About Shrimp
Shrimps are small, marine crustaceans belonging to the order Decapoda. They are an essential part of the seafood industry and are widely consumed. The demand for shrimp is increasing not only in the food industry but also in other sectors such as pharmaceuticals, healthcare, and cosmetics, mainly because of its beneficial properties such as antioxidant and anti-aging effects. Shrimp is an excellent source of protein, phosphorus, and selenium, making it highly nutritious and easy to obtain. The advancements in aquaculture practices and sustainable shrimp farming techniques, including increasing shrimp production is growing the market. Improving production efficiency and ensures adherence to environmental regulations is contributing to the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.4% |
Many players are in the market, ranging from small local producers to large multinational corporations. The prominent producers and importers of shrimp have acquired a significant market share. However, many smaller players are entering the market with innovative products, sustainable farming, and effective marketing strategies. This is creating a competitive environment for market players with contract farming, primarily in rural areas. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Shrimp market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Charoen Pokphand Foods PCL (Thailand), Mowi (Norway), Pacific Andes International Holdings Limited (Hong Kong), Maruha Nichiro Holdings, Inc. (Japan), Cooke Aquaculture Inc. (Canada), Clearwater Seafood (United States), SeaBest Foods Co., Ltd. (China), Pescanova S.A. (Spain), American Seafoods Group (United States) and King Foods Holdings Ltd. (Hong Kong) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Nippon Suisan Kaisha, Ltd. (Japan), Dongwon Industries Co., Ltd. (South Korea), Bolton Bumble Bee Seafoods, Inc. (United States), Grieg Seafood ASA (Norway) and Thai Union Group PCL (Thailand).
Segmentation Overview
AMA Research has segmented the market of Global Shrimp market by Type (Vannamei Shrimp, Lar Shrimp, Jerbung Shrimp, Dogol Shrimp and Red Palm Shrimp), Application (Food, Pharmaceuticals, Cosmetics, Industrial & Biotechnology and Others) and Region.
On the basis of geography, the market of Shrimp has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Hypermarket will boost the Shrimp market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Size, the sub-segment i.e. Colossal (<15 Pounds) will boost the Shrimp market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Species, the sub-segment i.e. L. Vannamei will boost the Shrimp market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing consumption of seafoods
Market Growth Drivers:
Rising consumer demand for protein-rich seafood and Growing popularity of value-added shrimp products
Challenges:
Outbreak of white spot diseases and other viruses
Restraints:
Extreme weather changes and low temperatures
Opportunities:
Growing demand for value-added products like frozen, ready-to-eat meals, and flavored shrimp and Rise in e-commerce stores
Market Leaders and their expansionary development strategies
In January 2022, Thai Union Group PCL partnered with R&B Food Supply and Srinivasa Cystine Private Limited to develop a new firm that supplies high-quality food ingredients to the Indian market. This collaboration aims to leverage the relative capabilities of R&B Food Supply, food ingredients company.
In July 2023, Thai Union Group PCL launched of SeaChange, the next stage of its sustainability strategy to help reshape the seafood industry. Thai Union has been recognized for its sustainability efforts, including being listed on the Dow Jones Sustainability Indices for nine consecutive years and ranking number one on the Food Products
Key Target Audience
Restaurants & Food Services, Health-conscious Consumers, Potential Investors, Market Research & Consultancy firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.