Global Shrimp Market Analysis
The global shrimp market is projected to reach a value of US$ 69.35 Billion by 2028, reflecting a robust growth trajectory. Shrimp is among the most traded seafood species worldwide, with increasing demand not just in the food sector, but also in pharmaceuticals, healthcare, and cosmetics. Its nutritional benefits, such as being a rich source of protein, phosphorus, and selenium, as well as its antioxidant and anti-aging properties, contribute significantly to its widespread popularity.
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Long-term Growth Drivers
The shrimp industry is poised for stable long-term growth driven by rising demand and improved supply chains. Shrimp’s versatility in cooking, particularly in Asian cuisines, further boosts its demand. Governments in major shrimp-producing countries are increasingly supporting the industry, particularly through cluster farming initiatives aimed at improving production and sustainability. This model also helps mitigate risks related to disease, further enhancing production levels.
Market Growth Forecast
The global shrimp market is forecasted to grow at a CAGR of 6.72% from 2022 to 2028. Small-scale farmers in Asian countries are receiving government support to meet market demands, with fiscal incentives and infrastructure developments aimed at increasing shrimp production. Countries like China, India, Vietnam, and Thailand are expected to attract new investors through these initiatives, bolstering the industry’s growth during the forecast period.
India and Vietnam: Major Shrimp Producers
India and Vietnam are leading shrimp producers, with India being a major supplier of value-added shrimp globally, thanks to its low labor costs and scale of production. India has capitalized on its hatcheries, feed mills, and processing plant infrastructure, laying a strong foundation for future market expansion.
Vietnam, on the other hand, has experienced significant growth in shrimp production, particularly in vannamei shrimp, which is more suitable for intensive farming than the traditional black tiger shrimp. This has contributed to Vietnam’s growing position in the global shrimp market, expected to rise further with expanded farming areas and improved productivity.
China’s Role as the Top Shrimp Importer
China has emerged as the world’s leading shrimp importer due to domestic production challenges caused by unfavorable weather conditions. With a rising demand for shrimp in both the retail and catering sectors, China has turned to imports to meet the supply gap. The primary sources of imported shrimp include Ecuador, India, Vietnam, and Canada. The United States also remains a significant player in the global shrimp import market.
Ecuador’s Competitive Edge in Shrimp Exports
Ecuador is rapidly gaining ground in the global shrimp market, emerging as a major exporter, especially to the United States and China. Known for its high-quality shrimp, Ecuador is focusing on sustainable farming practices and technological advancements to increase efficiency and meet the growing global demand.
While India remains a top exporter of shrimp, its competition with Ecuador is intensifying. Ecuador’s emphasis on sustainability could make it a dominant player in the future, shifting the focus of global shrimp production towards South and Central America.
Dominant Shrimp Species in the Market
The most commonly sold shrimp species globally is Litopenaeus vannamei (L. vannamei), accounting for over 50% of the shrimp industry’s production. This species is popular due to its adaptability to diverse environments, high growth rates, and resilience to extreme conditions. Countries like Ecuador, China, India, Indonesia, and Vietnam are the primary producers of this species.
The market for other species like P. monodon and M. rosenbergii is expected to grow, especially due to increasing imports from countries such as China and the USA, where consumer demand is rising.
Shrimp Size Categories and Popularity
Shrimp within the 21-25 size range are highly popular, often marketed as “jumbo” or “extra-large” and sold both fresh and frozen. These medium-sized shrimp are commonly used in a variety of dishes worldwide. Similarly, the 26-30 size range is also in high demand, particularly in the retail sector. Major shrimp-producing countries such as China, Indonesia, India, Vietnam, and Thailand dominate the production of these size categories.
Green/Head-on Shrimp Segment
The green/head-on shrimp segment is a key part of the global seafood market. These shrimp, which are sold with the head intact and in their natural form, are prized for their flavor and texture, especially in high-end culinary circles. Countries such as China, India, Vietnam, Indonesia, and Ecuador play a significant role in this product category.
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Key Players in the Global Shrimp Market
Prominent players in the shrimp market include companies like Avanti Feeds Ltd, Thai Union Group, Mowi ASA, and Surapon Foods, among others. These companies are actively contributing to the market’s growth through strategic expansions, product innovations, and sustainable farming practices. The Asian Development Bank (ADB) has also supported sustainable shrimp farming in countries like Indonesia, providing loans aimed at boosting productivity and promoting environmentally friendly practices.
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