The global shrimp products market was valued at USD 34.3 billion in 2022 and is projected to expand at a CAGR of 6.2% from 2023 to 2030. Increasing demand for shrimp products in various food applications and growing awareness about the nutritional benefits of seafood are some of the key factors driving the growth of the market.

High protein content, rich source of omega-3 fatty acids, and various vitamins and minerals are some of the key benefits associated with shrimp products. These health benefits are expected to drive the demand for shrimp products in the coming years. Furthermore, the increasing preference for healthy and natural food has led to a surge in the demand for shrimp products among health-conscious consumers.

In addition, the growing popularity of convenience food products is expected to drive the market growth. Increasing demand for ready-to-eat and frozen shrimp products are expected to support the market growth. For instance, in October 2020, SeaPak Shrimp & Seafood Company launched a new line of frozen shrimp products, including black tiger shrimp, popcorn shrimp, and butterfly shrimp. The new product line was developed to meet the growing demand for convenience food products.

The increasing number of foodservice outlets such as restaurants and hotels is expected to support the growth of the market. The foodservice sector is expected to witness significant growth in the coming years, owing to increasing consumer spending on food and beverages. Furthermore, the growing demand for shrimp products for use in various cuisines and recipes is expected to drive the market.

Moreover, improving infrastructure in developing countries is expected to create new opportunities for the market. Governments of various countries are investing heavily in the development of the seafood industry. For instance, the Indian government has initiated the Blue Revolution program to promote the sustainable development of the fisheries sector. The program focuses on the improvement of infrastructure and technology in the sector.

Furthermore, the increasing demand for organic shrimp products is expected to drive the market growth in the coming years. Growing consumer awareness about the health benefits of organic food has led to a surge in the demand for organic shrimp products. Moreover, the growing demand for organic seafood is expected to support the growth of the market in the coming years.

The ready-to-eat segment is expected to expand at the fastest CAGR of 5.9% over the forecast period. Increasing demand for convenient and ready-to-eat food products is driving the growth of this segment. According to an article published by the National Center for Biotechnology Information in 2020, the consumption of ready-to-eat foods has increased significantly in developing countries due to a variety of factors such as convenience, health, and convenience. Furthermore, growing awareness about the advantages of frozen shrimp products such as longer shelf life, less wastage, and lower price are some of the key factors driving the market growth.

The frozen segment dominated the market in 2020 and is anticipated to register a CAGR of 5.3% over the forecast period. Frozen shrimp products are emerging as a preferred option for consumers due to their longer shelf life as compared to fresh and raw shrimp products. In addition, growing demand for frozen shrimp from food service industries such as restaurants and hotels is also driving the market revenue. Moreover, the availability of frozen shrimp in various flavors, such as garlic, lemon, and honey, is also boosting the demand for these products.

The supermarkets and hypermarkets segment dominated the market in 2019 and is projected to continue its reign over the forecast period owing to the rising consumer preference for purchasing shrimp products from supermarkets and hypermarkets. The segment is expected to increase its market share from about 41.0% in 2019 to 43.5% by 2027. Supermarkets and hypermarkets provide a wide range of shrimp products at reasonable prices, which makes them attractive to the consumers. Moreover, supermarkets and hypermarkets have attractive displays and stores, which help in increasing the sales of shrimp products.

The online segment is expected to experience the fastest growth over the forecast period with a CAGR of 14.5%. The rising acceptance of e-commerce and the convenience of online shopping are the primary factors driving the growth of this segment. Moreover, the availability of discounts and offers on online platforms has further added to the growth of this segment. With the increasing internet user base and rising demand for online shopping, the online segment is expected to witness significant growth over the forecast period.

The frozen segment accounted for the largest revenue share of 70.4% in the year 2022. The increasing demand for frozen shrimps due to the convenience of storing them for a longer time and the cost-effectiveness of freezing them is driving the growth of this segment. In addition, the increasing trend of using frozen seafood products in the foodservice industry is further driving the demand for frozen shrimps. For instance, the leading foodservice providers, such as McDonald’s, KFC, and Pizza Hut, are increasingly using frozen shrimp products to serve their customers.

The canned segment is anticipated to expand at the highest CAGR of 9.7% over the forecast period. The increasing trend of convenience food among consumers, along with the growing awareness about the health benefits of consuming canned shrimp products, is driving the demand for this segment. In addition, the increasing popularity of ready-to-eat meals, which include canned shrimps, is propelling the growth of the canned segment.

Asia Pacific is anticipated to be the largest market for shrimp products, and is expected to account for a market share of over 35.5% in 2022. This is attributed to the increasing demand for shrimp products, owing to the growing population, rising disposable incomes, and changing lifestyle. Additionally, the presence of a large number of shrimp producers in the region is another factor driving the market growth. For instance, in November 2021, the Chinese government announced a new set of policies to boost the production of shrimp products in the country.

Europe is expected to be the second-largest market, with a revenue share of 24.7% in 2022. This is mainly due to the increasing demand for convenience and ready-to-eat seafood products in the region. Furthermore, the growing trend of health-conscious eating and the presence of prominent players, such as Pescanova and Thai Union, are expected to propel the growth of the market.

In this part of the shrimp products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your shrimp products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenue for a shrimp products business comes from the sale of shrimp products such as frozen shrimp, canned shrimp, and cooked shrimp to distributors, retailers, wholesalers, and food service providers. Other revenue sources may include the sale of byproducts such as shrimp shells, which can be used for a variety of purposes including the manufacture of dietary supplements.

Projecting Expenses
In this section, all the regular expenses related to keeping the shrimp products business running will be described. The list of operating expenses includes wages, utilities, insurance policies, advertising, research and development, and others. Additionally, expenses related to the purchase of shrimp and other supplies, as well as the costs of processing, packaging, and shipping the shrimp products will need to be accounted for.

Some of the key companies operating in the shrimp products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In July 2022, Sea Farms launched a new line of frozen shrimp products for the retail market.

– In August 2022, Ocean Garden Products launched a new line of value-priced shrimp products for the foodservice industry.

– In September 2022, Sea Best launched a new line of shrimp snacks for convenience stores.

Some of the prominent players in the shrimp products market include:

– Sea Farms
– Ocean Garden Products
– Sea Best
– Trident Seafoods Corporation
– High Liner Foods
– RDM Aquaculture
– Thai Union Group
– National Fish & Seafood
– Maruha Nichiro Corporation
– Intrafish Products

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global shrimp products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Shrimp Feed
– Frozen Shrimp
– Peeled Shrimp
– Value-Added Shrimp

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Expansion?
[A]: Product expansion is seen as a key growth driver for the market, with an increasing number of new products being introduced in the market. Companies are leveraging their existing infrastructure, expertise, and product portfolios to expand their offerings. For example, the demand for frozen processed shrimp products has been increasing, with a growing number of companies launching new products such as shrimp burgers and shrimp salads.

[Q]: Who are the Key Players in the Shrimp Products Market?
[A]: Key players in the global shrimp products market include SeaPak Shrimp & Seafood Company, High Liner Foods, Inc., Maruha Nichiro Corporation, Thai Union Group PCL, Marine Harvest, and Nippon Suisan Kaisha, Ltd.

[Q]: Which Region Offers the Largest Opportunity for Sales of Shrimp Products?
[A]: Asia Pacific is anticipated to account for the largest share of the shrimp products market over the forecast period, with the largest demand coming from countries such as China, Japan, Vietnam, and Thailand.

[Q]: What are the factors driving the shrimp products market?
[A]: Increasing demand for seafood, growing health-consciousness among consumers, and the introduction of new product offerings are some of the key factors driving the shrimp products market. Additionally, rising disposable income and the increasing demand for ready-to-eat food products are expected to fuel the market growth.