Shrimp Market: Diving into the Depths of Global Demand

The global shrimp market was valued at approximately USD 68.40 billion in 2022 and is projected to reach USD 104.59 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. Shrimp is recognized as a low-fat, high-protein alternative to other meats, making it a popular choice among consumers. The rising global demand for seafood, including shrimp, is driven by changing dietary preferences and increasing health consciousness. Additionally, consumer awareness of the health benefits of shrimp, such as its essential nutrients and omega-3 fatty acids, contributes to market growth.

The global seafood market is diverse, encompassing a wide range of aquatic products from both wild capture fisheries and aquaculture. This market includes fish, shrimp, prawns, crabs, lobsters, mollusks (like clams, mussels, and oysters), and other aquatic species, available in fresh, frozen, canned, or processed forms. Seafood consumption varies significantly by region, with coastal countries generally consuming more seafood than landlocked nations. Asia is the largest consumer of seafood globally, driven by its substantial population and cultural preferences. According to the Food and Agriculture Organization (FAO), global consumption of aquatic foods (excluding algae) has consistently grown at an annual rate of 3% since 1961.

Manufacturers are increasingly obtaining certifications, such as Fair Trade, to showcase their commitment to sustainability. For example, in December 2022, Chicken of the Sea, in collaboration with Thai Union Frozen and Avanti Frozen Foods, became the largest importer of fair trade-certified farmed shrimp in the U.S. This initiative includes shrimp production in India and Thailand, marking a pivotal moment in sustainable seafood certification. The partnership aligns with Thai Union's sustainability platform, SeaChange, addressing the rising consumer demand for sustainable seafood while promoting transparency and environmentally responsible practices within the seafood supply chain.

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Key Market Trends & Insights

• The Asia Pacific market dominated the industry with a share of 51.8% in 2022 and is expected to reach USD 54.86 billion by 2030, growing at a CAGR of 5.6% during the forecast period. Shrimp holds cultural significance in many Asia Pacific countries, being a staple in traditional cuisines and consumed in various forms.
• By species, the L. vannamei segment held the largest market share of 45.3% in 2022, valued at USD 30.9 billion. The widespread availability of L. vannamei has led to a diverse range of shrimp products, including various cuts, preparations, and value-added options, catering to a broad spectrum of consumer preferences.
• In terms of source, shrimp sales through aquaculture production were estimated at USD 40.12 billion in 2022 and are anticipated to reach USD 65.04 billion by 2030, growing at the fastest CAGR of 6.2%. Aquaculture has significantly increased shrimp production, enabling farmers to control factors such as water quality and feed for higher yields.
• By form, the green/head-on shrimp segment was valued at USD 17.19 billion in 2022 and is projected to reach USD 25.57 billion by 2030, growing at a CAGR of 5.1%. Green/head-on shrimp are often perceived as fresher due to their intact heads and shells, enhancing flavor and maintaining natural juices.
• Regarding distribution channel, the B2B segment was estimated at USD 38.58 billion in 2022 and is expected to grow to USD 57.78 billion by 2030, with a CAGR of 5.1%. B2B channels cater to commercial buyers, such as restaurants and catering services, requiring a consistent supply of shrimp to meet consumer demand.

Market Size & Forecast

• 2022 Market Size: USD 68.40 Billion
• 2030 Projected Market Size: USD 104.59 Billion
• CAGR (2023-2030): 5.5%
• Asia Pacific: Largest market in 2022
• Middle East & Africa: Fastest growing market

Key Companies & Market Share Insights

Key players in the shrimp market are implementing various strategies to enhance their market presence, including new product launches, partnerships, mergers and acquisitions, and global expansion. Notable initiatives include:

• In January 2022, Thai Union Group PCL announced a joint venture with R&B Food Supply and Srinivasa Cystine Private Limited to establish a company focused on providing high-quality food ingredients in the Indian market. This partnership aims to leverage the strengths of both companies in aquaculture and food processing.
• In December 2022, Avanti Feeds began commercial production at its new manufacturing facility in Andhra Pradesh, India, investing USD 0.015 billion (INR 125 crore) to increase its production capacity. The new facility has a capacity of 175,000 MT, raising the company's total shrimp feed production capacity to 775,000 MT.

Key Players

• Thai Union Group PCL
• Clearwater Seafoods
• Avanti Feeds Limited
• High Liner Foods
• Surapon Foods Public Company Limited
• Mazzetta Company, LLC
• Aqua Star
• Nordic Seafood A/S
• The Waterbase Limited
• Wild Ocean Direct

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Conclusion

The shrimp market is positioned for substantial growth, driven by increasing health consciousness, changing dietary preferences, and the rising popularity of seafood. As aquaculture continues to expand and consumer demand for sustainable seafood rises, the market is likely to see innovation and diversification in product offerings. With Asia Pacific leading in consumption and the Middle East and Africa emerging as the fastest-growing markets, the industry is set for significant opportunities in the coming years. The commitment to sustainability and transparency will play a crucial role in shaping the future landscape of the shrimp market.