Middle East & Africa Shrimp Market Share, By Region, By Value, 2018-2028

Figure 32       The Middle East & Africa Shrimp Market Share, By Region, By Value, 2018-2028

Figure 33       The Middle East & Africa Shrimp Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1         Global Shrimp Market Size, By Type, By Value, 2018-2028

Table 2         Global Shrimp Market Size, By Value, 2018-2028

Table 3         Global Shrimp Market Size, By Country, By Region, 2018-2028

Table 4         Global Shrimp Market Size, By Region, By Value, 2018-2028

Table 5         North America Shrimp Market Size, By Type, By Value, 2018-2028

Table 6         North America Shrimp Market Size, By Value, 2018-2028

Table 7         North America Shrimp Market Size, By Distribution Channel, 2018-2028

Table 8         North America Shrimp Market Size, By Country, By Value, 2018-2028

Table 9         Europe Shrimp Market Size, By Product, By Value, 2018-2028

Table 10        Europe Shrimp Market Size, By Region, By Value, 2018-2028

Table 11        Europe Shrimp Market Size, By Value, 2018-2028

Table 12        Europe Shrimp Market Size, By Country, By Value, 2018-2028

Table 13        The Asia-Pacific Shrimp Market Size, By Value, 2018-2028

Table 14        The Asia-Pacific Shrimp Market Size, By Type, 2018-2028

Table 15        The Asia-Pacific Shrimp Market Size, By Distribution Channel, 2018-2028

Table 16        The Asia-Pacific Shrimp Market Size, By Country, By Value, 2018-2028

Table 17        Latin America Shrimp Market Size, By Type, By Value, 2018-2028

Table 18        Latin America Shrimp Market Size, By Value, 2018-2028

Table 19        Latin America Shrimp Market Size, By Type, By Value, 2018-2028

Table 20        Latin America Shrimp Market Size, By Country, By Value, 2018-2028

Table 21        The Middle East & Africa Shrimp Market Size, By Value, 2018-2028

Table 22        The Middle East & Africa Shrimp Market Size, By Value, 2018-2028

Table 23        The Middle East & Africa Shrimp Market Size, By Distribution Channel, 2018-2028

Table 24        The Middle East & Africa Shrimp Market Size, By Country, By Value, 2018-2028

Table 25        Aqua Star Corp. (US) Company Overview

Table 26        Aqua Star Corp. (US) Financial Overview

Table 27        Nordic Seafood A/S (Hirtshals, Denmark) Company Overview

Table 28        Nordic Seafood A/S (Hirtshals, Denmark) Financial Overview

Table 29        Mazeetta Company LLC. Company Overview

Table 30        Mazeetta Company LLC. Financial Overview

Table 31        Surapon Foods (Muang, Thailand) Company Overview

Table 32        Surapon Foods (Muang, Thailand) Financial Overview

Table 33        High Liner Foods Inc. (Lunenburg, Canada) Company Overview

Table 34        High Liner Foods Inc. (Lunenburg, Canada) Financial Overview

Table 35        Marine Harvest (Bergen, Norway) Company Overview

Table 36        Marine Harvest (Bergen, Norway) Financial Overview

Table 37        Clearwater Seafoods Inc. (Bedford, Canada) Company Overview

Table 38        Clearwater Seafoods Inc. (Bedford, Canada) Financial Overview

Table 39        Wild Oceans Pvt Ltd. Company Overview

Table 40        Wild Oceans Pvt Ltd. Company Financial Overview

Table 41        Avanti Feeds Ltd. (Hyderabad, India) Company Overview

Table 42        Avanti Feeds Ltd. (Hyderabad, India) Financial Overview

Table 43        The Waterbase Ltd. Company Overview

Table 44        The Waterbase Ltd. Financial Overview

Table 45        Thai Union Group (Bangkok, Thailand) Company Overview

Table 46        Thai Union Group (Bangkok, Thailand) Financial Overview

Table 47        Other prominent players Company Overview

Table 48        Other prominent players Financial Overview