The shrimp business is more likely to attain $123.8 billion by 2033, says Future Market Insights, Inc.

DUBAI, United Arab Emirates, February 5, 2023 (GLOBE NEWSWIRE) — Based on a latest analysis report from Future Market Insights, a supplier of market analysis and aggressive intelligence, shrimp gross sales are estimated to fetch a valuation of $60.4 billion in 2023. It’s projected to extend to 7.4% CAGR over the forecast interval between 2023 and 2033. It’s set to achieve $123.8 billion by 2033.

Because of the nice dietary worth of shrimp and the low protein in fats content material, the demand is rising. Because of fast financial enlargement and rising wealth, customers are shifting from a carbohydrate-rich weight loss plan to 1 wealthy in protein. Because of this, shrimp farmers world wide are utilizing improved manufacturing methods that outperform typical ones, boosting year-round shrimp manufacturing and defending the surroundings.

The marketplace for shrimp merchandise is anticipated to extend over the following ten years, notably in canned and frozen kinds. That is attributed to the rising demand for seafood within the international meals sector as a consequence of its wealthy dietary content material. North America is among the many world’s high shrimp importers as a result of immense demand for shrimp.

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The demand for shrimp in Asia Pacific can also be excessive as a result of simple availability of those merchandise at a low value. The rising desire for seafood within the area can also be anticipated to spice up demand. Asia Pacific ranks because the world’s largest shrimp producer, adopted by North America.

Shoppers in Asia Pacific and Western Europe are more and more well being acutely aware and residing fast-paced lives. Conventional fish and chip outlets are receiving extra prospects daily, which is anticipated to stimulate the enlargement of the shrimp market.

The demand for seafood snacks is anticipated to extend throughout the projection interval. Within the subsequent ten years, the upward pattern in recent and frozen seafood is anticipated to gasoline the enlargement of the shrimp market.

Key Takeaways from the Shrimp Market Examine

  • The North American shrimp market is estimated to be valued at $13 billion in 2023.
  • In North America, the US at the moment has a share of 81.4% from the shrimp market.
  • East Asia has part of 25.8% on the earth shrimp market.
  • In Asia Pacific, China has a share of 52.1% within the shrimp market.
  • The North American shrimp business is anticipated to put up a 9.6% CAGR between 2023 and 2033.

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“Excessive demand for fish and shellfish as a consequence of its wealthy dietary content material it’s anticipated that it’ll enhance shrimp gross sales within the subsequent ten years. Key firms purpose to supply shrimp at a comparatively low price supported by rising demand from typical fishmongers in rising international locations,” says a lead analyst at Future Market Insights.

Aggressive Panorama: Shrimp Market

Shrimp has a powerful aggressive international market. Main producers are striving to strengthen their distribution channels. They’re emphasizing joint ventures to extend their manufacturing capability for modern shrimp merchandise.

Among the main firms that provide shrimp are Apex Frozen Meals Ltd., Avanti Feeds Ltd. (Hyderabad, India), Maruha Nichiro Company (Tokyo, Japan), Aqua Star Corp. (Seattle, USA), Nordic Seafoods A /S (Hirtshals, Denmark), Devi Fisheries Restricted, Jayalakshmi Sea Meals Pvt. Ltd., Falcon Marine Exports, Nippon Suisan Kaisha (Tokyo, Japan), Clearwater Seafoods Inc. (Bedford, Canada), SSF LIMITED, BMR Teams, Marine Harvest (Bergen, Norway), Excessive Liner Meals Inc. (Lunenburg, Canada), Thai Union Group (Bangkok, Thailand), Surapon Meals (Muang, Thailand), and Nekkanti Sea Meals Restricted (NSFL), amongst others.

Get extra worthwhile insights into the shrimp market

Future Market Insights, in its new providing, supplies unbiased shrimp evaluation presenting historic demand knowledge (2018 to 2022) and forecast statistics for the interval 2023 to 2033.

The examine incorporates compelling shrimp market info by species (gulf shrimp, farmed whiteleg shrimp, banded coral shrimp, purple king shrimp, big tiger shrimp, blue shrimp, ocean shrimp), supply (natural, typical), type (canned, breaded, peeled, cooked and peeled, in-shell, frozen), gross sales channel (direct, oblique), utility (meals, pharmaceutical, beauty, industrial, biotechnology) and area.

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Shrimp Market Outlook by Class

By species:

  • gulf shrimp
  • Farmed whiteleg shrimp
  • Coral Ringed Shrimp
  • Royal Crimson Shrimp
  • Large Tiger Shrimp
  • blue shrimp
  • sea ​​shrimp

By supply:

By type:

  • Canned
  • Breaded
  • Naked
  • cooked and peeled
  • shell-in
  • Frozen

By gross sales channel:

By utility:

  • Meals
  • Pharmacist
  • Beauty merchandise
  • Industrial
  • Biotechnology

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About Future Market Insights Meals and Beverage Division

Knowledgeable evaluation, actionable insights, and strategic suggestions: Future Market Insights’ meals and beverage group helps purchasers world wide with their distinctive enterprise intelligence wants. With a repertoire of greater than 1,000 stories and greater than 1 million knowledge factors, the group has lucidly analyzed the meals and beverage business in additional than 50 international locations for greater than a decade. The group supplies end-to-end analysis and consulting companies; Get in contact to discover how we can assist.

Desk of Contents

1. Government abstract | shrimp market

1.1. World Market Outlook

1.2. Demand Facet Developments

1.3. Provide Facet Developments

1.4. know-how roadmap

1.5. Evaluation and Suggestions

2. Market overview

2.1. Market Protection / Taxonomy

2.2. Market Definition

3. Market dynamics

3.1. drivers

3.2. restrictions

3.3. Probability

3.4. Market developments by area

3.5. macroeconomic elements

Discover FMI’s intensive protection within the meals and beverage area:

Seafood Market Forecast: The worldwide seafood market is anticipated to achieve a market valuation of US$110.2 billion by the yr 2022, accelerating with a CAGR of three.6% by 2022-2032.

Seafood Takeaway Market Share: The seafood takeout market is anticipated to have an efficient CAGR of 6.50% over the interval 2022-2032.

Seafood Flavors Market Demand – Based on the most recent analysis from Future Market Insights, the seafood flavors market will expertise regular development throughout 2021-2031.

Plant-Based mostly Shrimp Market Measurement – Areas corresponding to Asia-Pacific and the Center East are anticipated to have profitable demand for plant-based shrimp.

Canned Salmon Market Evaluation: The worldwide canned salmon market is anticipated to achieve a market valuation of $4.7 billion by 2022, accelerating with a CAGR of 6.8% by 2022-2032, reaching $9,200 million by 2032.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified enterprise consulting and market analysis agency, a member of the Higher New York Chamber of Commerce, and is headquartered in Delaware, USA. We acquired the 2022 Clutch Leaders Award as a consequence of Because of the excessive buyer rating (4.9/5), we have now been collaborating with international firms on their enterprise transformation journey and serving to them fulfill their enterprise ambitions. 80% of the biggest firms on the Forbes 1000 are our purchasers. We serve international purchasers in all main and area of interest market segments in all main industries.

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