Shrimp Market Set for Rapid Growth Due to Aquaculture Automation and Precision Farming
Shrimp are crustaceans widely consumed worldwide as a rich source of protein. Commonly found shrimp varieties include whiteleg shrimp, black tiger prawn, and giant tiger prawn. Shrimp are typically sold either cooked, canned, peeled and deveined, breaded, or frozen for cooking. Rising health awareness about the nutritional value of shrimp as a low-fat substitute for red meats is augmenting its popularity globally. Shrimp production is transitioning from traditional methods to technologically advanced farming systems involving recirculating aquaculture systems, precision aquatic feeds, and genetic modification of shrimp species.
The Global shrimp market is estimated to be valued at US$ 75.99 Bn 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 Morubel N.V., Maruha Nichiro Corporation, Pacific Seafood, Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited.
Key opportunities in the shrimp market include growing demand from Asia Pacific countries such as China, Vietnam, Thailand due to rising disposable incomes and preference for seafood over meats. Emerging trends of online seafood sales and packaged frozen shrimp products also present lucrative prospects.
Technological advancements such as automation in shrimp aquaculture farming through machines for feeding, grading, and sorting shrimp; use of recirculating aquaculture systems; genetic modification of shrimp; and precision aquatic feed formulations tailored for maximum growth are increasing shrimp yields.
Market Drivers
A major market driver is the large-scale adoption of technologically advanced and automated aquaculture systems for shrimp farming which help boost productivity and yields while lowering production costs. Automation minimizes manual labor needs. Recirculating aquaculture systems enable year-round production with optimal water quality control. Precision aquatic feeds precisely meet the nutrients required at different shrimp growth phases. These factors are expected to accelerate the growth of the global shrimp market during the forecast period.
Current challenges in Shrimp Market:
The Shrimp Market Size is facing various challenges which includes high volatility in shrimp prices due to seasonal demand and supply fluctuations. Shrimp production requires specific environmental conditions which make the output susceptible to climatic changes. Disease outbreaks among shrimp farms also impact the market. Stringent food safety regulations further increase compliance costs for market players. Sustainability issues related to shrimp farming practices also need to be addressed.
SWOT Analysis
Strength: Shrimp is a popular seafood with high demand worldwide. Leading players have established global supply chains and distribution networks.
Weakness: Shrimp farming causes environmental pollution. High production costs make the market sensitive to price fluctuations.
Opportunity: Advancements in farming technologies can boost sustainable production. Emerging markets offer untapped growth potential.
Threats: Trade restrictions and geopolitical tensions impact global supply. Climate change and diseases threaten output stability.
The Asia Pacific region dominates the global shrimp market in terms of value. Countries like China, India, Vietnam and Thailand are the major shrimp producers in the world. North America is also a key regional market led by the United States.
Indonesia emerged as the fastest growing country in the shrimp market over the forecast period. The country’s shrimp production is steadily increasing supported by growth in aquaculture and use of new technologies. Efforts to expand exports through trade agreements will further support market growth in Indonesia.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
