GVR Report cover Shrimp Market Size, Share & Trends 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

  • Report ID: GVR-4-68039-936-2
  • Number of Pages: 90
  • Format: Electronic (PDF)

Report Overview

The global shrimp market size was valued at USD 14.31 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2028. This can be credited to the growing trade activities involving seafood from developing economies such as Indonesia and Vietnam. Moreover, the rising popularity of brown shrimp in the healthcare industry is further anticipated to boost the market growth during the forecast period. The growing acceptance of eco-friendly production techniques is a major factor driving the market growth. Moreover, the rising demand for white shrimp across the globe to fulfill the demand for selenium is anticipated to boost business growth. The rising demand to procure canned shrimp products at an affordable cost is an upcoming opportunity for the market.

U.S. shrimp market size, by type, 2019 - 2028 (USD Million)

However, the complexity to maintain the natural taste of the shrimp after the frozen process techniques is hindering the market growth. At present, key players are focusing on launching online platforms to gain the traction of shrimp consumers. Hence, the market for shrimp is expected to showcase significant growth during the assessment period.

Growing investments from key Japan-based players to procure high-quality shrimp products are fueling the market growth. The major key players in the market are procuring value-added shrimp products, cooked shrimp products, as well as headless, shell-off, and shell-on shrimp products. The rapidly growing demand for innovative seafood skewers from the consumers of North America is further driving the industry growth.

During the financial year 2019-2020, the EU and Asia Pacific implemented national lockdown measures to diminish the effect of the coronavirus. The supply chain of the shrimp industry had been slightly affected during the COVID-19 period. The trade activities of specialty stores, hypermarkets & supermarkets, and convenience stores were affected due to national lockdowns.

During the COVID-19 pandemic, the demand for shrimp has slightly decreased. The prime suppliers took an initiative to improve the supply chain of the shrimp market through the online sales channel platform. This kind of initiative helped in expanding the business opportunities of the shrimp product, which is expected to boost the market growth in the coming years.

Type Insights

The white segment contributed to the highest share of over 33% of the global market revenue in 2021. The firm texture of white shrimp is offering a great variety of classic flavors with a sweet taste. The growing adoption of white shrimp in several hotels & restaurants is projected to boost the market in the coming years. The lower fat content of the product, along with a delicious taste, will enhance the sales of white shrimp during the forecast period.

The brown shrimp segment will register the highest growth during the forecast period. The growth in the segment is credited to the sweet to mildly salty taste of the brown shrimp. This shrimp is majorly used in the cosmetics industry to accomplish the demand for antioxidants. The saturated fat content of brown shrimp, along with vitamin B12 content, will raise the sales of brown shrimp during the forecast timeline.

Source Insights

The cold water source contributed a share of more than 60% to the global market revenue in 2021. The cold-water shrimp includes a variety of seafood such as red cherry shrimp, ghost shrimp, blue shrimp, bee shrimp, and marble shrimp. The growing consumption of cold water shrimp in the U.K. and Germany is driving the segmental growth. This growth is attributed to the sweet succulent taste of the shrimp. The shrimp catchers are providing a variety of fat-free seafood at a lower cost, which will boost segment growth. The rising adoption of nutritious seafood practices across the globe is driving the market.

The hot water segment is projected to register the fastest growth during the forecast timeline. This growth is owing to the increased demand for pistol shrimps from the consumers of Japan and Indonesia. The growing adoption of hot water shrimps in the U.S. to maintain body metabolism is propelling the market growth. The increased funding from private firms in Japan and India to provide technologically advanced equipment to shrimp catchers is refueling the market growth.

Form Insights

The frozen segment accounted for a share of around 55% of the global shrimp market revenue in 2021. The segment consists of packed salted shrimp products. The rise in consumer demand for innovative frozen seafood is a major factor driving the segmental growth. The changing food habits and the growing demand for animal proteins are expected to boost the market growth during the forecast period.

The canned segment is projected to register the fastest growth during the forecast period. This expected growth is owing to the increased focus of consumers to adopt organic and clean-labeled seafood products. The increasing demand for ready-to-cook seafood is another reason for the segment growth. The supportive government measures to address the demand for ready-to-eat seafood products is further fueling the market growth.

End-use Insights

The commercial segment accounted for a revenue share of more than 56% of the global market in 2021. The commercial segment consists of several applications of shrimp in the healthcare and pharma industry. Shrimp consists of the antioxidant astaxanthin, which helps to prevent face wrinkles. The increasing adoption of shrimp in the healthcare industry to fulfill the demand for selenium is propelling the market growth.

The residential segment is projected to register the fastest growth during the forecast timeline. The residential segment consists of several canned food products of shrimp to accomplish the demand for vitamins and minerals. The segmental growth is owing to the increased consumption of packed frozen seafood from the consumers of Europe and Asia Pacific.

Distribution Channel Insights

The specialty stores segment contributed the highest share of more than 31% to the global market revenue in 2021. The specialty stores segment includes several retail providers such as seafood shops and domestic frozen food suppliers. The domestic suppliers are delivering a variety of peeled & frozen shrimp at an affordable cost, which in turn will boost the segmental growth.

Global shrimp market share, by distribution channel, 2021 (%)

The hypermarkets and supermarkets segment is projected to register the fastest growth during the forecast timeline. This growth is owing to the increased focus of supermarkets to adopt technologically advanced storage systems to improve the life-cycle of seafood products. Hypermarkets are expanding their transportation capacity to provide door-step delivery for shrimp consumers.

Regional Insights

Asia Pacific made the largest contribution in the global market for shrimp, with over 37% revenue share in 2021, due to the increasing demand for ambient seafood, and frozen & chilled seafood in economies such as China and Japan. The growing adoption of premium shrimp fishery from the shrimp consumers of India will help to boost the regional market growth.

The market share of China is being driven by the rising consumption rate of the cooked head on pilled seafood products. Moreover, extensive funding has been provided by the fishery department of Japan to expand the storage capacity of the shrimp catchers. These kinds of government initiatives are anticipated to boost market growth.

North America is projected to witness a CAGR of 7.8% from 2022 to 2028. This can be attributed to the increasing demand for cuttlefish skewers from the U.S. and Canada, to address the demand for high nutritional content. The emerging trend in the U.S. to consume stuffed seafood with dill sauce is propelling the market growth. The growing adoption of pink shrimp in Canada to fulfill the demand for proteins and vitamins is estimated to drive rapid regional growth during the forecast period.

Key Companies & Market Share Insights

Companies are mainly focusing on launching salmon skewers products to meet the increasing demand for shrimp. The key players are adopting e-commerce platforms to fulfill the demand for cuttlefish skewers globally. However, implementing frozen techniques has its own set of unique challenges and limitations. Multiple companies are targeting the expansion and launch of premium spring roll products in the market. Some of the notable companies operating in the global shrimp market are as follows

  • 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.

Shrimp Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 14.77 billion

Revenue forecast in 2028

USD 23.21 billion

Growth rate

CAGR of 7.2% from 2022 to 2028

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD million and CAGR from 2022 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, source, form, end use, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; U.K; Germany; France; Italy; Russia; China; India; Japan; Indonesia; Vietnam; Brazil; Argentina; Saudi Arabia; South Africa

Key companies profiled

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.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global shrimp market report based on type, source, form, end-use, distribution channel, and region

  • Type Outlook (Revenue, USD Million, 2017 - 2028)

    • Pink

    • Brown

    • White

    • Others

  • Source Outlook (Revenue, USD Million, 2017 - 2028)

    • Cold Water

    • Hot Water

  • Form Outlook (Revenue, USD Million, 2017 - 2028)

    • Frozen

    • Canned

  • End-use Outlook (Revenue, USD Million, 2017 - 2028)

    • Residential

    • Commercial

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

    • Hypermarkets & Supermarkets

    • Convenience Stores

    • Specialty Stores

    • Online Sales Channel

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • The U.S.

      • Canada

    • Europe

      • 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

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