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

DUBAI, United Arab Emirates, February 5, 2023 (GLOBE NEWSWIRE) — In response to 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 succeed in $123.8 billion by 2033.

Because of the nice dietary worth of shrimp and the low protein in fats content material, the demand is growing. On account of speedy financial growth and growing wealth, shoppers are shifting from a carbohydrate-rich food plan to 1 wealthy in protein. In consequence, shrimp farmers around the globe are utilizing improved manufacturing methods that outperform standard ones, boosting year-round shrimp manufacturing and defending the setting.

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

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The demand for shrimp in Asia Pacific can also be excessive because of the straightforward 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.

Customers in Asia Pacific and Western Europe are more and more well being acutely aware and dwelling fast-paced lives. Conventional fish and chip outlets are receiving extra clients day by day, which is predicted to stimulate the growth of the shrimp market.

The demand for seafood snacks is anticipated to extend in the course of the projection interval. Within the subsequent ten years, the upward pattern in recent and frozen seafood is predicted to gasoline the growth 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 present has a share of 81.4% from the shrimp market.
  • East Asia has part of 25.8% on this planet shrimp market.
  • In Asia Pacific, China has a share of 52.1% within the shrimp market.
  • The North American shrimp trade is predicted to submit a 9.6% CAGR between 2023 and 2033.

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“Excessive demand for fish and shellfish because of its wealthy dietary content material it’s anticipated that it’s going to enhance shrimp gross sales within the subsequent ten years. Key corporations purpose to offer shrimp at a comparatively low price supported by growing demand from standard 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 revolutionary shrimp merchandise.

A number of the main corporations 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, offers unbiased shrimp evaluation presenting historic demand information (2018 to 2022) and forecast statistics for the interval 2023 to 2033.

The research incorporates compelling shrimp market data by species (gulf shrimp, farmed whiteleg shrimp, banded coral shrimp, pink king shrimp, big tiger shrimp, blue shrimp, ocean shrimp), supply (natural, standard), kind (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 Pink Shrimp
  • Big Tiger Shrimp
  • blue shrimp
  • sea ​​shrimp

By supply:

By kind:

  • 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

Skilled evaluation, actionable insights, and strategic suggestions: Future Market Insights’ meals and beverage staff helps shoppers around the globe with their distinctive enterprise intelligence wants. With a repertoire of greater than 1,000 experiences and greater than 1 million information factors, the staff has lucidly analyzed the meals and beverage trade in additional than 50 international locations for greater than a decade. The staff offers end-to-end analysis and consulting companies; Get in contact to discover how we may help.

Desk of Contents

1. Govt abstract | shrimp market

1.1. World Market Outlook

1.2. Demand Facet Tendencies

1.3. Provide Facet Tendencies

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. Likelihood

3.4. Market tendencies 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 predicted to succeed in 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 – In response to the newest analysis from Future Market Insights, the seafood flavors market will expertise regular progress throughout 2021-2031.

Plant-Based mostly Shrimp Market Measurement – Areas similar 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 predicted to succeed in 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 obtained the 2022 Clutch Leaders Award because of Because of the excessive buyer rating (4.9/5), we now have been collaborating with international corporations on their enterprise transformation journey and serving to them fulfill their enterprise ambitions. 80% of the biggest corporations on the Forbes 1000 are our shoppers. We serve international shoppers in all main and area of interest market segments in all main industries.

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