SHRIMP MARKET ANALYSIS

Shrimp Market Size and Trends

The shrimp market is estimated to be valued at USD 75.99 Bn in 2024 and is expected to reach USD 109.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

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The global shrimp market has been witnessing positive growth over the past few years. The demand for shrimp is increasing globally due to its high nutritional value and various health benefits. Shrimp is a rich source of protein and contains other nutrients like vitamins and minerals. It is also low in calories, making it a preferred choice. Moreover, increasing seafood restaurants and the online selling of shrimp products have boosted the market growth. However, environmental issues related to overharvesting and diseases affecting shrimp farming could pose a challenge to the market growth. Regulations related to sustainable shrimp farming need to be complied with carefully.

Expanding shrimp farming

The global demand for shrimp has been steadily rising in the recent decades. As the population and income levels grow across regions, especially in developing countries in Asia Pacific and Latin America, consumers are gradually increasing their seafood consumption, with shrimp being one of the most popular choices. In order to meet this ballooning demand, shrimp farming activities around the world have expanded aggressively. Countries such as India, China, Vietnam, Indonesia, and Ecuador have emerged as major shrimp culturing nations to capitalize on the lucrative opportunities.

Shrimp farming is largely done in brackish water conditions, either in ponds along the coastal lines or in tanks with controlled salinity levels. It provides an excellent way to generate income and employment in coastal and island communities. With guidance and support from governments and international organizations, small and marginal fishermen are encouraged to take up shrimp farming as a supplementary livelihood. Large-scale commercial shrimp farms have also come up with advanced hatchery facilities and water recirculation systems to ensure year-round production. Technological improvements in areas such as breeding, feed formulation, disease control, and harvesting have steadily boosted overall yields from shrimp culture. The availability of low-cost labor in many developing markets and subsidies/tax benefits offered by some governments have further spurred multi-fold expansion of the industry.

Rising health awareness

Another important factor propelling the shrimp market growth is the increasing health consciousness among consumers globally. With growing incidents of lifestyle diseases, more people are being attentive towards maintaining a balanced diet and active lifestyle. Shrimp has emerged as a popular choice due to its high nutritional value and low fat content compared to other seafood varieties. It is rich in high-quality protein, vitamin B12, selenium, zinc, and omega-3 fatty acids. Regular consumption of shrimp is credited with various health benefits, such as reducing inflammation and lowering cholesterol, boosting brain function and minimizing risks of chronic conditions.

Awareness about these advantages along with changing preferences towards protein-rich diets have made shrimp a sought-after ingredient. Marketers highlight its health credentials through advertisements, branding, and nutrition guides. Social media further spreads knowledge on cooking various shrimp delicacies. As consumers pay more attention towards ingredient labels, product claims and food miles, farmed shrimp raised in a sustainable manner garners added interest.