Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2023-2028

Shrimp Market

In 2021, the size of the world Shrimp Market was estimated to be USD 53.91 billion. From 2022 to 2030, it is anticipated to increase at a compound annual growth rate (CAGR) of 5.3%. Phosphorus, selenium, and protein are all abundant in shrimp, which also has a high nutritional value. Shrimps are often consumed by consumers since they are an abundant source of nutrients and are simple to obtain. This still serves as a major driving force behind the worldwide market for shrimp. Additionally, shrimps are frequently employed in the creation of many other cuisines, including Asian cuisines, which increases their popularity and spurs the market's expansion.

According to Coherent Market Insights, Global Shrimp Market was valued at US$ 40.88 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.01% during the forecast period (2022 to 2030).

 

Nevertheless, despite these difficulties, the shrimp industry grew significantly. For instance, a report from the Food and Agriculture Organization (FAO) estimates that more than 7.7 million tons of farmed shrimp were produced worldwide in 2020. Additionally, it is anticipated that the aquaculture industry would expand with the shrimp industry.

However, despite these challenges, the shrimp sector saw substantial growth. For instance, according to Food and Agriculture Organization (FAO) data, the globe produced more than 7.7 million tons of farmed shrimp in 2020. Along with the shrimp industry, it is also projected that the aquaculture sector would grow.

Nevertheless, despite these difficulties, the shrimp industry grew significantly. For instance, the world produced more than 7.7 million tons of farmed shrimp in 2020, according to figures from the Food and Agriculture Organization (FAO). The aquaculture industry is anticipated to expand with the shrimp industry.

Given that frozen shrimp have a far longer shelf life than fresh shrimp, the frozen Shrimp Market sector had the biggest market share in 2019. According to end-use, the commercial sector is predicted to hold the largest market share in 2027. The rise in hotels and seafood-focused eateries is to blame for this. Based on the distribution channel, the specialty stores market segment held the top spot in 2019. This is explained by the fact that specialty shops provide options like discounts in addition to the advantage of instant satisfaction.