Shrimps are classified as decapod crustaceans that play important roles in the food chain and are an important food source for larger animals ranging from fish to whales. Humans consume the muscular tails of several shrimps that are widely caught and farmed for consumption.
Global shrimp market was valued at US$ 40.88 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.01% during the forecast period (2022 to 2030).
Drivers
Around 20% of the species of shrimp are commercially significant that include Whiteleg, giant tiger prawn, akiami paste shrimp, southern rough shrimp, and others. Based on their categorization of presentation, grading, color, and uniformity, most shrimps are sold frozen and marketed for high levels of omega-3 fatty acids and low levels of mercury along with proteins, vitamin A and B6, B12, C, and E, thiamin, riboflavin, niacin, phosphorous, copper, choline, iodine, and astaxanthin. Furthermore, it has anti-inflammatory, anti-aging, and anti-cancer properties. Chitosan from shrimp shells has a range of applications in pharmaceuticals, agrochemicals, cosmetics, and water treatments. Pigments such as carotenoids and astaxanthin are obtained from shrimp waste and are widely used in the pharmaceutical industry.
High nutritional benefits of shrimp along with increasing applications of chitosan and pigments obtained from shrimp are driving the growth of the shrimp market. Moreover, the growing consumption of seafood and the increasing aquaculture industry is further fueling the growth of the global shrimp market. For instance, according to United Nations Food and Agriculture Organization (UN FAO) survey in July 2020, the global per capita seafood consumption increased above 20 kg per person per year.
After the COVID-19 pandemic, sales of shrimps through supermarkets/hypermarkets declined by 22.8%, by value, from 2019 to 2021. This was due to the economic crisis in Europe, where the GDP fell by 7% in 2020, and to some extent in the U.S. where the GDP decreased to 2.3%. Consumers have switched to private label brands instead of U.S. national brands, which offer varieties of shrimp products, such as South American White Shrimp, Asian White Shrimp, and Breaded Shrimp Products.
Figure 1. Global Shrimp Market Value Share (%), By Region, 2021
Market Restraints
Trade War between developed economies is expected to hinder the growth of the global shrimp market. In the wake of becoming a financial superpower like China, the U.S., and Russia, are involved in a trade war from past few years.
In 2019, the Chinese Government imposed retaliatory tariffs on U.S. goods which affected US$ 110 Billion in estimated annual reports at different tariff rates from 10-25%. The U.S. Government announced a phase one trade deal with China on October 11, 2019, which was implemented on February 15, 2019 but the seafood industry was left out of the settlement. Such trade wars limit the import and export of seafood and mainly shrimp, which is one of the most consumed seafood in the world. Therefore, trade wars between developed and underdeveloped nations act as restraints for the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 40.88 Bn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 6.01% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Pacific Seafood, Morubel nv, Maruha Nichiro Corporation, The Clover Leaf Seafoods Family, Royal Greenland A/S, Rich Products Corporation, Thai Union Group PCL, Marvesta Shrimp Farms, Cargill, Inc., and Nippon Suisan Kaisha Ltd. |
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Market Trends
Shrimp is one of the most traded species of seafood across the globe. Due to the high demand for shrimp and its improved supply, the shrimp industry growth remains a stable prospect for long-term growth. According to the Food and Agriculture Organization in 2021, the international trade for shrimp was approximately 3.35 million tons. According to the same report, the top exporter of shrimp in 2021 was Ecuador, which exported approximately 25% of the total international trade, whereas the top importers of shrimp were the U.S. and European Union. Thus, the high trade of shrimps also ensures robust prospects, minimizing risk for investments due to regional uncertainties in the shrimp industry.
Along with the food industry, shrimp is increasingly used in the pharmaceutical, healthcare, and cosmetic industries. Shrimp is widely used in aforementioned industries due to its various properties such as antioxidant and anti-aging properties. Thus, the use of shrimp in such industries continues to boost the market growth. Furthermore, the rising use of eco-friendly techniques for the production of shrimp is further expected to contribute to market growth over the forecast period. In addition, the rising demand for ready-to-eat seafood products is estimated to fuel the market expansion in the coming years.
Figure 2. Global Shrimp Market Value Share (%), By Species, 2021
Recent Developments
Competitive Section
Major players operating in the global shrimp market are Pacific Seafood, Morubel nv, Maruha Nichiro Corporation, The Clover Leaf Seafoods Family, Royal Greenland A/S, Rich Products Corporation, Thai Union Group PCL, Marvesta Shrimp Farms, Cargill, Incorporated, and Nippon Suisan Kaisha Ltd.
Shrimps are increasingly gaining popularity among consumers worldwide. The consumption of shrimp is associated with various health benefits, as it has a high content of nutrients such as selenium, carotenoid, and vitamin B12. Furthermore, a wide variety of shrimps are available in the global market including gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, giant tiger shrimps, blue shrimps, ocean shrimps, and royal red shrimps. This in turn is aiding in the growth of the global shrimps market.
Market Dynamics
Due to shrimp's high nutritional content and low-fat protein, customer demand for it is rising. Additionally, consumers are going through a "nutrition transition" by switching from a carbohydrate diet to one that contains more proteins, driven by strong economic growth and increased prosperity. As a result, shrimp farmers worldwide are implementing new production methods that are better than the traditional ones, safeguard the environment, and boost shrimp production all year round.
In 2021, shrimp sales is expected to grow by value, compared to the previous year owing to increased sales through the on-trade channel, which rose by 23.83% from 2020 to 2021. This was also because around 70% of people in countries like the U.S., China, Malaysia, India, and others prefer to dine out to consume seafood. At the same time, rising disposable incomes is another major factor that has further driven sales. The on-trade channel accounted for a significant share of more than 60% in 2021, because after the easing of pandemic-related lockdowns, sales rose by 23.83% in 2021 compared to the previous year.
The online channel is projected to be the fastest-growing channel with a value CAGR of 9.24% during the forecast period 2022-2030 Sales through online channels were bolstered by 116.16% from 2019 to 2020 due to the COVID-19 pandemic, as offline stores were closed and people were restricted from stepping out of their homes. Major online stores like Amazon, Walmart, The Kroger Co., and others have launched more products with Aquaculture Stewardship Council certification, which has increased online seafood purchases to 57% in 2021.
Key Features of the Study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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