Global Shrimp Market to Grow at a CAGR of 10.4% during 2022-2028
Published | 01 August 2022
Global Shrimp Market is growing at a high rate because of the rising health awareness, urbanization, rising disposable incomes along with the expanding usage of shrimp in the Food and Beverage industry, pharmaceuticals, and cosmetics…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Shrimps Market was worth USD 30.64 billion in the year 2022. It is estimated to grow at a CAGR of 10.4%, earning revenue of around USD 74.28 billion by the end of 2028. The lucrative growth of the Global Shrimp Market is attributed to health awareness, the rising purchasing power of the consumers, expanding Food and Beverage industry, adoption of a variety of shrimp and convenience food products, rising environment-friendly production techniques, as well as increasing consumption of various frozen shrimp food products across the globe. Furthermore, Global Shrimp Market is one of the most emerging markets that grow continuously owing to the fast advantages and integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. Moreover, some consumers are more concerned about the freshness of the product and they prefer fresh, natural, and 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. The demand for frozen Shrimp snacks and delicious Shrimp food dishes, and shrimp cocktails, in general, is gaining huge popularity among consumers across the globe. Shrimp frozen-ready meals have already made themselves a place in the market due to changing lifestyles of consumers. With increasing launches of different other shrimp ood products, the market is anticipated to proliferate during the forecast period (2023-2028) around the globe.
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 consumers, 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. 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.
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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) is account for the largest producer of shrimp 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.
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, Thailand), 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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on the Global Shrimp Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Shrimp Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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