What is Global Shrimp Market?
The Global Shrimp Market is a vast and dynamic sector that encompasses the production, distribution, and consumption of shrimp on a worldwide scale. Shrimp, a popular seafood delicacy enjoyed by many, has a significant market that is continually expanding due to increasing demand. The market's value was estimated at US$ 53690 million in 2022 and is projected to escalate to US$ 74840 million by 2029. This growth trajectory, which represents a Compound Annual Growth Rate (CAGR) of 4.8% from 2023 to 2029, is a testament to the robustness and potential of the shrimp industry. The market is not dominated by any single player, with the top five manufacturers collectively holding just over 5% of the market share. This indicates a highly competitive and fragmented market landscape where numerous players vie for a piece of the pie.
Whiteleg Shrimp, Giant Tiger Prawn, Akiami Paste Shrimp, Other in the Global Shrimp Market:
The Global Shrimp Market is segmented based on the type of shrimp, with Whiteleg Shrimp, Giant Tiger Prawn, Akiami Paste Shrimp, and others being the primary categories. Whiteleg Shrimp is the most popular and constitutes nearly 75% of the market. This shrimp variety is favored for its mild flavor, firm texture, and versatility in various culinary applications. Giant Tiger Prawns, on the other hand, are known for their large size and rich, sweet flavor. They are a premium product in the market, often commanding higher prices. Akiami Paste Shrimp is a lesser-known variety but has a niche market due to its unique taste and texture. The 'Others' category includes a wide range of shrimp varieties that cater to specific regional tastes and preferences. Each of these shrimp types has its own market dynamics, influenced by factors such as consumer preference, availability, price, and culinary trends.
Household, Restaurant and Hotel in the Global Shrimp Market:
The Global Shrimp Market finds its application in various sectors, primarily in households, restaurants, and hotels. In households, shrimp is a popular choice for home-cooked meals due to its easy preparation and nutritional value. It is often used in salads, pasta, stir-fries, and other dishes. Restaurants and hotels form a significant portion of the shrimp market. Shrimp dishes are a staple on seafood menus, and the demand in these establishments is driven by diners' love for this seafood delicacy. From shrimp cocktails to shrimp scampi, the versatility of shrimp makes it a favorite among chefs and diners alike. The market dynamics in these sectors are influenced by factors such as consumer preference, dietary trends, and the overall demand for seafood.
Global Shrimp Market Outlook:
To recap the market outlook, the Global Shrimp Market was valued at US$ 53690 million in 2022 and is projected to grow at a CAGR of 4.8% to reach US$ 74840 million by 2029. The market is highly competitive, with the top five manufacturers holding just over 5% of the market share. In terms of product segmentation, Whiteleg Shrimp is the dominant variety, accounting for nearly 75% of the market. The market finds its primary applications in households, restaurants, and hotels, driven by the popularity and versatility of shrimp as a seafood delicacy.
| Report Metric | Details |
| Report Name | Shrimp Market |
| Accounted market size in 2022 | US$ 53690 in million |
| Forecasted market size in 2029 | US$ 74840 million |
| CAGR | 4.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Minh Phu Seafood Corp, Thai Union, Santa Priscila, Expalsa, Zhanjiang Guolian, Pescanova, Omarsa, Songa, Iberconsa, Conarpesa, Royal Greenland A/S, ProExpo, Quoc Viet, Devi Fisheries, The Liberty Group, Nekkanti Sea Foods |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
