Global Shrimp Market will witness over 6.7% CAGR between 2023 and 2032 owing to heightened government initiatives fostering shrimp production and livelihoods. These efforts encompass various support mechanisms such as subsidies, technical assistance, infrastructure development, and active support program activities.
For instance, in November 2023, At Dowleswaram in Andhra Pradesh, India, MP Margani Bharat and East Godavari District Collector K. Madhavilatha oversaw the release of 29.83 lakh fish fingerlings and five lakh shrimp seeds into the Godavari River. The event involved the release of 9.83 lakh fingerlings representing diverse fish species, while the additional five lakh shrimp seeds, supported by boatmen associations and fisherfolk cooperative societies, were also released. This initiative aimed to bolster the livelihoods of fishing-dependent communities by enhancing aquatic resources in the region.
With a focus on sustainable aquaculture practices, governments worldwide aim to boost shrimp farming, addressing economic growth and food security concerns. This proactive approach not only elevates shrimp production but also uplifts communities, creating employment opportunities and enhancing the socio-economic landscape through a thriving shrimp market outlook.
The overall Shrimp Market is classified based on type, end-user, and region.
Brown segment will undergo significant development from 2023 to 2032. Renowned for their distinct flavor and versatile culinary applications, brown shrimp types are gaining traction among consumers and in the seafood industry. Their savory, slightly sweet taste and firm texture have captured the attention of seafood enthusiasts and chefs alike. Their unique taste profile and adaptability in various dishes have propelled their popularity, contributing significantly to the increasing demand within the shrimp market for brown shrimp type.
The shrimp market size from the commercial segment will register a noteworthy CAGR from 2023 to 2032. With versatile applications in restaurants, seafood retail, and food processing industries, shrimp’s popularity remains high. Its adaptability in diverse cuisines and as a key ingredient in various products fuels the consistent commercial shrimp market demand. As a staple in global gastronomy, shrimp’s commercial value continues to grow, reflecting its significance and continued prominence in the culinary world.
MEA shrimp industry will showcase a commendable CAGR from 2023 to 2032. With a burgeoning population and a growing preference for seafood, particularly shrimp, MEA countries are fostering a robust market. Increased disposable income and a burgeoning culinary culture contribute to the region’s amplified demand. Shrimp’s versatility in local dishes and its status as a culinary delicacy fuel its popularity, driving the expanding market within the MEA region.
Additionally, growing efforts from local companies to improve production support the market. For instance, in November 2023, even situated in a remote desert setting, Naqua, a Saudi Arabian company specializing in shrimp and barramundi production, announced that it is actively seeking additional funding. Their goal is to expand operations significantly, aiming to increase their annual seafood output to 250,000 tonnes by 2030, more than doubling their current production capacity.