Shrimp is one of the most popular seafood consumed worldwide. It is a rich source of protein and omega-3 fatty acids that promote heart and brain health. The aquaculture industry has made farming of shrimp species like Pacific white shrimp, giant tiger prawn, and kuruma prawn commercially viable. This reduces the pressure on wild shrimp populations and ensures a steady supply. Advances in technologies like selective breeding, digital monitoring systems, and efficient water treatment protocols have optimized shrimp yields while minimizing environmental impacts of aquaculture farms.
The Global Shrimp Market is estimated to be valued at US$ 50 Billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the shrimp market are Thai Union Group, Sandhya Seafoods, Minh Phu Seafood Corp, Star Lake Bioscience, and Pacific Seafood Group.
The market sees opportunities in expanded shrimp farming in new geographies and higher biosecurity standards to prevent disease outbreaks. Technological enhancements focus on closed recirculating aquaculture systems, improved feed formulations, and genetic modifications to make shrimp breeds more robust.
Market Drivers
Rising disposable incomes in Asia Pacific and Latin America are driving up demand for shrimp as a high-value protein. Easy availability of shrimp through retail chains and online channels is another factor fueling market growth. Growing health awareness is pushing up consumption of shrimp for its omega-3 fatty acid content correlated with brain and heart benefits.
Challenges in the shrimp market
The Shrimp Market Demand faces several challenges. Climate change is a major threat as rising water temperatures cause disease outbreaks in shrimp farms. Environmental issues related to intensive farming need addressing too. High operational costs associated with energy consumption, labor, and meeting quality and sustainability standards pressurize profit margins. Volatile international shrimp prices and trade barriers add to business uncertainties. The pandemic disrupted supply chains and export demand last year. While demand has recovered, risks of future outbreaks and lockdowns persist.
SWOT Analysis
Strength: Shrimp is a popular seafood with growing global demand. Major producers and exporters have well-established farming and processing infrastructure.
Weakness: Disease outbreaks can devastate local industries. Small-scale farmers have low bargaining power. Certain farming methods pose environmental risks.
Opportunity: Demand for sustainable and organic shrimp is rising in health-conscious markets. Technological advances may enhance yields and farming efficiency.
Threats: Climate change impact on oceans and farms is a long-term threat. Oil price fluctuations impact energy costs and profitability. Trade disputes among key markets create volatility.
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