[198 Pages Report] The Shrimp Market size was estimated at USD 43.76 billion in 2023 and expected to reach USD 46.96 billion in 2024, at a CAGR 7.77% to reach USD 73.90 billion by 2030.
Shrimps are small, decapod crustaceans that are found in both salt and fresh water and have been farmed for centuries. Their versatile texture enables them to be utilized in various dishes such as soups, salads, sandwiches, wraps, fried rice, and stir-fries. Shrimp has grown widely popular as a form of seafood over the decades due to its taste, delicate flavor, and health benefits as a lean source of protein with a relatively low-fat content. There has been a significant increase in shrimp farming and trade activities worldwide, aiming to meet their demand across the food service sector and among individual consumers. However, disease outbreaks caused by shrimp and environmental concerns about shrimp farming have caused a reduced adoption of shrimp. In order to address these issues, companies have focused on new shrimp-based product innovation with a focus on quality certification and sustainable production. The high investment in aquaculture practices and advancements in shrimp farming technologies can significantly expand the provision of high-quality shrimp products. Market players are consistently upgrading their product portfolio by adding new flavors of ready-to-cook shrimp products and processed shrimp snacks to attract new customers.
Regional Insights
The Asia-Pacific forms one of the largest markets for shrimp, driven by their exponential consumer demand for shrimp products and investments in shrimp farming across China, Vietnam, Indonesia, India, and Thailand. The region’s diverse culinary traditions and a growing number of seafood chains contribute to the market growth. Asian countries are known for their extensive seafood farming procedures and aquaculture practices based on both freshwater and marine shrimp production. Shrimp is also widely used in European cuisines, both in the foodservice sector and in households. The European market has portrayed an increasing emphasis on sustainable seafood sourcing, and certifications from the Marine Stewardship Council (MSC) in the UK and Aquaculture Stewardship Council (ASC) in the Netherlands are valued in the industry. In the Americas, the U.S. and Canada are among the largest consumers and importers of shrimp. The North American region has a well-established foodservice industry catering to their South American and Asian diaspora. Ecuador, Brazil, and Mexico are some of the known shrimp exporters in the region.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Shrimp Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Shrimp Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Shrimp Market, highlighting leading vendors and their innovative profiles. These include ACI Limited, All-Fish Handelsgesellschaft mbH, American Penaeid, Inc., AN PHAT CA MAU SEAFOOD CO., LTD, Apex Frozen Foods Ltd., Aqua Geno Exim, AU VUNG SEAFOOD, Camimex Group, Charoen Pokphand Foods PCL, Devi Seafoods, ESCAL S.A., Grand Ocean International Trading Ltd., Heiploeg Group, High Liner Foods, Inc., Huy Hoang Global Food Co., Ltd,, Latimers Seafood Ltd., Mazzetta Company, LLC, Minh Phu Seafood Corporation, Nippon Suisan Kaisha, Ltd., Nissui Corporation, Pinetree Vietnam Co., Ltd, PT Central Proteina Prima Tbk, Sea Port Products, Seaprimexco Vietnam, Surapon Foods Public Company Limited, Tizara Group, Vannamei White Shrimp, Viet Asia Foods, and Vietnam Fish One Co., Ltd..
Market Segmentation & Coverage
This research report categorizes the Shrimp Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Brown Shrimp
- Pink Shrimp
- Rock Shrimp
- Royal Red Shrimp
- Tiger Shrimp
- Black
- Blue
- Red
- Wild Type
- White Shrimp
- Form
- Canned
- Fresh
- Frozen
- Distribution Channel
- Convenience Stores
- Hypermarkets & Supermarkets
- Online Sales Channels
- Specialty Stores
- End-Use
- Commercial
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Shrimp Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Shrimp Market?
- What are the technology trends and regulatory frameworks in the Shrimp Market?
- What is the market share of the leading vendors in the Shrimp Market?
- Which modes and strategic moves are suitable for entering the Shrimp Market?
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