Shrimp Market Size To Hit USD 85.99 Billion By 2030

 San Francisco, 6 July 2023: The Report Shrimp Market Size, Share & Trends Analysis Report By Species (L. vannamei, P. monodon) By Source (Wild, Aquaculture), By Form, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

The global shrimp market size was estimated to reach USD 85.99 billion in 2030 and is expected to expand at a CAGR of 5.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. Shrimps are widely available in food stores and it provides various nutrients such as high in protein, selenium, and phosphorus. Due to this, shrimp is a delicacy for consumers all across the globe, thus driving the market growth. However, shrimp tends to lose its natural taste and texture due to the preservation process which remains a concern among consumers, remaining an obstacle to its growth.

The growth of the global shrimp industry continues to bank on the growing demand for shrimp with increased production. Shrimp is widely used in a diverse range of cuisines which is anticipated to surge the market growth. Furthermore, the increasing use of shrimp in diverse industries including cosmetics and healthcare also fuels the market growth over the forecast period.

The L. vannamei segment dominated the industry. It is estimated to remain dominant over the forecast period. The high demand for L. vannamei due to its high-quality meat, taste, and relatively low price is expected to drive robust growth. With growing demand, the production of L. vannamei, continues to grow, despite challenges on the supply side, which is also a promising factor surging the segment growth.

The B2B segment dominated the market by holding a major share in 2021. Shrimp is highly used in numerous industries for diverse applications. These industries include cosmetics, healthcare, pharmacy, and hospitality industries such as hotels, restaurants, and others. Thus high usage of shrimp in these industries contributes to the notable share of the segment in the global market.

Asia Pacific accounted for the largest share of the market in 2021. It is estimated to expand at a significant CAGR over the forecast period. High imports of shrimp in the region to fulfill consumer demand is a key factor contributing to the regional growth. Moreover, being one of the top importers, exporters, and producers of shrimp across the globe is another primary factor further boosting the market in the region.

Major players in the market are Thai Union Group PCL; Clearwater Seafoods; Avanti Feeds Limited; High Liner Foods; Surapon Foods Public Company Limited; Mazzetta Company, LLC; Aqua Star; Nordic Seafood A/S; The Waterbase Limited; and Wild Oceans. Various strategic initiatives are undertaken by these companies to expand their global footprint. These initiatives include expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger share of the market.

Access Research Report of Shrimp Market @ https://www.grandviewresearch.com/industry-analysis/shrimp-market-report

Shrimp Market Report Highlights

• Middle East & Africa is expected to grow at the fastest CAGR over the forecast period from 2022 to 2030. The growing demand for seafood including shrimp among the consumers is expected to boost the regional growth
• Breaded segment is estimated to grow at the highest CAGR over the forecast period. Increasing popularity of breaded shrimps as a snacking option is a primary factor fueling the segment growth
• The B2C segment is forecast to grow with a faster CAGR over the forecast period from 2022 to 2030. The growing use of online distribution channels due to their ease of use and convenience is anticipated to contribute to the growth of the segment

List of Key Players of Shrimp Market

• Thai Union Group PCL
• Clearwater Seafoods
• Avanti Feeds Limited
• High Liner Foods
• Surapon Foods Public Company Limited
• Mazzetta Company, LLC
• Aqua Star
• Nordic Seafood A/S
• The Waterbase Limited
• Wild Oceans

Access Press Release of Shrimp Market @ https://www.grandviewresearch.com/press-release/global-shrimp-market