Market Overview
The global shrimp market experienced substantial growth, reaching US$ 56,875 million in 2022, with projections indicating further expansion to US$ 85,319 million by 2030, boasting a CAGR of 5.2% during the forecast period of 2024-2031.
Market Trends
Consumer preferences are shifting towards high-protein diets and sustainable seafood options, propelling market growth. Manufacturers are innovating to meet this demand, introducing protein-rich shrimp products. Shrimp, renowned for their nutritional benefits, are rich in protein and various essential vitamins and minerals, aligning with health-conscious consumer trends.
Trade barriers, particularly imposed by entities like the European Union, hinder market expansion by limiting market access and reducing demand for shrimp exports. Stringent regulations based on environmental and food safety standards impact major shrimp-producing countries, such as India, Vietnam, and Bangladesh, affecting global trade dynamics.
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Market Segmentation
The market segmentation is based on type, form, end-user, distribution channel, and region. Frozen shrimp holds the largest market share due to its year-round availability, ease of storage, and transportation advantages. The global trade of frozen shrimp has witnessed steady growth, accounting for a significant portion of the total global shrimp trade value.
Geographical Analysis
North America Emerges as Dominant Region
North America leads in revenue share, attributed to increasing demand for white shrimp. The United States, a key player in the market, heavily relies on shrimp imports, with significant contributions from countries like Thailand, China, and Vietnam. Shrimp consumption in the US is notably high, comprising a substantial portion of the seafood market.
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Competitive Landscape
Key players in the global shrimp market include Aqua Star, Avanti Feeds Ltd., Clearwater Seafoods, High Liner Foods Inc, Mazzetta Company, LLC, Nordic Seafood A/S, Maruha Nichiro Corporation, Surapon Foods, Thai Union Group, and Nippon Suisan Kaisha, shaping the competitive dynamics through their market presence and innovations.
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