Shrimp Market Analysis Europe,North America,APAC,South America,Middle East and Africa - US,China,Japan,Spain,France - Size and Forecast 2023-2027

Shrimp Market Forecast 2023-2027

The shrimp market is estimated to grow by USD 6.49 billion at a CAGR of 4.01% between 2022 and 2027. The growth of the market depends on several factors, including growing awareness about the health benefits of shrimp, initiatives to increase shrimp production, and the rising number of shrimp-based product launches. The rise of sustainable fishing methods represents a burgeoning trend in market expansion. Globally, there's a growing demand for such practices, fueled by increasing awareness of the health advantages associated with seafood consumption. This heightened consumer interest has spurred the expansion of shrimp aquaculture. Moreover, seafood retailers worldwide are actively seeking alternative approaches to ensure the sustainability of shrimp fisheries. These initiatives encompass waste reduction and the optimization of catch volumes for human consumption.

What will be the size of the Shrimp Market During the Forecast Period?

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Market Segmentation

By Product

The market share growth by the frozen shrimp segment will be significant during the forecast period. The demand is increasing among consumers due to its longer shelf life. Frozen shrimp can be stored in a freezer for up to nine months. Moreover, the increasing imports and exports will also help in the growth of the segment during the forecast period. 

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The frozen shrimp segment was valued at USD 18.66 billion in 2017 and continued to grow until 2021. An increase in the demand for raw frozen shrimp in major shrimp-consuming countries, such as Japan, will positively influence the market. Preliminary trade statistics made public by the Japanese Ministry of Finance show that the number of fish and shellfish imported in 2021 grew from the previous year by 1.5% to 1,93,440 tonnes.  Furthermore, the increasing number of product launches in the segment promoted the growth of the frozen segment. For instance, in January 2023, SeaPak announced its new frozen packed food SeaPak Budweiser Beer Battered Shrimp, and in February 2022, they launched a new frozen shrimp product Southern Style Jumbo Shrimp features jumbo butterfly shrimp in the US. Thus, an increase in imports and exports, as well as product launches, will promote the growth of the segment during the forecast period.

By Region

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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to companies is Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The market is growing in Europe, driven by the increasing import of shrimp to Europe and various initiatives undertaken by companies to increase production in the region. Increasing awareness among consumers about the various health benefits of these will also aid market growth in Europe during the forecast period. The rising health consciousness among consumers and the healthy living trend in Europe have increased the demand for these in this region. Consumers across Europe are increasingly becoming aware of the several health benefits of shrimp. For instance, this helps in the proper functioning of the immune, cardiovascular, and endocrine systems. They are also an excellent source of protein that helps maintain bone mineral density and improve metabolic health. These health benefits have increased its demand significantly among European consumers. Furthermore, the rising demand for convenience foods, owing to the busy lifestyle of consumers, will help in increasing the demand for ready-to-cook shrimp products. Hence, these factors will fuel the regional market during the forecast period. 

Market Dynamics and Customer Landscape

The market is experiencing robust growth driven by several key factors and trends. Firstly, there's a rising consumer preference for seafood, including shrimp, due to its perceived health benefits and versatility in culinary applications. This increased demand for prawns, crabs, lobsters, and other aquatic species is propelling market expansion. Secondly, advancements in aquaculture technology and inputs are revolutionizing the production. With the adoption of modern farming practices and efficient use of aquaculture inputs, shrimp farmers can ensure a consistent and high-quality supply to meet consumer demands.

Furthermore, the emergence of global seafood alliances and organizations such as the Global Seafood Alliance and the Food and Agriculture Organization (FAO) is driving the adoption of sustainable farming practices. These initiatives aim to address challenges such as diseases like Enterocytozoon hepatopenaei (EHP) and Early Mortality Syndrome (EMS), promoting responsible aquaculture. Additionally, changes in dining habits, including the proliferation of foodservice establishments like cloud kitchens and increased availability of seafood in supermarkets and hypermarkets, are enhancing the accessibility and consumption. Despite challenges related to logistics, such as freight rates and marine fuels, the market is poised for continued growth and innovation.

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The market is experiencing significant growth driven by the rising number of shrimp-based product launches. These launches respond to the increasing demand for the products, particularly due to their perceived health benefits. Companies are introducing new food products to capitalize on this trend, which is expected to increase revenue flow and market share. For instance, in June 2020, NETUNO USA launched saute n serve gourmet shrimp meals, catering to the retail sector. Similarly, Bristol Seafood introduced a new line of Grab and Go seafood offerings, including wild-caught cold-water shrimp, through its My Fish Dish brand in February 2020. These initiatives are expected to boost demand and drive market growth during the forecast period.

Significant Market Trend

The emergence of sustainable fishing practices is an emerging trend in market growth. The demand for this is increasing worldwide as awareness of the health benefits of the consumption is growing. This growing consumer demand for these has led to the growth of shrimp aquaculture. In addition to farming, retailers of seafood in the global market are looking to find alternative solutions to make shrimp fishery more sustainable.  These efforts include reducing waste and increasing the amount of catch for human consumption. 

Leading retailers in key countries such as Norway and the UK have introduced private branded seafood bycatch lines as part of their commitment to sustainability. These efforts are expected to increase the popularity of untapped fish species and manage the pressure on fish such as mackerel that have federal fishing quotas. Organizations such as the International Seafood Sustainability Foundation are also continuously committed to sustainable fisheries by promoting the long-term protection and sustainable use of these stocks worldwide, reducing bycatch, and promoting the health of tuna ecosystems. Such factors will fuel the market growth during the forecast period. 

Major Market Challenge

The adverse climatic conditions and contamination are major challenges impeding the market. Excess carbon dioxide and other greenhouse gases in the atmosphere are causing climate change. This has significantly disrupted the natural patterns and processes of aquatic ecosystems. Sea level rise, abrupt weather changes, and ocean acidification are some of the effects of climate change. Such changes in the weather have the potential to hamper production worldwide, severely impacting the market.

Other consequences are artificial changes in species distributions with increases in the numbers of certain species and decreases in others. This can unbalance the entire ecosystem and sometimes lead to disease outbreaks. For example, early mortality syndrome is a common shrimp disease that has a major impact on farming. In such cases, the prices may become more volatile, posing significant challenges to the market.  Therefore, these factors will pose a major challenge to the growth of the global market during the forecast period.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.

Global Market Customer Landscape

Who are the Major Shrimp Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

High Liner Foods Inc. - The company focuses on the production and marketing of prepared and packaged frozen seafood. The key offerings include shrimps such as Breaded Shrimps, Beer Battered Shrimps, and Butterfly Shrimps.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• AFENTOULIS LIVERIS and SIA O.E.
• Apex Frozen Foods Ltd.
• Aqua Star
• Beaver Street Fisheries Inc.
• Charoen Pokphand Foods PCL
• Cooke Aquaculture Inc.
• Grand Ocean Seafoods Co. Ltd.
• GRUPO IBERICA CONGELADOS S.A.
• Maruha Nichiro Corp.
• Mazzetta Co. LLC
• Nissui Corp.
• Pacific Seafood Group
• Premium Brands Holdings Corp.
• Seaprimexco
• Surapon Foods Public Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • Frozen shrimp
  • Canned shrimp
  • Others

• Distribution Channel Outlook 
  • Supermarket and hypermarket
  • Convenience store
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

The market is witnessing significant growth driven by various factors such as e-commerce, rising shrimp imports, and innovations in distribution channels like B2B and B2C. Aquaculture inputs and sustainable practices play crucial roles in meeting demand amid challenges like rising feed costs and logistical disruptions. Key players such as Avanti Frozen Foods and Thai Union Frozen are focusing on fair trade and meeting certifications from organizations like the Aquaculture Stewardship Council (ASC) and the Marine Stewardship Council (MSC). Advancements in aquaculture technology, including AI-based vision systems and closed production systems, are enhancing shrimp farming efficiency and sustainability. This market caters to diverse consumer preferences, from traditional Asian cuisines to ready-to-eat shrimp-based products, appealing to health-conscious consumers and driving online sales.

Moreover, the market is diverse, spanning various forms such as canned, fresh/chilled, frozen, and processed, catering to different consumer preferences. With technological advancements, platforms like the Synapse platform and databases like the Meats & Meat Substitutes Market Database facilitate market analysis and research activities. The foodservice industry plays a crucial role, especially in Western markets, utilizing distribution channels like off-trade and on-trade. Challenges such as low-quality production facilities and rising supply chain costs are addressed through initiatives by organizations like the Global Seafood Alliance and Ecuador's shrimp production efforts. Shrimp consumption and production are influenced by factors like marine research and development, while the market offers sustainable seafood options and high-protein nutritional value, appealing to health-conscious consumers.

Additionally, the market offers value-added options like pre-cooked and flavored shrimp, available through online retailers. Ensuring high product quality is crucial in combating white spot diseases and viruses. With extreme weather changes and low temperatures, aquaculture systems prioritize food safety and sustainable practices. This market caters to health-conscious consumers seeking high-protein seafood options.

Shrimp Market Scope
Report Coverage	Details
Page number	165
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.01%
Market growth 2023-2027	USD 6.49 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	3.69
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	APAC at 38%
Key countries	US, China, Japan, Spain, and France
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	AFENTOULIS LIVERIS and SIA O.E., Apex Frozen Foods Ltd., Aqua Star, Beaver Street Fisheries Inc., Charoen Pokphand Foods PCL, Cooke Aquaculture Inc., Grand Ocean Seafoods Co. Ltd., GRUPO IBERICA CONGELADOS S.A., High Liner Foods Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Nissui Corp., Pacific Seafood Group, Premium Brands Holdings Corp., Seaprimexco, Surapon Foods Public Co. Ltd., Sykes Seafood Ltd., Thai Union Group PCL, The Waterbase Ltd., and Wild Ocean Direct
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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