Global Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029 | Introspective Market Research

Market Overview:

The Global Shrimp Market Size Was Valued At USD 35.74 Billion In 2021 And Is Projected To Reach USD 61.25 Billion By 2028, Growing At A CAGR Of 8 % From 2022 To 2028.

Shrimp, scientifically known as Caridea and Dendrobranchiata, are decapod crustaceans characterized by their elongated bodies and swimming locomotion. The distinction between Caridea and Dendrobranchiata can be made based on size or marine habitat, providing more specific criteria. In a broader context, both shrimp and prawn are stalk-eyed swimming crustaceans with slender legs, long antennae, and elongated muscular tails. Shrimps hold significant ecological importance in marine food webs. Larger shrimp species are highly sought after by commercial fisheries for human consumption. In tropical climates, certain shrimp species are cultivated through aquaculture practices.

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Players Covered in Shrimp Market are
• Charoen Pokphand Food PCL
• The Clover Leaf Seafoods Family
• Nippon Suisan Kaisha Ltd.
• Marine Harvest ASA
• Gulf Shrimp Company
• Thai Union Frozen Products PLC
• Baton Rouge Shrimp Company Inc.
• Pescanova S.A
• Galveston Shrimp Company
• Labrador Fishermen's Union Shrim
• Omarsa S.A
• MSeafood Corp
• Ristic GmbH
• Vinnbio India Pvt. Ltd

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Market Dynamics:

Driver:
The global demand for shrimp products is on the rise due to their high nutritional value and protein content. Factors such as increasing demand for frozen food, rapid urbanization, and the expansion of cold storage facilities contribute to the expanding shrimp market worldwide. Shrimp has gained popularity among consumers, thanks to its nutritional benefits, including potential assistance in the recovery from serious illnesses like cancer and the regeneration of skin cells. Consequently, the global market for shrimp has witnessed a significant increase in demand. In developing countries, governments have provided support to shrimp farmers through funding and tax incentives.

Opportunities:
The global market for shrimp has an opportunity due to the growing consumer preference for animal-based proteins that are low in fat but high in calories. China and Southeast Asia have emerged as leaders in the worldwide shrimp market, particularly in the Asia Pacific region. In North America and Europe, there is a substantial value share in the global market, driven by the expanding population of health-conscious consumers.

The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help

Segmentation Analysis of Shrimp Market

By Species, farmed shrimp account for 55% of total shrimp production worldwide. Thailand, Indonesia, India, Vietnam, Brazil, Ecuador, and Bangladesh have the most shrimp aquaculture, which has brought in major cash for these developing countries.

By Application, during the projection period, the application in the food industry is estimated to account for the majority of market sales.
By Distribution Channel, as shrimp are a perishable food item, they must reach consumers as soon as feasible. Online retail and modern trade are increasing at an alarming rate among various sales distribution platforms.

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By Species
• Gulf Shrimps
• Farmed White leg Shrimps
• Banded Coral Shrimps
• Royal Red Shrimp

By Form
• Canned
• Breaded
• Peeled
• Cooked & Peeled

By Distribution Channel
• Online
• Offline

By Application
• Food
• Pharmaceutical
• Cosmetics

Regional Analysis of Shrimp Market
The Asia Pacific is set to dominate the shrimp market during the forecast period. Shrimp has become a very big business and the global market is one of the most competitive in the world. It is characterized by regional companies in the Asia Pacific region, targeting consumers who seek healthy, high-quality seafood products, and multinational companies who operate internationally.

By Region
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

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Key Industry Developments In Shrimp Market
In March 2021, New Wave Foods® has negotiated a strategic distribution arrangement with North American restaurants and catering providers to formally debut its New Wave ShrimpTM. New Wave Foods is expediting its go-to-market efforts by offering foodservice organizations rapid and convenient access to their plant-based shrimp through a non-exclusive deal with Dot Foods, North America's leading foodservice industry redistributor.

In March 2020, Klaas Puul, a European shrimp processor, was bought by Sykes Seafood, a Liverpool-based seafood provider. The merging of these two seafood enterprises is planned to provide clients with a wide selection of frozen items for retail and food service. Klaas Puul, based in the Netherlands, Germany, Belgium, Denmark, and Morocco, is one of the largest European processors.

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