White Shrimp Market Size, Share, Growth, and Industry Analysis, By Type (Atlantic White Shrimp, Asia Pacific White Shrimp & South America White Shrimp), By Application (Household & Restaurant & Hotel) and Regional Forecast to 2032

 WHITE SHRIMP MARKET REPORT OVERVIEW

The global White Shrimp Market Size was USD 39.73 billion in 2023 and the market is projected to touch USD 59.14 billion in 2032, exhibiting a CAGR of 4.1% during the forecast period.

The white shrimp market is one of the most volatile segments of the global seafood industry owing to the growing consumer preference for this yummy seafood. The white shrimp is rather popular for its relative tenderness of flavors and high density of its body tissue and is consumed both wild and farmed. With increasing innovations in aquaculture technology and an inclination toward sustainable practices, the global market has a steady growth rate. Major stakeholders in the industry are targeting optimizing production and quality so as to meet the global demand for white shrimp. As this market is now very dynamic and highly sensitive to the changes in the consumers’ needs or preferences as well as the environment, it is expected to further grow in the future.

COVID-19 Impact: Market Growth Restrained During Pandemic Due to Supply disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The white shrimp sector was severely affected by the COVID-19 pandemic, affecting both the supply and the demand of white shrimp. Geopolitical crises, including lockdowns, disruptions of the supply chain, or limitations in the importation of shrimp, affected the supply and made the product expensive. This was further compounded by the shutdowns of the restaurants and other food service joints, given that they were among the key buyers of the white shrimp. Also, the scarcity of human resources and functional problems associated with affected aquaculture structures weakened the general outlook of the market throughout the pandemic period.

LATEST TRENDS

"The growing demand drives global market growth"

The white shrimp production is experiencing several trends in the market, whether at the global or regional level, of which sustainability and environmentalism are the largest of them all. A key emerging trend is the trend of better practices in aquaculture—IMTA and RAS systems—that have fewer negative impacts on the environment and are better in terms of resource utilization. These innovations are useful in enhancing production to increase the capability of fulfilling growing consumer demands of environmental management of sustainable seafood in shrimp, besides enhancing the quality of shrimp. The increasing popularity of such practices is expected to catalyze additional development and change in the white shrimp market.

SEGMENTATION

By Type

Based on type the market can be categorized into Atlantic White Shrimp, Asia Pacific White Shrimp & South America White Shrimp.

• Atlantic White Shrimp: Atlantic white shrimp, especially from the western Atlantic Ocean, with mild sweetness and firm texture, are appreciated. This segment is relatively less significant than other segments, but it is still a segment all the same with high quality. Their natural environments are also scarce, and generally, the overlying emphasis on sustainable fishing bows their stocks to market monopoly.
• Asia Pacific White Shrimp: Asia Pacific white shrimp enjoy a lion share in the world market thanks to large-scale aquaculture and relatively high production. Some of the leading producers include Thailand, Vietnam, and India, as these countries enjoy favorable climates and well-established farming conditions. These are represented by the following factors: Market growth in the region is increasing due to the growth of consumer demand in the area and the development of a new kind of farming—aquaculture.
• South America White Shrimp: Among the species, the South American white shrimp, especially from Ecuador and Brazil, participate a lot in exports. This segment has large-scale farming and favorable conditions, such as an appropriate climate for farming. These factors include export-oriented practices and competitiveness through offering cheap prices as major factors for their operation in the international market.

By Application

Based on application the market can be categorized into Household & Restaurant & Hotel

• Household: In the household segment, the white shrimp are preferred because they are tender and can be prepared in many ways in the home kitchen. This market is stimulated by the rise in demand for healthy meals, protein-rich meals, or meals prepared from new investments and ideas in the culinary field. The trend of home cooking and cooking kits has also added to the consumption of white shrimp in households.
• Restaurant & Hotel: The restaurant and hotel sector is reported to contribute the highest consumption of the white shrimp due to the incorporation of the product in various and quality dishes. This is in relation to customer expectations as well as to extend menu portfolios with high-quality, sustainable shrimps. Such a segment relies on upbeat dining trends and the focus on the quality of ingredients in the food services segment.

DRIVING FACTORS

"Technological advancements boost market growth and sustainability"

The demand over the globe for seafood has continuously raised over the years due to health consciousness and several tastes and preferences that include white shrimp. People buy white shrimp for nutritional value since it’s rich in proteins and, at the same time, has very low fat. Such a never-ending demand for shrimp helps in the process of market enlargement and exerts pressure in the production process which resultig white shrimp market growth.

"Environmental and health concerns limit market growth potential"

The increased development of technologies like the use of RAS and selective breeding is already increasing the opportunity for the white shrimp market. The advancement also improves productivity and increases the quality of shrimp while at the same time minimizing adverse effects on the environment. With these technologies being adopted, the global demand is met, and the growth rate in the industry is sustainable.

RESTRAINING FACTOR

"Intensive farming's environmental and health impacts limit market growth"

Another limit for the white shrimp market is that the growth of the intensive shrimp farming industry effects the habitat and water quality negatively. Uses of antibiotics and chemicals in the culture of fish also have issues to do with sustainability and health implications. These latter act as constraining factors to the growth and sustainability of the market.

WHITE SHRIMP MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America's strong infrastructure and demand drive market growth

North America holds the largest white shrimp market share due to various factors, including high consumer interest and well-developed aquaculture technologies coupled with high dependence on imports. There exists a firm supply chain and quality of products between the U.S. and Canada, so it helps to fuel the market. Also, well-established distribution channels and a focus on quality organic shrimps boost the position of North America. This dominance is backed by continuous capital expenditure towards the infrastructure of aquaculture around the world.

KEY INDUSTRY PLAYERS

Key industry players drive market growth through innovation

White shrimp market growth is being led by key industry players who are venturing into improving on the technologies used in the production of white shrimp and embracing sustainable methods. Concerning innovation, efficiency, and quality of production is boosted by issues to do with better breeding and environmentally friendly farming. Such attempts cover not only growing customer needs but also create trends and contribute to market growth and development.

List of Market Players Profiled

• Minh Phu Seafood Corp (Vietnam)
• Thai Union (Thailnd)
• Expalsa (US)
• Zhanjiang Guolian (China)
• Pescanova (Spain)

INDUSTRIAL DEVELOPMENT

July 2023: Thai Union Group, a leading seafood company, announced the expansion of its shrimp aquaculture operations by investing in sustainable farming practices for white shrimp in Thailand. This development aims to enhance production efficiency and meet the growing global demand for sustainably sourced white shrimp, reinforcing Thai Union Group's commitment to sustainable seafood practices and supply chain transparency.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global White Shrimp Marketfrom multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.