Shrimp - Global Strategic Business Report

The global market for Shrimp was estimated at US$30.2 Billion in 2023 and is projected to reach US$35.8 Billion by 2030, growing at a CAGR of 2.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

How Is Shrimp Farming Revolutionizing the Aquaculture Industry?

Shrimp farming is revolutionizing the aquaculture industry by providing a scalable and efficient way to meet the growing global demand for seafood. As one of the most popular and widely consumed seafood products, shrimp are in high demand across the world, particularly in regions where seafood forms a significant part of the diet. Modern shrimp farming practices have made it possible to produce large quantities of shrimp in controlled environments, reducing reliance on wild-caught shrimp and contributing to more sustainable seafood production. This shift from wild capture to aquaculture has not only helped to stabilize shrimp supplies but also created economic opportunities in coastal and rural areas where shrimp farming is a major source of income. With advancements in farming techniques, disease management, and feed efficiency, shrimp farming is becoming increasingly productive and sustainable, ensuring that this valuable resource can meet global needs without depleting natural ecosystems.

What Innovations Are Enhancing the Functionality of Shrimp Farming?

Innovations in shrimp farming are enhancing its functionality through advancements in breeding, disease management, and sustainable farming practices. Selective breeding programs have led to the development of shrimp strains that grow faster, are more resistant to disease, and have improved survival rates. This genetic improvement has significantly boosted productivity and reduced the risks associated with shrimp farming. Disease management is another area where innovation is making a big impact, with the introduction of biosecurity measures, probiotics, and vaccines that help prevent and control common shrimp diseases such as white spot syndrome and early mortality syndrome. Additionally, the development of environmentally friendly feeds that use alternative protein sources, such as algae or insect meal, is reducing the environmental impact of shrimp farming. Sustainable practices, such as recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA), are also being adopted to minimize water usage, reduce waste, and enhance the overall sustainability of shrimp production. These innovations are making shrimp farming more efficient, sustainable, and resilient to the challenges posed by climate change and global market demands.

How Does Shrimp Farming Impact Food Security and Economic Growth?

Shrimp farming has a significant impact on food security and economic growth by providing a reliable source of high-quality protein and creating jobs in coastal and rural communities. As global populations grow and demand for seafood increases, shrimp farming offers a sustainable way to produce large quantities of nutritious food without overexploiting wild shrimp populations. This helps to ensure a steady supply of shrimp to markets worldwide, contributing to global food security. Economically, shrimp farming is a vital industry in many developing countries, particularly in Southeast Asia and Latin America, where it generates income for millions of small-scale farmers and workers. The export of farmed shrimp is a major contributor to the economies of these regions, bringing in significant revenue and supporting local development. By providing employment opportunities and boosting exports, shrimp farming plays a crucial role in reducing poverty and driving economic growth in regions where alternative livelihoods may be limited.

What Trends Are Driving Growth in the Shrimp Industry?

Several trends are driving growth in the shrimp farming industry, including the increasing global demand for seafood, the shift towards sustainable aquaculture practices, and advancements in farming technology. As consumers become more health-conscious and aware of the environmental impact of their food choices, demand for sustainably farmed shrimp is rising. This is encouraging the adoption of eco-friendly practices and certifications that ensure shrimp are produced in a way that minimizes environmental harm. Technological advancements, such as the use of automated feeding systems, water quality monitoring, and precision farming techniques, are also driving growth by making shrimp farming more efficient and reducing production costs. Additionally, the expansion of shrimp farming into new regions, including Africa and the Middle East, is contributing to the industry's growth by increasing global production capacity. These trends highlight the dynamic nature of the shrimp farming industry and its ability to adapt to changing market demands and environmental challenges, ensuring its continued growth and success in the global seafood market.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Frozen Shrimp segment, which is expected to reach US$18.9 Billion by 2030 with a CAGR of a 2.9%. The Canned Shrimp segment is also set to grow at 2.3% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $8.2 Billion in 2023, and China, forecasted to grow at an impressive 5.0% CAGR to reach $7.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Shrimp Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Shrimp Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Shrimp Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Aqua Star Corp., Avanti Feeds Limited, Clearwater Seafoods Inc., and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 42 Featured):

• Aqua Star Corp.
• Avanti Feeds Limited
• Clearwater Seafoods Inc.
• Devi Fisheries Limited
• Grupo Ibérica Congelados, S.A.
• Jayalakshmi Sea Foods Pvt. Ltd.
• Mowi Lemmer B.V.
• Nekkanti Sea Foods Limited
• Nippon Suisan Kaisha Ltd.
• Nordic Seafood A/S
• SSF Limited
• Surapon Foods Public Company Limited
• Thai Union Group Public Company Limited
• The Waterbase Limited
• Wild Ocean Direct