Shrimp Market Size to be Worth $23.21 Billion by 2028: Grand View Research, Inc.
SAN FRANCISCO, Oct. 11, 2022 /PRNewswire/ -- The global shrimp market size is expected to reach USD 23.21 billion by 2028, registering a CAGR of 7.2% during the forecast period, according to a new report by Grand View Research, Inc. The market growth is accelerated by the increasing demand for brown shrimp in the healthcare industry.
Key Industry Insights & Findings from the report:
- North America is expected to register the fastest CAGR of 7.8 % from 2022 to 2028, owing to the increasing demand for cuttlefish skewers in the region. The increasing demand for stuffed seafood with dill sauce from the consumers of the U.S. and Canada is anticipated to boost the market growth.
- The white shrimp segment contributed the highest share of 33.6% to the global revenue in 2021, due to the availability of classic flavored white shrimp with a sweet taste. The lower fat content and delicious taste of this type is a major factor for white shrimp demand to accelerate the market growth in the upcoming years.
- Asia Pacific dominated the market by contributing over 37% revenue share in 2021, due to the growing demand for ambient seafood, and frozen & chilled seafood in China and Japan. The increasing demand for premium shrimp fishery from the shrimp consumers of China and India will help in boosting the market growth. The market share of China is driven by the rising consumption rate of cooked seafood products.
- The cold water source segment held the largest share in 2021 and contributed more than 60% of the overall revenue. The growing consumption of a variety of seafood items such as red cherry shrimp, ghost shrimp, blue shrimp, bee shrimp, and marble shrimp in the U.K. and Germany is refueling the segment growth.
Read full market research report, "Shrimp Market Size, Share & Trends Analysis Report By Type (Pink, Brown), By Source (Cold Water, Hot Water), By Form (Frozen, Canned), By End Use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028", published by Grand View Research.
Shrimp Market Growth & Trends
In December 2020, the Thailand department of internal trade launched a set of measures to help the fish catchers of Samut Sakhon (Thailand). These kinds of initiatives will support the business of frozen seafood in the coming years, which is poised to drive significant growth during the forecast period. The rising demand to procure canned shrimp products at an affordable cost is an upcoming opportunity for the market.
The hot water segment is projected to register the fastest growth during the assessment period. This growth is attributed to the growing demand for pistol shrimps from the consumers of South-East Asian countries. The growing consumption of hot water shrimp in developed countries to maintain body metabolism is propelling the market growth.
The key players in the market are launching value-added salmon skewers products to meet the growing demand for seafood. At present, key players are focusing more on the adoption of e-commerce platforms to meet the demand for cuttlefish skewers. Technologically advanced storage systems are being adopted by the key players to improve the life-cycle of shrimps. The growing demand for shrimp from the healthcare and food industries is projected to drive significant market growth during the assessment period.
Specialty stores contributed a share of more than 31% to the global market revenue in 2021. The specialty stores consist of retail providers, such as domestic frozen food suppliers and seafood shops. Domestic suppliers are delivering a variety of frozen shrimps at an affordable cost, which will drive the segmental growth. The ease of availability of raw materials required for seafood and the connectivity of several distribution channels in the Asia Pacific is expected to propel the market growth.
Asia Pacific dominated the industry with a revenue share of more than 37% in 2021. The growing consumption of brown shrimp in China and India to maintain sustainability in health is a major factor propelling the market growth. The fishery department of Japan is providing funding to the shrimp catchers to expand their storage capacity. These kinds of government measures are anticipated to boost market growth. The key players located in China and Japan are implementing frozen techniques to improve the lifespan of shrimp, which is expected to raise product sales.
Shrimp Market Segmentation
Grand View Research has segmented the global shrimp market on the basis of type, source, form, end-use, distribution channel, and region:
Shrimp Market - Type Outlook (Revenue, USD Million, 2017 - 2028)
- Pink
- Brown
- White
- Others
Shrimp Market - Source Outlook (Revenue, USD Million, 2017 - 2028)
- Cold Water
- Hot Water
Shrimp Market - Form Outlook (Revenue, USD Million, 2017 - 2028)
- Frozen
- Canned
Shrimp Market - End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Residential
- Commercial
Shrimp Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channel
Shrimp Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Russia
- Italy
- Asia Pacific
- China
- India
- Japan
- Indonesia
- Vietnam
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players in the Shrimp Market
- Thai Union Group
- Clearwater Seafoods Inc
- Avanti Feeds Ltd
- High Liner Foods Inc.,
- Surapon Foods
- Mazzetta Company LLC
- Aqua Star Corp
- Nordic Seafood A/S
- The Waterbase Ltd.
- Wild Oceans Pty Ltd.
Check out more related studies published by Grand View Research:
- Canned Seafood Market - The global canned seafood market size is expected to reach USD 50.47 billion by 2030, expanding at a CAGR of 5.9%, according to a new report by Grand View Research, Inc. Increasing demand for essential fatty acids and proteins in consumer diets has contributed to the growth of canned seafood in the recent years. Moreover, the growing popularity of chemical-free packaged seafood with higher shelf life has promoted the adoption of canned seafood among consumers.
- Fresh Fish Market - The global fresh fish market size is expected to reach USD 273.96 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.6% from 2022 to 2028. The growing demand for and consumption of fresh fish products in developed and developing economies is driving the market.
- Aquaculture Salmon Fish Market - The global aquaculture salmon fish market size is expected to reach USD 10.97 billion by 2028, registering a CAGR of 5.3% in the forecast period, according to a new report by Grand View Research, Inc. The market growth is accelerated by the increasing demand for ready-to-eat salmon salad products from the consumers of North America.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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