Shrimp Market Analysis

Shrimp Market Analysis:

To get key market trends

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Based on type, the white shrimp segment accounted for USD 43.67 Billion in 2022. White shrimp is becoming more popular, in part because there are more high-quality white shrimp items on the market. This is because aquaculture technology has advanced, and new white shrimp types have been created that are better suited for industrial production. The growing awareness of shrimp's health advantages is another element influencing demand for white shrimp. Omega-3 fatty acids, protein, and other necessary nutrients are all present in white shrimp in good amounts.
 

Based on form, the frozen segment held a dominant market share of around 56.5% in 2022. Frozen shrimp is a convenient and quick seafood choice. It can be swiftly thawed and prepared, making it a popular choice among busy consumers. Frozen shrimp is often less expensive than fresh shrimp. This makes it a more appealing option for people on a limited budget. Thus, the aforementioned factors are projected to expedite the Shrimp market growth.
 

Based on end-use, the residential sector surpassed USD 38.39 Billion in 2022. Residential consumer demand for shrimp has continuously increased due to its reputation as a versatile and quick-to-prepare protein source, making it a popular choice for home-cooked meals. Consumer interest in frozen and processed shrimp goods such as breaded shrimp, shrimp scampi, and shrimp cocktail has increased as more people cook at home, particularly in the aftermath of the COVID-19 pandemic. This demand driver has resulted in increased retail sales of shrimp, adding to overall revenue growth in the shrimp business.
 

Based on distribution channel, the supermarkets and hypermarkets segment exceeded USD 26.12 Billion in 2022. Supermarkets and hypermarkets have a large selection of shrimp products at one convenient location. This makes it simple for customers to identify the shrimp products they need, as well as compare pricing and select the best option.
 

Asia Pacific shrimp market revenue to crossed USD 26.56 Billion in 2022. The Asia Pacific region's demand for shrimp is on the rise due to a variety of factors, including shifting dietary tastes, rising disposable incomes, and an expanding middle-class population have resulted in a greater appetite for seafood, with shrimp being a popular choice. Furthermore, as urbanization develops and more customers adopt Western eating habits, there is a greater need for convenience meals and restaurant dishes using shrimp, which contributes to the region's overall robust demand for this seafood commodity.