Fort Collins, Colorado, April 18, 2024 (GLOBE NEWSWIRE) --
Growing demand for shrimps drives the market growth ahead.
The shrimp market is experiencing significant growth due to the increasing demand and consumption worldwide. Shrimp has become a popular seafood choice among consumers due to its versatility in culinary applications, nutritional benefits, and appealing taste. According to the Food and Agriculture Organization (FAO), global shrimp production reached 4.45 million metric tons in 2020, estimated at USD 31.6 billion. The rising disposable incomes, urbanization, and changing dietary preferences in emerging economies such as China, India, and Southeast Asia have further fueled the demand for shrimp, driving the market growth.
Increasing consumer awareness of sustainability and the rising demand for eco-friendly and socially responsible seafood products create significant opportunities within the shrimp market. Embracing sustainable aquaculture practices, including utilizing natural feed ingredients, minimized water exchange, and integrated multi-trophic aquaculture (IMTA), can effectively address environmental concerns while meeting the escalating consumer preference for sustainable shrimp.
Furthermore, adding value-added shrimp products, such as ready-to-eat and ready-to-cook options, organic and certified shrimp, and products with enhanced nutritional profiles, can cater to evolving consumer preferences and command premium prices in the market. The Marine Stewardship Council (MSC) report revealed that the global market for certified sustainable seafood surged to USD 11.5 billion in 2020, underscoring the growing potential for sustainable shrimp products.
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Segmentation Overview:
The shrimp market has been segmented into source, form, end-use, distribution channel, and region.
Aquaculture-raised shrimps account for a significant market share
- Based on the market segmentation for the shrimp market by source, the two prominent sub-segments are wild-caught shrimp and aquaculture-raised shrimp. In 2023, aquaculture-raised shrimp is the largest sub-segment. Aquaculture has grown rapidly in recent years due to the increasing demand for shrimp and the limitations of wild-caught supply.
Frozen shrimps dominated the segment growth and are projected to dominate the market share.
- The shrimp market is segmented by form, with sub-segments for frozen, canned, peeled, cooked, shell-on, and others. In 2023, frozen shrimp accounted for the largest sub-segment. Frozen shrimp is famous for its longer shelf life, convenience, and ability to retain flavor and texture. The frozen form allows for more accessible transportation and storage, making it a preferred choice for consumers and food service providers.
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Shrimp Market Report Highlights:
- The shrimp market growth is anticipated at a CAGR of 6.1% by 2032.
- The rise in worldwide demand and consumption will drive the shrimp market in the coming years.
- The Middle East and African region is projected to develop during the forecast period, attributed to the rise in imports and high demand for seafood.
- Some prominent players in the shrimp market report include Minh Phu Seafood Corp., Charoen Pokphand Foods PCL (CPF), Thai Union Group PCL, Nippon Suisan Kaisha, Ltd., Maruha Nichiro Corporation, Zhanjiang Guolian Aquatic Products Co., Ltd., Surapon Foods Public Company Limited, Sirena A/S, Pacific Seafood Group, High Liner Foods Inc., Trident Seafoods Corporation, and Blue Star Foods Corp.
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