The latest market report published by Credence Research, Inc. The global demand for Shrimp was valued at USD 69152.5 Million in 2022 and is expected to reach USD 109389.4 Million in 2030, growing at a CAGR of 5.90% between 2023 and 2030.
The global shrimp market has experienced steady growth over the years, driven by increasing consumer demand for seafood delicacies, rising awareness about the health benefits of shrimp, and the expansion of shrimp farming operations. Shrimp, a versatile and delicious seafood, has found its way onto plates worldwide, making it a significant player in the seafood industry. In this article, we will explore the current state of the shrimp market and the factors contributing to its growth.
Market Size and Trends
The shrimp market has witnessed impressive growth, with its market size projected to reach USD 110 billion by 2026, according to a report by Global Market Insights, Inc. Asia-Pacific has traditionally been the largest consumer and producer of shrimp, with countries like China, India, and Vietnam leading the way. However, the demand for shrimp is steadily increasing in North America, Europe, and other regions, creating a promising global market.
Health Benefits Driving Demand
Shrimp is not only a delicious treat but also a healthy choice. It is a rich source of protein, vitamins, and minerals while being low in calories and fat. Shrimp is particularly praised for its high content of omega-3 fatty acids, which are known to have various health benefits, including improving heart health and reducing inflammation. The increasing awareness of these health benefits has led to a surge in shrimp consumption worldwide.
Browse the Full Report: https://www.credenceresearch.com/report/shrimp-market
Rise of Sustainable Farming
As global shrimp demand continues to grow, sustainable shrimp farming practices have become a crucial focus in the industry. Traditional shrimp farming methods often raised environmental concerns due to their impact on ecosystems and mangroves. However, the industry has been adapting with the development of eco-friendly practices such as integrated multi-trophic aquaculture (IMTA) and responsible farming methods. These sustainable initiatives not only reduce the environmental footprint but also ensure a consistent supply of high-quality shrimp.
Variety and Culinary Innovation
Shrimp offers an array of culinary possibilities, from grilled shrimp skewers to shrimp scampi and sushi rolls. Its versatility makes it a popular choice among chefs and home cooks alike. The market continues to expand as innovative shrimp-based products, such as shrimp-based snacks, spreads, and frozen meals, hit the shelves. The versatility of shrimp as an ingredient keeps consumers engaged and curious about new culinary experiences.
Challenges in the Market
Despite the promising growth, the shrimp market faces several challenges. Disease outbreaks, particularly Early Mortality Syndrome (EMS) and White Spot Syndrome Virus (WSSV), have affected shrimp production in various regions. Additionally, fluctuations in shrimp prices due to supply-demand dynamics and trade disputes can impact market stability.
Conclusion
The global shrimp market is thriving, driven by increasing consumer awareness of its health benefits, the rise of sustainable farming practices, and culinary innovation. Shrimp’s versatility and delicious taste make it a staple in seafood cuisine worldwide. However, challenges such as disease outbreaks and market fluctuations must be addressed to ensure the continued growth and sustainability of the shrimp industry. As the industry continues to evolve, it is clear that shrimp will remain a beloved seafood delicacy for years to come.
List of Companies Covered:
- Aqua Star Corp. (Seattle, U.S.)
- Avanti Feeds Ltd. (Hyderabad, India)
- Clearwater Seafoods Inc. (Bedford, Canada)
- High Liner Foods Inc. (Lunenburg, Canada)
- Marine Harvest (Bergen, Norway)
- Maruha Nichiro Corporation (Tokyo, Japan)
- Nippon Suisan Kaisha (Tokyo, Japan)
- Nordic Seafoods A/S (Hirtshals, Denmark)
- Surapon Foods (Muang, Thailand)
- Thai Union Group (Bangkok, Thailand)
Browse the Full Report: https://www.credenceresearch.com/report/shrimp-market
By Segmentation
By Species:
- Whiteleg Shrimp (Litopenaeus vannamei)
- Black Tiger Shrimp (Penaeus monodon)
- Giant Tiger Shrimp (Penaeus monodon)
- Pink Shrimp (Pandalus borealis)
- Brown Shrimp (Farfantepenaeus aztecus)
- Other Species
By Product Form:
- Whole Shrimp
- Peeled and Deveined (P&D) Shrimp
- Tail-On Shrimp
- Cooked Shrimp
- Breaded and Frozen Shrimp
By End-Use End-Use Application:
- Foodservice
- Retail
- Industrial and Ingredient Use
By Cultivation Species:
- Farmed Shrimp
- Wild-Caught Shrimp
By End User
- Individual Consumers
- Physical Therapists and Healthcare Professionals
- Athletes and Sports Teams
- Workplace and Ergonomics Specialists
- Research and Academic Institutions
By Region
- North America (U.S. and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
Contact Us:
Phone: +91 6232 49 3207
Email: sales@credenceresearch.com
Visit: https://www.credenceresearch.com