Shrimp Market US$ 123.8 Billion in 2033: Expansive Growth Opportunities and Key Trends Driving the Industry

As per a recent research report by Future Market Insights, a market research and competitive intelligence provider, sales of shrimps are estimated to reach a valuation of US$ 60.4 billion in 2023. It is projected to surge at 7.4% CAGR through the forecast period between 2023 and 2033. It is set to reach US$ 123.8 billion by 2033.

Prawns are becoming increasingly popular due to their nutritional benefits and low-fat protein content. As a result of economic prosperity and increased luxury, consumers are transitioning from a carb-heavy diet to one high in protein. Shrimp farmers all over the world are using superior production techniques that go above and beyond standard ones to boost year-round shrimp output while maintaining the environment.

The Shrimp Market is continuously developing globally as a result of rising health consciousness, changed dietary preferences, and increased demand for seafood. Shrimp is a high-protein, high-calorie snack that appeals to health-conscious consumers. The market is also expanding as a result of the introduction of new goods such as value-added and ready-to-cook prawns.

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Over the next ten years, demand for shrimp-based products is predicted to expand, particularly for canned and frozen options. Because of its high nutritional value, seafood is becoming increasingly popular in the global food industry. Because of the enormous demand for prawns, North America is one of the world's largest importers.

In the Asia Pacific region, there is also a considerable demand for prawns because they are so accessible and affordable. Due to the region's expanding desire for marine items, demand is also predicted to rise. North America is the second-largest producer of prawns in the world, after Asia Pacific.

Consumers in Asia Pacific and Western Europe are becoming highly concerned with their health and leading fast-paced lives. Traditional fish and chip shops are witnessing more customers every day, which is predicted to stimulate expansion of the shrimp market.

Over the course of the projected period, an increase in demand for seafood snacks is anticipated. The market for shrimps is anticipated to grow over the next ten years due to the rising trend for fresh and frozen seafood products.

-Key Takeaways from Shrimp Market Study

-The North America shrimp market is estimated to be valued at US$ 13.0 billion in 2023.
-In North America, the USA currently holds a share of 81.4% of the shrimp market.
-East Asia holds a share of 25.8% in the global shrimp market.
-In Asia Pacific, China holds a share of 52.1% in the shrimp market.
-The North America shrimp industry is expected to register a 9.6% CAGR between 2023 and 2033.
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Competitive Landscape: Shrimp Market

Shrimp has a strong competitive global market. Leading manufacturers are striving to strengthen their distribution channels. They are emphasizing on joint ventures for increasing their production capacity of innovative shrimp products.

Few of the leading companies offering shrimp include Apex Frozen Foods Ltd., Avanti Feeds Ltd. (Hyderabad, India), Maruha Nichiro Corporation (Tokyo, Japan), Aqua Star Corp. (Seattle, USA), Nordic Seafoods A/S (Hirtshals, Denmark), Devi Fisheries Limited, Jayalakshmi Sea Foods Pvt. Ltd., Falcon Marine Exports, Nippon Suisan Kaisha (Tokyo, Japan), Clearwater Seafoods Inc. (Bedford, Canada), SSF LIMITED, BMR Groups, Marine Harvest (Bergen, Norway), High Liner Foods Inc. (Lunenburg, Canada), Thai Union Group (Bangkok, Thailand), Surapon Foods (Muang, Thailand), and Nekkanti Sea Foods Limited (NSFL) among others.

Get More Valuable Insights into the Shrimp Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Shrimp presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the shrimp market by shrimp market by species (gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, royal red shrimp, giant tiger shrimps, blue shrimps, ocean shrimps), source (organic, conventional), form (canned, breaded, peeled, cooked & peeled, shell-on, frozen), sales channel (direct, indirect), application (food, pharmaceutical, cosmetics, industrial, biotechnology), and region.

-Shrimp Market Outlook by Category

-By Species:
Gulf Shrimps
Farmed Whiteleg Shrimps
Banded Coral Shrimps
Royal Red Shrimp
Giant Tiger Shrimps
Blue Shrimps
Ocean Shrimps

-By Source:
Organic
Conventional

-By Form:
Canned
Breaded
Peeled
Cooked & Peeled
Shell-On
Frozen

-By Sales Channel:
Direct
Indirect

-By Application:
Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology

-By Region:
North America
Latin America
Europe
Middle East and Africa
East Asia
South Asia
Oceania

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This release was published on openPR.