Global Shrimp Food Market - Industry Trends and Forecast to 2031

Shrimp Food Market Analysis and Size

The shrimp food market is witnessing significant growth propelled by escalating consumer demand for seafood and the expansion of the aquaculture sector. The market is driven by a heightened awareness of sustainable practices, fostering a preference for responsibly sourced shrimp feed. Opportunities arise from the popularity of functional shrimp feeds enriched with essential nutrients, meeting both growth and health requirements. Technological advancements allow for tailored formulations, catering to specific nutritional needs at various shrimp life stages.

Data Bridge Market Research analyzes that the global shrimp food market, which was USD 20,412.1 million in 2023, is likely to reach USD 31,099.9 million by 2031 and is expected to undergo a CAGR of 5.4% during the forecast period of 2024 to 2031.  “Frozen/Canned” dominates the form segment of the shrimp food market due to its convenience, extended shelf life, suitability for global trade, culinary versatility, year-round availability, and perceived food safety advantages.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.       

Report Scope and Market Segmentation

Market Definition

Shrimp food refers to specialized aquatic feed formulations designed for the nutrition and growth of shrimp in aquaculture. Tailored to meet the nutritional requirements of various shrimp species, this feed plays a crucial role in supporting optimal health, growth, and reproduction. Shrimp food finds extensive applications in commercial shrimp farming, serving as a key component in intensive aquaculture systems. Its end-use encompasses the cultivation of shrimp for human consumption, meeting the demands of the seafood market. The formulation of shrimp food involves a balance of essential nutrients to enhance overall shrimp well-being, ensuring sustainable and efficient production practices in aquaculture.

Global Shrimp Food Market Dynamics

Drivers

• Growing consumer demand for seafood

The shrimp food market is being propelled by an increasing demand for seafood, driven by factors such as rising health consciousness and the perception of seafood as a high-quality protein source. Shrimp, being a popular seafood choice, is witnessing heightened demand, particularly in emerging markets where disposable incomes are on the rise. This trend is likely to drive the consumption of shrimp food products, contributing to the growth of the market.

• Expansion of the aquaculture industry

The aquaculture sector plays a pivotal role in meeting the escalating demand for shrimp globally. As aquaculture practices continue to evolve, there is a significant expansion in shrimp farming activities. The adoption of advanced technologies in aquaculture, such as improved breeding techniques and sustainable farming practices, enhances shrimp production efficiency. Consequently, the demand for high-quality shrimp food is expected to surge, fostering market growth.

• Increasing awareness of sustainable practices

With growing environmental concerns, there is a rising awareness among consumers about the environmental impact of seafood production. This has led to a preference for sustainably sourced and responsibly produced shrimp. The shrimp food market is driven by the need for products that align with sustainable practices, creating opportunities for manufacturers to develop eco-friendly and ethically sourced shrimp feed formulations.

Restraints

• Fluctuating raw material prices

One of the key restraints for the shrimp food market is the volatility in raw material prices, particularly those of essential ingredients such as fishmeal and soybean meal. Fluctuations in these prices can significantly impact production costs for shrimp feed manufacturers, potentially leading to challenges in maintaining product affordability and competitiveness in the market.

• Stringent regulatory frameworks

The shrimp food market is subject to stringent regulations governing the use of certain ingredients in aquafeed formulations. Regulatory scrutiny on the environmental and health aspects of feed components can pose challenges for manufacturers. Compliance with evolving regulations and standards requires ongoing investments in research and development to ensure that feed formulations meet both performance and regulatory criteria.

Opportunities

• Rising popularity of functional shrimp feeds

The market has the opportunity to capitalize on the increasing popularity of functional shrimp feeds that not only promote growth but also enhance the health and disease resistance of shrimp. The development of feeds enriched with vitamins, minerals, and probiotics presents an avenue for manufacturers to differentiate their products and meet the evolving demands of shrimp farmers for improved yield and quality.

• Technological advancements in feed formulations

Ongoing research and technological advancements in shrimp feed formulations offer an opportunity for the market to innovate and introduce feeds that are tailored to the specific nutritional needs of shrimp at different life stages. Customized formulations that optimize growth rates feed conversion ratios, and overall health can gain traction, providing a competitive edge in the market.

Challenges

• Disease management in shrimp farms

Disease outbreaks in shrimp farms pose a significant challenge to the industry. As shrimp are susceptible to various pathogens, maintaining health and preventing diseases is crucial. The development of effective and sustainable disease management strategies, including nutritionally balanced feeds that boost shrimp immunity, is a challenge that the industry must address to ensure consistent production and meet market demands.

• Global supply chain disruptions

The shrimp food market is not immune to disruptions in the supply chain, which can arise from factors such as natural disasters, geopolitical tensions, or global health crises. Events like these can impact the availability of key raw materials, distribution networks, and overall market stability. Adapting to such unforeseen challenges and ensuring a resilient supply chain becomes imperative for players in the shrimp food market.

This shrimp food market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the shrimp food market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In August 2023, Rio Tinto has successfully negotiated a renewed agreement with the government of Madagascar regarding the fiscal future of its subsidiary, QIT Madagascar Minerals (QMM). QMM, responsible for Shrimp Food extraction, faced scrutiny in 2019 due to environmental concerns. The recent deal includes an increase in the royalty rate from 2% to 2.5%, with QMM issuing its inaugural dividend to Madagascar in 2023. To address financial issues, Rio Tinto will cancel $77 million in advances to the government, granting them a 15% ownership of QMM. This move aligns with Rio Tinto's commitment to sustainable mineral extraction, community support, and long-term benefits for all stakeholders

Global Shrimp Food Market Scope

The shrimp food market is segmented on the basis of form, type, distribution channel, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

• Fresh/Chilled
• Frozen/Canned
• Processed

Type

• Pink
• White
• Brown
• Others

Distribution Channel

• B2B
• B2C

End-User

• Residential
• Commercial

Global Shrimp Food Market Regional Analysis/Insights

The shrimp food market is analyzed and market size insights and trends are provided by form, type, distribution channel, and end-user as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, rest of Middle East and Africa.

Asia-Pacific is expected to dominate the market due to cultural significance, dietary preferences, economic growth, increased disposable income, expanding aquaculture, export opportunities, and supportive government initiatives fostering the region's seafood industry during the forecast period.

South America is expected to witness the fastest growth during the forecast period due to cultural preferences, economic growth, and increased disposable income. The expanding aquaculture sector, coupled with government support, contributes to heightened consumption and export opportunities, reflecting the region's growing appetite for seafood in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Shrimp Food Market Share Analysis

The shrimp food market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the shrimp food market.

Some of the major players operating in the shrimp food market are:  

• Thai Union Group PCL (Thailand)
• Clearwater Seafoods (Canada)
• Avanti Feeds Limited (India)
• High Liner Foods (Canada)
• Surapon Foods Public Company Limited (Thailand)
• Mazzetta Company, LLC (U.S.)
• Aqua Star (U.S.)
• Nordic Seafood A/S (Denmark)
• The Waterbase Limited (India)
• Wild Oceans (U.S.)
• Liner Foods Inc (Canada)
• Royal Greenland (Denmark)
• Maruha Nichiro Corporation (Japan)
• Mowi ASA (Norway)
• Charoen Pokphand Foods PCL (Thailand)

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