Shrimp market poised for robust growth until 2027
According to the latest Technavio report, “Global Shrimp Market 2023-2027,” forecasts significant growth in the shrimp market, with an estimated increase of €6.03 billion from 2022 to 2027.
This growth, accelerating at a Compound Annual Growth Rate (CAGR) of 4.01%, is driven by factors such as the rising number of shrimp-based product launches, growing awareness of shrimp’s health benefits, and initiatives to increase shrimp production. The report provides a comprehensive analysis, offering insights into the criticality of inputs, R&D, CAPEX, technology, and products from 15 leading vendors in the market, including AFENTOULIS LIVERIS and SIA O.E., Apex Frozen Foods Ltd., and others.
Market dynamics and consumer insights
The shrimp market’s expansion is attributed to the increasing consumer awareness of the health benefits of shrimp, prompting vendors to introduce innovative shrimp-based products. For instance, in June 2020, NETUNO USA launched a gourmet shrimp meal brand, saute n serve, for the retail sector. Similarly, Bristol Seafood introduced a new line of Grab and Go seafood offerings through its My Fish Dish brand in February 2020. These successful product launches are bolstering vendors’ revenue flow and market share. Additionally, Technavio’s analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria offers valuable insights for companies to refine their marketing strategies and gain a competitive edge.
Segmentation and vendor 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). The frozen shrimp segment is expected to witness significant growth due to its longer shelf life and increasing import and export activities. APAC is projected to account for 38% of the market growth, driven by rising shrimp imports to Europe and initiatives to boost shrimp production. The global shrimp market is fragmented with numerous regional and international vendors competing on price and quality. Key vendors include Aqua Star, Beaver Street Fisheries Inc., Cooke Aquaculture Inc., and Pacific Seafood Group. This intense competition and declining profit margins pose some risks, alongside technological changes in curing, packaging, and transportation.
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