NEW YORK, Dec. 8, 2023 /PRNewswire/ — The shrimp market size is estimated to increase by USD 6.49 billion from 2022 to 2027, accelerating at a CAGR of 4.01% during the forecast period. The addictions therapeutics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -AFENTOULIS LIVERIS and SIA O.E., Apex Frozen Foods Ltd., Aqua Star, Beaver Street Fisheries Inc., Charoen Pokphand Foods PCL, Cooke Aquaculture Inc., Grand Ocean Seafoods Co. Ltd., GRUPO IBERICA CONGELADOS S.A., High Liner Foods Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Nissui Corp., Pacific Seafood Group, Premium Brands Holdings Corp., Seaprimexco, Surapon Foods Public Co. Ltd., Sykes Seafood Ltd., Thai Union Group PCL, The Waterbase Ltd., Wild Ocean Direct. Discover some insights on market size before buying the full report – Request a sample report
Technavio has announced its latest market research report titled Global Shrimp Market 2023-2027
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Market Dynamics
The growth of the market is driven by the rising number of shrimp-based product launches, growing awareness about the health benefits of shrimp, and initiatives to increase shrimp production. The rising consumer awareness about the health benefits of shrimp has encouraged vendors to introduce new shrimp-based products. Successful product launches are helping vendors in increasing their revenue flow and market share. In June 2020, NETUNO USA launched a brand of gourmet shrimp meals called saute n serve for the retail arena. Similarly, In February 2020, Bristol Seafood launched a new line of Grab and Go seafood offerings through its My Fish Dish brand. Such an increase in product offerings by vendors is driving the growth of the market.
Find Technavio’s Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.
Global Shrimp Market – Segmentation Analysis
The market is segmented by product (frozen shrimp, canned shrimp, and others), distribution channel (supermarket and hypermarket, convenience store, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
Based on the product, the market growth will be significant in the frozen shrimp segment during the forecast period. The longer shelf life of frozen shrimp is one of the major factors driving the growth of the segment. Another factor driving the growth of the segment is the increasing import and export of frozen shrimp.
APAC will account for 38% of the market growth during the forecast period. The increasing import of shrimp to Europe and various initiatives undertaken by vendors to increase shrimp production is driving the growth of the regional market. Also, increasing awareness among consumers about the various health benefits of shrimp is contributing to the growth of the shrimp market in APAC.
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Global Shrimp Market – Vendor Analysis
The global shrimp market is fragmented due to the presence of numerous regional and international vendors. Vendors are competing based on price and quality. The intense competition among vendors and declining profit margins are significant risk factors for vendors. Technological changes in curing, packaging, and transportation are also significant risk factors. Some of the key vendors covered in the report include:
Aqua Star – The company offers shrimps such as Raw Easy-Peel Shrimp, Raw Peeled Tail-On Shrimp, and Raw Peeled Tail-Off Shrimp.
Beaver Street Fisheries Inc. – The company offers shrimps such as vannamei whites, black tigers, and domestic shrimp.
Cooke Aquaculture Inc. – The company offers shrimps under the brand, True North Seafood Co. Ltd.
Pacific Seafood Group – The company offers shrimps such as Colossal Shrimp, Jumbo Shrimp, Garlic Butter Shrimp, and Salad Shrimp.
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What are the key data covered in this shrimp market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the shrimp market between 2023 and 2027
Precise estimation of the size of the shrimp market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the shrimp market industry across Europe, North America, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of shrimp market vendors
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The fresh fish and seafood market size will grow up to 24.38 mn tons at a CAGR of 3.80% during 2021-2025.
TOC
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution Channel
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
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