Shrimp Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Pink, White, Brown, Others), By Form (Fresh, Frozen), By Sales Channel (Hypermarkets/Supermarkets, Online, Food Specialty Stores, Others) By Region, By Competition, 2019-2029F
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationShrimp Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Pink, White, Brown, Others), By Form (Fresh, Frozen), By Sales Channel (Hypermarkets/Supermarkets, Online, Food Specialty Stores, Others) By Region, By Competition, 2019-2029F
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 69.22 Billion |
| CAGR (2024-2029) | 4.77% |
| Fastest Growing Segment | Online |
| Largest Market | Asia Pacific |
| Forecast Period | USD 91.23 Billion |
Market Overview
Global Shrimp Market was valued at USD 69.22 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.77% through 2029.
However, the industry faces challenges such as environmental concerns related to shrimp farming practices, disease outbreaks, and fluctuations in market prices. Sustainable aquaculture practices and certifications, such as those by the Aquaculture Stewardship Council (ASC) and the Marine Stewardship Council (MSC), are gaining prominence as consumers become more conscious of the environmental and social impact of seafood production.
Technological advancements, including improved breeding techniques and disease-resistant shrimp varieties, are contributing to increased efficiency in shrimp farming. The market is also influenced by trade policies, currency fluctuations, and global economic conditions. As the industry continues to evolve, stakeholders are focusing on innovation and sustainability to ensure the long-term viability of the global shrimp market.
Key Market Drivers
Increasing Consumer Demand
One of the primary drivers of the global shrimp market is the growing demand for seafood, particularly shrimp, among consumers worldwide. Shrimp is a highly popular and versatile seafood option, enjoyed for its delicate flavor and firm texture. The increasing awareness of the health benefits associated with seafood consumption, such as high protein content, omega-3 fatty acids, and various vitamins and minerals, has led to a rising demand for shrimp.
Changing consumer lifestyles and dietary preferences, coupled with a greater emphasis on healthy eating habits, contribute to the sustained growth in shrimp consumption. Additionally, as global incomes rise, more consumers can afford to include shrimp in their diets, further driving demand. The demand for convenient and value-added shrimp products, such as pre-cooked or ready-to-cook shrimp, also contributes to the market expansion, reflecting evolving consumer preferences for convenient and time-saving food options.
Globalization of Shrimp Supply Chain
The globalization of shrimp supply chains is a significant driver shaping the global shrimp market. As the world becomes more interconnected, shrimp production and distribution have become increasingly internationalized. Major shrimp-producing countries, such as China, India, Indonesia, Thailand, Ecuador, and Vietnam, play crucial roles in supplying shrimp to global markets.
The internationalization of shrimp supply chains has been facilitated by advancements in transportation, logistics, and communication technologies. Efficient shipping and airfreight services enable the rapid transportation of shrimp from producing countries to major consumer markets. Moreover, the development of cold chain infrastructure helps maintain the quality and freshness of shrimp during transit. This globalization allows consumers access to a diverse range of shrimp products throughout the year, mitigating seasonal variations in production and meeting the demand for shrimp regardless of geographic location.
Technological Advancements in Shrimp Farming
Improved breeding techniques, selective breeding for desirable traits, and the development of disease-resistant shrimp varieties are key technological advancements contributing to increased productivity and reduced risk in shrimp farming. The use of advanced monitoring and control systems, automated feeding systems, and water quality management technologies further optimize shrimp farming operations.
Sustainable aquaculture practices, including the use of recirculating aquaculture systems (RAS) and integrated multitrophic aquaculture (IMTA), are gaining prominence. These practices aim to minimize the environmental impact of shrimp farming by reducing water usage, preventing the spread of diseases, and minimizing effluent discharge. The adoption of certification standards, such as those provided by the Aquaculture Stewardship Council (ASC) and other eco-labels, reflects the industry's commitment to environmentally friendly and socially responsible shrimp production.
Trade Liberalization and Policy Changes
Changes in trade policies and global economic conditions significantly influence the global shrimp market. Shrimp is a highly traded commodity, and policies related to tariffs, import/export regulations, and trade agreements have a direct impact on the flow of shrimp across borders. Trade liberalization initiatives, such as regional free trade agreements and the reduction of trade barriers, can stimulate the international shrimp trade.
The industry is also susceptible to trade tensions, geopolitical factors, and sanitary and phytosanitary regulations. Instances of disease outbreaks in major shrimp-producing regions can lead to temporary bans or restrictions on imports, disrupting the global supply chain. Currency fluctuations can affect the competitiveness of shrimp-exporting countries, influencing their market share and pricing dynamics.
Consumer awareness and advocacy for sustainable and responsible sourcing practices have led to the implementation of stricter regulations and certifications. Compliance with these standards becomes a driver for market access, influencing the behavior of both producers and consumers.
In conclusion, the global shrimp market is driven by a complex interplay of factors ranging from consumer preferences and technological innovations to trade policies and sustainability initiatives. Understanding these drivers is essential for stakeholders in the shrimp industry to navigate challenges, capitalize on opportunities, and contribute to the long-term sustainability of the market.
Key Market Challenges
Disease Outbreaks and Aquaculture Health
One of the most significant challenges in the shrimp industry is the prevalence of diseases that affect shrimp stocks. Viral pathogens, such as white spot syndrome virus (WSSV), infectious hypodermal and hematopoietic necrosis virus (IHHNV), and Taura syndrome virus (TSV), can lead to mass mortalities in shrimp farms. These outbreaks not only result in significant economic losses for shrimp farmers but also pose a threat to the sustainability of aquaculture.
Disease management in shrimp farming often involves the use of antibiotics and other chemicals, raising concerns about antimicrobial resistance and environmental impact. Additionally, the spread of diseases can prompt trade restrictions, affecting the global movement of shrimp products. Efforts to develop disease-resistant shrimp varieties and implement sustainable aquaculture practices are ongoing, but the challenge of disease management remains a critical concern for the industry.
Environmental Impact and Sustainability
Shrimp farming has faced criticism for its environmental impact, particularly regarding mangrove deforestation, water pollution, and habitat destruction. Traditional shrimp farming practices often involve clearing mangrove forests to create ponds, leading to the loss of valuable ecosystems that serve as breeding grounds for various marine species and act as natural buffers against coastal erosion.
Efforts to address these concerns include the promotion of sustainable shrimp farming practices, such as the use of integrated multitrophic aquaculture (IMTA) and improved water management techniques. Certification programs, like those offered by the Aquaculture Stewardship Council (ASC), aim to encourage environmentally responsible shrimp production. Despite these initiatives, balancing the growing demand for shrimp with sustainable production practices remains a persistent challenge.
Fluctuating Market Prices
The global shrimp market is susceptible to fluctuations in market prices influenced by factors such as supply and demand dynamics, currency exchange rates, and geopolitical events. Shrimp prices can be volatile, impacting the profitability of shrimp farmers and the affordability of shrimp for consumers. Overproduction in certain regions, disease-related supply disruptions, or changes in consumer preferences can lead to significant price fluctuations.
Shrimp producers often face challenges in managing these price uncertainties, and smaller-scale farmers may be particularly vulnerable to market volatility. Diversification of products, value-added processing, and strategic market planning are some strategies employed to mitigate the impact of fluctuating prices. However, finding a balance between meeting market demands and maintaining stable incomes for producers remains an ongoing challenge.
Regulatory Complexity and Certification Standards
The global shrimp market is subject to a complex web of regulations and certification standards that vary across countries and regions. Meeting these standards, such as those related to food safety, environmental sustainability, and social responsibility, can be a daunting task for shrimp producers. Compliance with regulations often involves additional costs for implementing and maintaining quality control measures.
Certification standards, such as those set by ASC and other eco-labels, are designed to promote responsible and sustainable shrimp farming. However, the diversity of standards and the associated certification processes can create confusion and increase the administrative burden for producers. Achieving harmonization of standards and ensuring that they are practical and accessible for all players in the industry is an ongoing challenge.
Climate Change and Weather-Related Risks
Climate change poses a threat to the global shrimp industry through rising sea temperatures, extreme weather events, and changes in precipitation patterns. Shrimp farming is highly sensitive to environmental conditions, and alterations in temperature and weather patterns can impact shrimp growth rates, disease prevalence, and overall production.
Climate-related risks include the potential for increased disease outbreaks, changes in the distribution of shrimp farming zones, and the vulnerability of infrastructure to extreme weather events such as cyclones and hurricanes. Adaptation strategies, including the development of climate-resilient shrimp varieties and improved farm management practices, are crucial for addressing these challenges. However, the unpredictable nature of climate change introduces an element of uncertainty that requires ongoing vigilance and adaptation within the industry.
In conclusion, the global shrimp market confronts a diverse set of challenges ranging from health issues in aquaculture to environmental sustainability and market dynamics. Addressing these challenges requires collaborative efforts from stakeholders across the supply chain, including governments, industry associations, and consumers. Striking a balance between meeting the increasing demand for shrimp and ensuring the long-term viability of the industry necessitates ongoing innovation, responsible management practices, and a commitment to sustainability.
Key Market Trends
Rise of Sustainable and Responsible Practices
A notable trend in the global shrimp market is the increasing emphasis on sustainability and responsible aquaculture practices. Concerns over environmental impact, habitat destruction, and the use of chemicals in traditional shrimp farming have prompted a shift towards more eco-friendly approaches. Sustainable shrimp farming practices focus on minimizing the industry's ecological footprint, addressing social responsibility, and ensuring the long-term viability of shrimp production.
Certification programs such as those offered by the Aquaculture Stewardship Council (ASC) play a crucial role in promoting sustainability. Consumers are becoming more conscientious about the origin of their seafood and are actively seeking products with eco-labels that attest to environmentally friendly and socially responsible production methods. As a result, there is a growing trend among shrimp producers to adopt practices such as integrated multitrophic aquaculture (IMTA), which combines the cultivation of shrimp with other species to enhance overall sustainability and reduce environmental impact.
Technological Innovation in Shrimp Farming
The global shrimp market is witnessing a surge in technological innovations aimed at improving efficiency, productivity, and sustainability in shrimp farming. Advances in genetics, selective breeding, and biotechnology are contributing to the development of disease-resistant shrimp varieties. These innovations help mitigate the impact of disease outbreaks, a longstanding challenge in the industry.
Precision aquaculture technologies, including sensor-based monitoring systems, automated feeding, and data analytics, are gaining traction. These technologies enable shrimp farmers to optimize feed utilization, monitor water quality, and enhance overall farm management. The integration of digital technologies not only improves production outcomes but also allows for more precise resource allocation, reducing environmental impact and operational costs.
Further
Increasing Demand for Value-Added and Convenience Products
Consumer preferences in the global shrimp market are evolving, with a notable increase in demand for value-added and convenience products. Traditional whole shrimp or raw shrimp products are facing competition from a variety of processed and ready-to-cook options. These include pre-cooked shrimp, shrimp skewers, marinated shrimp, and other innovative, easy-to-prepare formats.
This trend is driven by changing lifestyles, where consumers, particularly in urban areas, seek convenient and time-saving meal solutions. Value-added shrimp products not only cater to these preferences but also provide opportunities for producers to differentiate their offerings and capture higher margins in the market.
Additionally, the expansion of e-commerce platforms and the growth of online grocery shopping contribute to the demand for convenience in the shrimp market. Consumers are increasingly exploring and purchasing a variety of shrimp products online, encouraging producers to diversify their product portfolios to meet these changing consumption patterns.
Global Shrimp Trade and Market Integration
The global shrimp market is experiencing increased integration and interconnectedness, with the expansion of international trade playing a pivotal role. Major shrimp-producing countries, including but not limited to China, India, Vietnam, Thailand, and Ecuador, are key players in the global market. Trade liberalization initiatives, regional trade agreements, and improved transportation infrastructure have facilitated the movement of shrimp products across borders.
Market integration allows consumers access to a diverse range of shrimp products throughout the year, helping balance seasonal variations in production. It also creates opportunities for market diversification, with producers exploring new export markets to reduce dependence on specific regions. However, this integration also exposes the industry to global market dynamics, including currency fluctuations, trade tensions, and regulatory changes.
The rise of regional trade blocs and the negotiation of trade agreements that address tariff barriers and non-tariff measures further contribute to the globalization of the shrimp market. Producers and traders are adapting to these trends by building resilient supply chains and staying informed about international market conditions.
In conclusion, the global shrimp market is characterized by trends that reflect a growing commitment to sustainability, technological innovation, changing consumer preferences, and increased market integration. As the industry evolves, stakeholders need to navigate these trends strategically to ensure the long-term success and resilience of the global shrimp market.
Segmental Insights
Sales Channel Insights
Online sales have emerged as a rapidly growing segment in the global shrimp market, reflecting changing consumer behaviors and the expanding influence of e-commerce. The convenience and accessibility offered by online platforms have fueled the demand for shrimp products, allowing consumers to explore a diverse range of options and make informed purchasing decisions. The rise of online grocery shopping and seafood marketplaces has provided a platform for producers to reach a wider audience, transcending geographical boundaries. This trend is driven by urbanization, busy lifestyles, and the desire for hassle-free shopping experiences. As the digital landscape continues to evolve, online sales are poised to play an increasingly significant role in shaping the future of the global shrimp market.
Form Insights
The frozen shrimp segment is experiencing notable growth in the global shrimp market as consumer preferences shift towards convenient and value-added seafood products. frozen shrimp, including pre-cooked, marinated, and ready-to-cook options, caters to the demand for quick and easy meal solutions in today's fast-paced lifestyles. This trend is driven by an increasing emphasis on convenience, particularly in urban areas, where consumers seek time-saving and innovative culinary options. Frozen shrimp products not only offer diverse flavors and cooking styles but also extend the shelf life of the seafood, reducing food waste. Producers are responding to this trend by expanding their product portfolios to meet the evolving tastes and preferences of consumers, making frozen shrimp a significant and growing segment within the global shrimp market.
Regional Insights
Asia Pacific stands as the dominant region in the global shrimp market, playing a pivotal role in both production and consumption. Countries such as China, India, Thailand, Indonesia, and Vietnam are major contributors to the region's prominence. Robust aquaculture practices, favorable climatic conditions, and extensive coastal areas have positioned Asia Pacific as a primary hub for shrimp cultivation. The region not only serves as a significant supplier to international markets but also exhibits a robust domestic demand driven by a seafood-centric culinary culture. Additionally, ongoing technological advancements in shrimp farming, coupled with a well-established processing industry, further solidify Asia Pacific's position as a key driver in the global shrimp market. The region's influence is expected to continue, reflecting its pivotal role in meeting the increasing worldwide demand for shrimp.
Recent Developments
- In June 2023, Guolian Aquatic Products,based in China, received USD 560 million in financial support from SaudiArabia's Public Investment Fund (PIF) to expand seafood trading. Thecollaboration will assist Guolian Aquatic goods increase its footprint in theseafood business while also benefiting the Chinese White Shrimp industry byimproving the global reputation of Chinese shrimp products.
- In December 2023, French retailer Auchan, Danish feed manufacturer BioMar, Ecuadorian shrimp farmer Edpacif, and global NGO Earthworm Foundation partnered to launch the eco-friendly shrimp product.
Key Market Players
- Thai Union Group PCL
- ClearwaterSeafoods
- Avanti FeedsLimited
- High Liner Foods
- Surapon FoodsPublic Company Limited
- MazzettaCompany, LLC
- Aqua Star
- Nordic SeafoodA/S
- The WaterbaseLimited
- Wild OceanDirect
Report Scope
In this report, the global shrimp market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
- Shrimp Market, By Type
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- Shrimp Market, By Form
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- Shrimp Market, By Sales Channel
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- Shrimp Market, By Region
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