Report Overview

Rising consumer demand, increasing disposable income, growth of foodservice industry, and convenience and ready-to-eat options are expected to drive United States Shrimp Market during the forecast period between 2024 and 2030.

United States Shrimp Market – Industry Trends & Forecast Report, 2030

United States Shrimp Market size was estimated at USD 8.63 billion in 2023. During the forecast period between 2024 and 2030, United States Shrimp Market size is projected to grow at a CAGR of 1.65% reaching a value of USD 9.8 billion by 2030. Prominent drivers of the market include the rising demand for shrimp as a versatile seafood choice, driven by its appeal across various cuisines and consumer segments. Growing health consciousness among consumers, coupled with the recognition of shrimp as a lean, high-protein food source, is significantly boosting its consumption. Increasing disposable incomes are enabling more consumers to opt for shrimp as part of their diet, while the availability of the product in convenient, ready-to-cook or pre-packaged forms is further fueling demand. Additionally, the growing popularity of seafood and the expansion of shrimp in restaurant menus are creating more opportunities in the market. Technological advancements in aquaculture have improved shrimp farming practices, ensuring a steady and high-quality supply. Furthermore, the rapid growth of online retail channels and e-commerce platforms has made it easier for consumers to access shrimp products, contributing to the market's sustained expansion.

Shrimp – Overview

Shrimp, a prized seafood, is celebrated for its unique flavor and culinary versatility. Found in both saltwater and freshwater environments, shrimp are widely available and feature prominently in global cuisines. Their tender texture and mild sweetness, combined with subtle brininess, make them ideal for grilling, frying, sautéing, or adding to soups and stir-fries. Shrimp pair well with a variety of seasonings and spices, enhancing the flavor of any dish. In addition to their taste, shrimp are rich in protein, vitamins, and minerals, including selenium and vitamin B12, while being low in calories and containing heart-healthy omega-3 fatty acids.

United States Shrimp Market

Growth Drivers

Spurring Consumer Demand

The rising consumer demand for shrimp in the United States is fueled by its versatility, appealing flavor, and recognition as a healthy source of protein. As shrimp consumption continues to grow, the foodservice industry has responded by incorporating it into diverse menus across restaurants and food chains. Innovations in shrimp farming, such as recirculating aquaculture systems (RAS) and technologies like the Shrimpbox, have further supported this demand by enabling fresh, locally sourced shrimp production. With advancements in farming methods and increasing consumer preference for healthy, high-quality seafood, the United States Shrimp Market is expected to witness sustained growth over the forecast period.

Challenge

Price Fluctuations

Price fluctuations significantly restrain the growth of the United States shrimp market. Shrimp prices are impacted by various factors, including changes in global supply, import tariffs, and rising production costs. These fluctuations make it challenging for consumers and businesses to maintain consistent purchasing patterns, as higher prices reduce affordability and demand. Additionally, competition from low-cost shrimp-producing countries like India and Ecuador adds further pressure to domestic producers. The volatility in shrimp prices creates uncertainty, discouraging long-term investments in the market and posing a challenge to its sustained growth.

Impact of Escalating Geopolitical Tensions on United States Shrimp Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of United States Shrimp Market. Increased trade barriers and tariffs resulting from geopolitical conflicts can disrupt shrimp imports, leading to higher costs for consumers and businesses. Such tensions may also affect global supply chains, causing shortages and further price volatility. Additionally, strained international relations can hinder the ability of U.S. shrimp producers to access key markets or secure necessary resources. These factors collectively contribute to market instability, potentially stifling growth and complicating the dynamics of the United States Shrimp Market.

United States Shrimp Market

Segmental Coverage

United States Shrimp Market – By Environment

By environment, United States Shrimp Market is bifurcated into Farmed and Wild segments. The farmed shrimp holds a higher share in United States Shrimp Market by environment. Farmed shrimp, or aquaculture shrimp, holds a higher share in the United States Shrimp Market by environment due to its numerous advantages over wild-caught shrimp. This method of shrimp production ensures a consistent, year-round supply, reducing reliance on the unpredictable availability of wild shrimp, which is subject to natural fluctuations and fishing restrictions. Additionally, shrimp farming allows for better control over quality and size, meeting specific market demands. With sustainability concerns rising due to overfishing and habitat destruction, farmed shrimp provides a more environmentally responsible alternative, further boosting its market dominance and driving future growth in United States Shrimp Market.

United States Shrimp Market – By Production

Based on production, United States Shrimp Market is bifurcated into Domestic Production and Imports segments. The imports segment holds a higher share in United States Shrimp Market by production, driven by the country's heavy reliance on imported shrimp to meet consumer demand. Imports ensure a consistent and diverse supply of shrimp from major producing countries, offering a wide range of species, sizes, and preparations to cater to various consumer preferences. As the demand for shrimp grows due to its health benefits and culinary appeal, imports help bridge the supply-demand gap. Additionally, imported shrimp often comes at a lower cost, thanks to favorable trade agreements and lower production expenses abroad, making it a cost-effective option for both businesses and consumers, thereby boosting market growth.

United States Shrimp Market – By Species

By species, United States Shrimp Market is divided into Penaeus Vannamei, Penaeus Monodon, and Macrobrachium Rosenbergii segments. The Penaeus Vannamei is expected to hold the highest share in United States Shrimp Market by species during the forecast period. Penaeus vannamei, commonly known as whiteleg shrimp or Pacific white shrimp, is expected to hold the highest share in the United States shrimp market by species during the forecast period. This species dominates the market due to its fast growth rate, adaptability to various farming environments, and efficient production cycles. Penaeus vannamei’s ability to reach market size quickly enables producers to meet rising demand while maintaining cost-effectiveness. Additionally, its high survival rates and lower production costs make it competitively priced, appealing to both businesses and consumers. The shrimp’s mild flavor and versatility in cooking further contribute to its growing popularity and market share in United States Shrimp Market.

United States Shrimp Market – By Distribution Channel

Based on distribution channel, United States Shrimp Market is Hypermarkets & Supermarkets, Convenience Stores, Hotels & Restaurants, and Online Stores segments. The hypermarkets and supermarkets segment holds the highest share in United States Shrimp Market by distribution channel. These retail giants contribute significantly to market growth by offering a wide range of shrimp products to a large consumer base. With their extensive shelf space, they showcase various shrimp categories and brands, making it convenient for consumers to access and purchase shrimp during routine grocery shopping, thereby driving market demand.

Competitive Landscape

Major players operating in 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Environment

• Farmed

• Wild

By Production

• Domestic Production

• Imports

By Species

• Penaeus Vannamei

• Penaeus Monodon

• Macrobrachium Rosenbergii

By Distribution Channel

• Hypermarkets & Supermarkets

• Convenience Stores

• Hotels & Restaurants