By 2027, shrimp market growth will reach $54.6 billion, representing a 9.2% CAGR, up from $31.6 billion in 2019.
Although the industry is facing numerous challenges, yet the growth of the sector is quite remarkable. Among the challenges faced by the industry, the disease is the prominent one. Various bacterial, viral, and fungal diseases are increasing in prevalence across the shrimp industry globally. The larvae of shrimp are incredibly susceptible to these diseases, which dampen the shrimps, reducing their quality. Due to these factors, aqua-feed ingredients become more expensive, which makes shrimp farming a pretty challenging business.
There is, however, a continued growth of shrimp production and marketing globally, along with increased efficiency at all levels. White shrimps were the most popular type of shrimp in 2019, primarily due to their ease of availability. By 2027, the white segment will reach $20.3 billion at a CAGR of 10.4%, dominating the market with $10.8 billion in 2019. Cold water shrimps, owing to their high nutritional profile, commanded the highest market share based on source. It is estimated that the cold water segment will generate $31.2 billion by 2027 at a CAGR of 9.8%.
Due to the long shelf life of frozen shrimps, the frozen shrimp segment is expected to garner the most significant share during 2027. A growing number of hotels and restaurants contributed to the growth of the commercial segment.
In addition to the rising demand for seafood products, one of the factors driving the global shrimp market is the increase in supply. Food habits are changing toward healthier products, such as seafood, which is regarded as an excellent source of animal protein. This tendency dramatically drives the market growth. Furthermore, market players will have remunerative opportunities to capitalize during the forecast period as taste and marketing levels improve.
Thus no wonder that the shrimp market will rise significantly in the coming days. It is nothing short of remarkable how the shrimp industry is thriving. As the sector navigates the dynamics of the market and the demands of consumers, this anticipated growth highlights its resilience and adaptability.
Jaber Bin Abdul Bari
Department of Oceanography, NSTU
