The Lucrative Shrimp Market is driven by Rising Consumer Preference...

The Lucrative Shrimp Market is driven by Rising Consumer Preference for Seafood

Posted 2024-08-12 13:54:52

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The shrimp market has grown significantly over the past decade mainly due to rising demand for shrimp as an option for seafood. Shrimp are a good source of protein and add nutrients like vitamins, minerals and omega-3 fatty acids to diets. Further, their mild flavor makes them ideal for cooking in various cuisines across the world. The market has seen substantial production growth fueled by rising shrimp farming and processing. Aquaculture now accounts for around 90% of global shrimp supply.

Global shrimp market is estimated to be valued at US$ 75.99 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031. Key players operating in the shrimp market are Morubel N.V., Maruha Nichiro Corporation, Pacific Seafood, Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, and Surapon Foods Public Company Limited.

Key Takeaways:

Key players related content comprises key players related content (Key players operating in the shrimp market are Morubel N.V., Maruha Nichiro Corporation, Pacific Seafood, Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods and Surapon Foods Public Company Limited). These companies have strong global presence and invest substantially in research and development of new shrimp farming technologies as well as processing techniques.

The growing demand in the Shrimp Market Size is attributable to increasing health awareness and rising global seafood consumption. Consumer perception of shrimp as a healthy source of protein has increased demand across regions. Further, growing per capita seafood consumption, especially in emerging nations of Asia Pacific and Latin America, has accelerated shrimp market growth.

The global expansion of the shrimp market has been tremendous over past years due to surge in international shrimp trade and exports. Countries like Thailand, Vietnam and Ecuador have emerged as key exporters globally. Further, rising shrimp imports by regions like North America and Europe have complemented the overall market growth in a big way over the forecast period.

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