The shrimp global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Shrimp Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The shrimp market size has grown strongly in recent years. It will grow from $56.46 billion in 2023 to $60.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing global seafood consumption, rising demand for high-protein diets, improving cold chain logistics, growing middle-class populations, and rising disposable income.
The shrimp market size is expected to see strong growth in the next few years. It will grow to $78.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the expansion of organic and antibiotic-free shrimp production, increasing health consciousness, rising popularity of frozen and processed shrimp, increasing focus on traceability and transparency, and rise of plant-based shrimp alternatives. Major trends in the forecast period include the adoption of recirculating aquaculture systems (RAS), integration of artificial intelligence (AI) and automation in shrimp farming, advancements in fishing techniques, investment in research and development of shrimps, and advancements in aquaculture technologies.
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Scope Of Shrimp Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Shrimp Market Overview
Market Drivers –
The increasing health consciousness is expected to propel the growth of the shrimp market going forward. The rising health consciousness is fueled by factors such as the growing prevalence of lifestyle-related diseases such as obesity, diabetes, and heart disease, which have raised awareness about the importance of healthy living. Shrimp is an ideal choice for health-conscious individuals, offering a low-calorie, high-protein option packed with essential nutrients such as omega-3 fatty acids and antioxidants that support heart health and overall wellness. For instance, in May 2022, according to a survey study among 1,005 American adults aged 18–80 and adult Gen Z consumers ages 18–24 conducted by the International Food Information Council, a US-based non-profit organization, around 52% of the participants followed a specific diet or eating pattern, up from 39% in 2021. Additionally, the top choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). Therefore, the increasing health consciousness is driving the shrimp market.
Market Trends –
Major companies operating in the shrimp market are focusing on developing advanced solutions, such as real-time artificial intelligence analytics, to enhance production efficiency and monitor health conditions in shrimp farming. A real-time artificial intelligence analytics solution refers to the technology that uses artificial intelligence (AI) algorithms to process and analyze data as it is generated, providing immediate insights and feedback to improve decision-making and operational efficiency. For instance, in March 2022, Umitron, a Singapore-based data company for aquaculture, launched Umitron Eagle. Umitron Eagle is the first real-time AI-based analytics solution designed specifically for shrimp farming. This innovative system utilizes advanced artificial intelligence to monitor multiple biological conditions and environmental factors in intensive shrimp production settings. By leveraging real-time data, shrimp producers can optimize their feeding strategies automatically.
The shrimp market covered in this report is segmented –
1) By Form: Green Or Head-Off, Green Or Head-On, Peeled, Cooked, Breaded, Other Forms
2) By Species: L. Vannamei, Trachipenaeus Curvirostris, Pleoticus Muelleri, P. Monodon, Acetes Japonicus, Pandalus Borealis, P. Chinensis, Other Species
3) By Distribution Channel: Hypermarkets Or Supermarkets, Convenience Stores, Specialty Stores, Online Sales Channels
4) By Application: Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology
5) By End-User: Residential, Commercial
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Regional Insights –
Asia-Pacific was the largest region in the shrimp market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the shrimp market are Charoen Pokphand Foods PCL (CP Foods), Maruha Nichiro Corporation, Clearwater Seafoods LP, Nippon Suisan Kaisha (Nissui), Thai Union Group PCL, Pacific Seafood, High Liner Foods Inc., Royal Greenland A/S, Minh Phu Seafood Corporation, Avanti Feeds Ltd., Nekkanti Sea Foods Limited, Beaver Street Fisheries Inc., Surapon Foods Public Company Limited, Apex Frozen Foods Ltd., Devi Fisheries Ltd., Mazzetta Company LLC, Cooke Aquaculture Inc., Aqua Star, The Waterbase Limited, Grand Ocean Seafoods Co. Ltd., Seattle Shrimp & Seafood, Nordic Seafood A/S, SSF Limited, BMR Groups, Falcon Marine Exports, Ocean More Foods Co. Ltd.
Table of Contents
1. Executive Summary
2. Shrimp Market Report Structure
3. Shrimp Market Trends And Strategies
4. Shrimp Market – Macro Economic Scenario
5. Shrimp Market Size And Growth
…..
27. Shrimp Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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