Global Shrimp Market is expected to be US$ 69.35 Billion by 2028
Global Shrimp Market is expected to be US$ 69.35 Billion by 2028, according to the publisher. Making shrimp one of the most traded species of seafood worldwide. The demand for shrimp is increasing not only in the food industry but also in other sectors such as pharmaceuticals, healthcare, and cosmetics, mainly because of its beneficial properties such as antioxidant and anti-aging effects. Shrimp is an excellent source of protein, phosphorus, and selenium, making it highly nutritious and easy to obtain.
The shrimp industry's stable long-term growth prospects are due to its high demand and improved supply. This makes it a significant driving force behind the growth of the global seafood industry. Additionally, shrimp is a popular ingredient in various dishes, especially in Asian cuisine, which can further increase its popularity and contribute to market expansion.
Global Shrimp Market is projected to experience a compound annual growth rate (CAGR) of 6.72% between 2022 and 2028
To meet market requirements, small-scale farmers in Asian countries are being empowered by governments and organizations to increase stakeholder interaction and involvement in the cluster. Additionally, fiscal reliefs and incentives are being provided by governments to promote shrimp cluster farming in response to the rising global demand for shrimp. The seafood sector has been identified as a high-priority industry by major producing countries.
Therefore, adopting cluster farming through a participatory approach increases shrimp production, promotes sustainability, and reduces the risk of diseases. During the forecast period, the Global Shrimp Market is expected to witness growth, driven by government support for shrimp culture through cluster farming in countries such as China, India, Vietnam, and Thailand. This support is likely to attract new investors to the industry. In 2022, the global shrimp market size was valued at US$ 46.94 Billion.
India and Vietnam have emerged as the World's leading Shrimp Producers
The Global Shrimp market is categorized by producing countries, including China, India, Vietnam, Indonesia, Thailand, Philippines, Bangladesh, Malaysia, and Latin America. India is recognized as a significant supplier of value-added shrimp globally, thanks to its low labor costs and the economy of scale it has achieved by becoming one of the most extensive producers of farmed shrimp. The existing hatcheries, feed mills, and processing plants’ capacity provide a solid foundation for future expansion.
Vietnam's shrimp industry faces a persistent challenge of ramping up production to meet the rising demand in both domestic and global markets, fueled by improving living standards. The country's shrimp production has grown significantly over the years, nearing the one million tons mark, mainly due to the cultivation of vannamei shrimp, which offers high yields through intensive farming, unlike black tiger shrimp that have low productivity in extensive farming. Vietnam's shrimp production is expected to rise by expanding the farming area and boosting the productivity of vannamei shrimp.
China becomes the Top Shrimp Importer Globally
The Global Shrimp Industry is categorized by importing countries, with China now ranked as the world's top shrimp importer. The other countries in this category include the European Union, EU28, United States of America, Japan, South Korea, Canada, and Vietnam. Due to unfavorable weather conditions, China has experienced a decline in domestic seafood production, leading to a high demand for imported shrimp. As a result, imports have increased to meet supply gaps, especially in the retail and catering industries.
Ecuadorian shrimp is the most commonly imported product, other countries such as India, Vietnam, Canada, and Greenland. The United States of America is also one the largest importer of shrimp in the world. The majority of imported frozen shrimp comes from India, Vietnam, and Indonesia.
India Shrimp Exports are facing competition from Ecuador, which is emerging as a major player in the Global Shrimp Market
By Exporting Countries, Worldwide Shrimp Market was classified into Ecuador, India, Vietnam, Indonesia, China, Thailand and Argentina. Ecuadorian shrimp is known for its high quality and is becoming increasingly popular in international markets, including the United States, China, and Europe. Ecuador's emphasis on sustainable production and implementation of technology to drive efficiency may potentially enable it to overtake other countries and emerge as the top player in the global shrimp market. It is anticipated that the future of farmed shrimp production could shift towards South and Central America.
India is benefiting from the increasing demand for disease-free and healthy shrimp, and has now become one of the largest shrimp exporters to both the US and the European Union. An expanding food industry is also being observed in India due to the rising demand for ready-to-eat food products, driven by forces such as rapid urbanization, changing lifestyles, hectic work schedules, and an increasing population of working women. Additionally, the rising worldwide demand for shrimp is positively affecting shrimp imports from India.
Litopenaeusvannamei (L. vannamei) is the most commonly sold Species of Shrimp Worldwide
The global shrimp market is segmented by species into L. vannamei, P. monodon, M.rosenbergii, and others. Litopenaeusvannamei, also known as the Pacific white shrimp, has emerged as the most popular species in the market, accounting for over 50% of the global shrimp industry's production. This is due to its adaptability to a wide range of environments, high growth rates, and ability to withstand extreme conditions. Ecuador, China, India, Indonesia, and Vietnam are the major producers of L. vannamei shrimp. It is anticipated that the market for M.rosenbergii and P. monodon shrimp will see further growth in the future, driven by heavy imports from major shrimp-consuming countries such as China and the USA.
Shrimp that fall in the 21-25 Size Range belong to the Medium-sized category, and are commonly used in a variety of Shrimp dishes due to their Popularity
By Size Category, Global Shrimp Market is sub-divided into < 15, 15-20, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70 and >70. The 21-25 size range of shrimp is a common size range for shrimp sold in the market. Shrimp that falls within the 21-25 size range is considered a popular medium size and is often sold as 'jumbo' or 'extra-large' both fresh and frozen. The top shrimp-producing countries in the world are China, Indonesia, India, Vietnam, and Thailand.
The shrimp industry also commonly sells the 26-30 size range of shrimp, which is another popular size range referred to as 'large' or 'extra-large' shrimp. These shrimp are commonly sold in both fresh and frozen forms, and their market demand and production are similar to those of the 21-25 size range. The largest shrimp-producing countries in the world, including China, Indonesia, India, Vietnam, and Thailand, also produce significant quantities of this size range.
Green/head-on Shrimp Industry is a significant sector of the Global Seafood Market, serving an important segment of Seafood Consumers
Global Shrimp Industry is divided by product form into Breaded, Cooked, Peeled, Green/Head-off, Green/Head-on, and Other Forms. Green or head-on shrimp refers to shrimp that has not been peeled, deveined, or had its head removed. These shrimp are usually sold fresh or frozen and are often considered a delicacy due to their rich flavor and texture. The green/head-on shrimp industry plays an important role in the global seafood market, catering to a significant segment of discerning consumers and high-end restaurants. The production of green/head-on shrimp is similar to that of other shrimp products, with major producing countries including China, India, Vietnam, Indonesia, and Ecuador.
Key Company
Some prominent players in the global shrimp market include Avanti Feeds Ltd, Liner Foods Inc, SuraponFoods, Thai Union Group, The Waterbase Ltd., Royal Greenland, Maruha Nichiro Corporation, Marine Harvest and Mowi ASA.
A US$ 93 million loan was granted by the Asian Development Bank (ADB) in December 2022 to support the implementation of sustainable and climate-resilient shrimp farming practices by small holder farmers across seven provinces in Indonesia. The primary goal of the project is to boost the productivity and income of these farmers while advocating sustainable aquaculture practices that minimize negative environmental impacts.
The report titled “Global Shrimp Market by Producing Countries (China, India, Vietnam, Indonesia, Thailand, Philippines, Bangladesh, Malaysia, Latin America and Others Countries), By Importing Countries (European Union, EU28, United States of America, China, Japan, South Korea, Canada, Vietnam), Exporting Countries(Ecuador, India, Vietnam, Indonesia, China, Thailand, Argentina), By Species (L. vannamei, P. monodon, M.rosenbergii, Others), Product Form (Breaded, Cooked, Peeled, Green/Head-off, Green/Head-on, and Other Forms), Size (< 15, 15-20, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70 and >70), Company (Avanti Feeds Ltd, Liner Foods Inc, Surapon Foods, Thai Union Group, The Waterbase Ltd., Royal Greenland, Maruha Nichiro Corporation, Marine Harvest and Mowi ASA.), Value Chain Analysis & Forecast” provides a complete analysis of global shrimp market.
Production - Shrimp Market & Volume breakup of top 10 Countries
1. China
2. India
3. Viet Nam
4. Indonesia
5. Thailand
6. Philippines
7. Bangladesh
8. Malasia
9. Latin America
10. Others Countries
Import - Shrimp Volume breakup of top 7 Countries
1. European Union (EU28)
2. United States of America
3. China
4. Japan
5. South Korea
6. Canada
7. Vietnam
Export - Shrimp Volume breakup of top 7 Countries
1. Ecuador
2. India
3. Vietnam
4. Indonesia
5. China
6. Thailand
7. Argentina
Species- Shrimp Volume breakup in 4 parts
1. L. vannamei
2. P. monodon
3. M.rosenbergii
4. Others
By Product Form - Shrimp Volume breakup of 6 Form
1. Breaded
2. Cooked
3. Peeled
4. Green/Head-off
5. Green/Head-on
6. Other Forms
All companies have been covered from 3 Viewpoints
- Overview
- Recent Development
- Revenue
Company Analysis
1. Avanti Feeds Ltd.
2. High Liner Foods Inc
3. Surapon Foods
4. Thai Union Group
5. The Waterbase Ltd.
6. Royal Greenland
7. Maruha Nichiro Corporation
8. Marine Harvest
9. Mowi ASA
Table of Contents
Companies Mentioned
- Avanti Feeds Ltd.
- High Liner Foods Inc
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Royal Greenland
- Maruha Nichiro Corporation
- Marine Harvest
- Mowi ASA
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | April 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 46.94 Billion |
| Forecasted Market Value ( USD | $ 69.35 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
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