Global Shrimp Market Analysis
Market Overview
The Global Shrimp Market is projected to reach US$ 69.35 billion by 2028, growing at a robust CAGR of 6.72% between 2022 and 2028, according to Renub Research. Shrimp remains one of the most traded seafood products globally, with demand extending beyond the food industry into sectors like pharmaceuticals, healthcare, and cosmetics. These industries leverage shrimp's unique properties, including antioxidant and anti-aging effects, alongside its high nutritional value as a source of protein, phosphorus, and selenium.
The shrimp market's stable growth is driven by increasing demand and improved supply mechanisms. The rise in shrimp's popularity as a key ingredient in various global cuisines, particularly in Asian dishes, further supports its market expansion.
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Government Initiatives and Cluster Farming
Governments and organizations worldwide are empowering small-scale farmers, especially in Asian countries, to meet growing global shrimp demand through cluster farming initiatives. These programs encourage stakeholder collaboration and provide fiscal incentives to boost shrimp production sustainably. Countries like China, India, Vietnam, and Thailand are leading in implementing these measures, ensuring higher yields while minimizing risks such as diseases.
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Key Regional Insights
India and Vietnam: Leading Shrimp Producers
India and Vietnam are pivotal players in the global shrimp market. India, known for its low labor costs and large-scale production capabilities, is a major supplier of value-added shrimp products. Vietnam, on the other hand, continues to focus on increasing its production of vannamei shrimp through intensive farming techniques to meet rising domestic and global demands.
China: Top Shrimp Importer
China has emerged as the largest shrimp importer globally, driven by declining domestic seafood production due to unfavorable weather conditions. Ecuadorian shrimp dominates China's import market, followed by imports from India, Vietnam, and Indonesia.
Species Segmentation
Litopenaeus vannamei (L. vannamei), or Pacific white shrimp, dominates the market, accounting for over 50% of global shrimp production. This species is valued for its adaptability and high productivity. Other species like Penaeus monodon and Macrobrachium rosenbergii are also gaining traction in international markets, especially in major shrimp-consuming countries like the USA and China.
Product Form and Size Preferences
Shrimp products are segmented into forms such as breaded, cooked, peeled, and green/head-on. Among size categories, the 21-25 size range is most popular, often labeled as "jumbo" or "extra-large," and is widely used in global cuisines.
Competitive Landscape
Key players in the shrimp market include:
- Avanti Feeds Ltd.
- High Liner Foods Inc.
- Thai Union Group
- Royal Greenland
- Charoen Pokphand Foods PCL
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