United States Shrimp Market
United States Shrimp Market, By Environment (Farmed, Wild); By Production (Domestic Production), Imports); By Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii); Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Hotels & Restaurants, Online Stores), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: September 2024
- Report ID: BWC24665
- Available Format: PDF
- Page: 140
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
Attributes |
Details |
Years Considered |
Historical Data – 2019–2030 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
USD Billion |
Market Coverage |
United States |
Product/ Service Segmentation |
Environment, Production, Species, Distribution Channel |
Key Players |
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, The American Shrimp Company |
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
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- United States Shrimp Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Driver
- Rising Consumer Demand
- Increasing Disposable Income
- Growth of Foodservice Industry
- Convenience and Ready-to-Eat Options
- Restraints
- Price Fluctuations
- Environmental Concerns
- Food Safety Issues
- Opportunities
- Expanding Global Trade
- Innovation in Shrimp Products
- Sustainable Sourcing
- Challenges
- Competition from Domestic and Imported Shrimp
- Trade Barriers
- Disease Outbreaks
- Growth Driver
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- United States Shrimp Market: Marketing Strategies
- United States Shrimp Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share and Forecast
- By Environment
- Farmed
- Wild
- By Production
- Domestic Production
- Imports
- By Species
- Penaeus Vannamei
- Penaeus Monodon
- Macrobrachium Rosenbergii
- Others
- By Distribution Channel
- Hypermarkets & Supermarkets
- Convenience Stores
- Hotels & Restaurants
- Online Stores
- Others
- By Environment
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- United States Shrimp Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on United States Shrimp Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 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
- The American Shrimp Company
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 United States Shrimp Market Segmentation
Figure 2 United States Shrimp Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 United States Shrimp Market Size, By Value (USD Billion), 2019–2030
Figure 5 United States Shrimp Market Share, By Environment, By Value, 2019–2030
Figure 6 United States Shrimp Market Share, By Production, By Value, 2019–2030
Figure 7 United States Shrimp Market Share, By Species, By Value, 2019–2030
Figure 8 United States Shrimp Market Share, By Distribution Channel, By Value, 2019–2030
List of Tables
Table 1 United States Shrimp Market Size, By Value (USD Billion), 2019–2030
Table 2 United States Shrimp Market Share, By Environment, By Value, 2019–2030
Table 3 United States Shrimp Market Share, By Production, By Value, 2019–2030
Table 4 United States Shrimp Market Share, By Species, By Value, 2019–2030
Table 5 United States Shrimp Market Share, By Distribution Channel, By Value, 2019–2030
Table 6 Admiralty Island Fisheries Inc. Company Overview
Table 7 Admiralty Island Fisheries Inc. Financial Overview
Table 8 Beaver Street Fisheries Company Overview
Table 9 Beaver Street Fisheries Financial Overview
Table 10 Dulcich Inc. Company Overview
Table 11 Dulcich Inc. Financial Overview
Table 12 Gulf Shrimp Co. LLC Company Overview
Table 13 Gulf Shrimp Co. LLC Financial Overview
Table 14 Millennium Ocean Star Corporation Company Overview
Table 15 Millennium Ocean Star Corporation Financial Overview
Table 16 NaturalShrimp Inc. Company Overview
Table 17 NaturalShrimp Inc. Financial Overview
Table 18 Pacific American Fish Company Inc. Company Overview
Table 19 Pacific American Fish Company Inc. Financial Overview
Table 20 Paul Piazza & Son Inc. Company Overview
Table 21 Paul Piazza & Son Inc. Financial Overview
Table 22 Sysco Corporation Company Overview
Table 23 Sysco Corporation Financial Overview
Table 24 The American Shrimp Company: Company Overview
Table 25 The American Shrimp Company Financial Overview
Market Segmentation
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