Shrimp Market - Growth, Trends, and Forecast (2019 - 2024)

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Jun 24, 2019, 17:52 ET

NEW YORK, June 24, 2019 /PRNewswire/ -- Market Overview
- The global market for shrimps was valued at USD 45 billion in 2018, and it is estimated to register a CAGR of 5.2% during the forecast period, 2019-2024.

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- China and Thailand are the world's leading producers of shrimp, accounting for nearly 75% of the global shrimp production. In 2018, Thailand was the biggest shrimp producer with shrimp production of 2.59 million metric ton.
- Shrimp species, such as whiteleg shrimp, giant tiger shrimps, gulf shrimps, blue shrimps, and royal red shrimps, are the most popular varieties that are consumed all over the world.

Scope of the Report
A shrimp can be defined as a small-sized marine crustacean with an elongated body, typically consumed as food, hence, is of high commercial importance. The report presents a wide-ranging analysis of the size of shrimp markets, worldwide.

Key Market Trends
Contract Farming Initiatives by Exporters Driving the Market

One of the key drivers of the growth of the shrimp market is increasing production through contract farming. Under the contract farming, the commissioners, who are often the big export firms, supply the farmers with seeds, feed, and technology required for the production. In many developing countries, shrimp cultivation is also encouraged through various governmental policies, such as easy credit policies. One of the major challenges in shrimp farming is the outbreak of certain diseases, such as early mortality syndrome. A recent outbreak of the early mortality syndrome disease in China and Thailand, especially across the contract farms, has impacted the shrimp production and its global supply to a considerable extent, in 2016 and 2017.

Asia-Pacific Leads the Shrimp Market

Asia-Pacific has been leading the shrimps market for a long period of time. Thailand has been the largest exporter of shrimp to the United States, which is the world's biggest market for shrimp, for almost every year. As the early mortality syndrome disease impacted the Thailand shrimp production, India emerged as one of the largest producers and exporters of shrimps in 2018. Adoption of Pacific white shrimp as the prominent species by the India's growing aquaculture industry, especially in the contract farming sector, is one of the main factors, which helps India to expand more into the US shrimp market.

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