A new report available from ResearchAndMarkets, entitled Global Shrimp Market, forecasts sales of the popular shellfish will hit US $69.35 billion by 2028 (up from $46.94 billion in 2022) at a compound annual growth rate of 6.72% from now until then. Shrimp, much of which is distributed in frozen form, has long been one of the most traded seafood species in the world.
Demand is increasing not only in the food industry, where it is a prized ingredient in various dishes, but also in other sectors such as pharmaceuticals, health care and cosmetics. Shrimp is an excellent source of protein, phosphorus and selenium, making it highly nutritious.
During the forecast period, the supply side is expected to witness growth, driven by government support for shrimp culture through cluster farming in countries including China, India, Vietnam and Thailand. This support is likely to attract new investors to the industry.
India and Vietnam are Leading Shrimp Producers
International supply is dominated by producing countries including China, India, Vietnam, Indonesia, Thailand, the Philippines, Bangladesh, Malaysia and Ecuador. India is recognized as a significant supplier of value-added shrimp. Thanks to low labor costs and economies of scale it has become one of the most extensive producers of farmed shrimp in the world. Capacity of the nation’s existing hatcheries, feed mills and processing plants provide a solid foundation for future expansion.
Vietnam’s shrimp industry faces a persistent challenge of ramping up aquaculture production to meet the rising demand in both domestic and global markets, driven by improving living standards. The country’s shrimp production has grown significantly over the years, now nearing the one million ton mark per annum, mainly due to cultivation of the vannamei species, which offer high yields through intensive farming, unlike black tiger shrimp (p. monodon) that have relatively low productivity rates. Vietnam’s shrimp output of farmed shrimp is expected to rise by expanding the farming area and boosting the productivity of vannamei.
China Becomes Top Importer
China is presently ranked as the world’s biggest importer of shrimp. The other countries and regions importing large amounts of the popular shellfish include the European Union (EU 28), the USA, Japan, South Korea, Canada and Vietnam. Due to unfavorable weather conditions and other factors, China has experienced a decline in domestic seafood production, leading to high demand for imported shrimp to fill supply gaps – especially in the retail and catering sectors.
Ecuadorian shrimp is the most commonly imported, followed by product from India, Vietnam, Canada and Greenland. The United States, ranked among largest importers of shrimp in the world, sources large amounts of frozen shrimp from India, Vietnam and Indonesia.
Indian shrimp exporters are facing competition from Ecuador, which has been a major player in the global shrimp market for some time. Ecuadorian shrimp is known for its high quality and is very popular in international markets, especially the European Union, USA and China. Ecuador’s emphasis on sustainable production and implementation of technology to drive efficiency may potentially enable it to overtake other countries and emerge as the top player in the global shrimp market before too long. It is anticipated that the future of farmed shrimp production could increasingly shift toward South and Central America.
“India is benefiting from demand for disease-free and healthy shrimp, and has now become one of the largest shrimp exporters to both the USA and the European Union,” stated the report. “An expanding food industry is also being observed in India due to the rising demand for ready-to-eat products, driven by forces such as rapid urbanization, changing lifestyles, hectic work schedules, and an increasing population of working women.”
L. Vannamei Most Commonly Sold Species
The international shrimp market is largely segmented by species into L. vannamei, P. monodon, M. rosenbergii and others. Litopenaeusvannamei, also known as the Pacific white shrimp, has emerged as the most popular species in the market, accounting for over 50% of the global industry’s production. This is due to its adaptability to a wide range of environments, high growth rates, and ability to withstand extreme conditions. Farmers in Ecuador, China, India, Indonesia and Vietnam are the major producers of the L. vannamei species.
It is anticipated that the market for M.rosenbergii and P. monodon shrimp will see further growth in the future, driven by heavy imports from major shrimp consuming countries such as China and the USA.
Sizing Things Up
Shrimp that falls within the 21-25 medium size range are commonly used in a variety of seafood dishes. The 26-30 count, another popular size range, is referred to as ‘“large” or “extra-large” shrimp. Many other sizes, primarily exported in frozen form, are available.
In terms of product form, shrimp is primarily divided into Breaded, Cooked, Peeled, Green/Head-off and Green/Head-on. Green or head-on refers to shrimp that has not been peeled, deveined or had its head removed. These shrimp are sold either frozen or fresh and are often considered a delicacy due to their rich flavor and texture. The green/head-on industry plays an important role in the global seafood market, catering to a significant segment of discerning consumers and high-end restaurants. The production of green/head-on shrimp is similar to that of other shrimp products, with major producing countries including China, India, Vietnam, Indonesia and Ecuador.
More information about the Global Shrimp Market report is available by visiting http://www.ResearchAndMarkets.com
