United States Shrimp Market Size, Share, Trends & Growth

United States Shrimp Market Outlook

The United States shrimp market size was a volume of more than 807.67 KMT in the year 2023. Driven by the increasing consumer demand for seafood and the growing popularity of shrimp due to its health benefits, the market is projected to expand at a compound annual growth rate (CAGR) of 2.4% from 2024 to 2032, ultimately reaching a volume of almost 998.27 KMT by 2032.

Shrimp is a highly sought-after seafood that is prized for its delicate flavor and versatility in culinary applications. It is a rich source of protein and essential nutrients, including omega-3 fatty acids, vitamins, and minerals. The increasing consumer awareness of the health benefits associated with seafood consumption has positioned shrimp as a preferred choice among health-conscious individuals. Additionally, shrimp is widely utilized in various dishes, ranging from appetizers and main courses to salads and pasta, further bolstering its popularity in the culinary landscape.

Drivers of Growth

The growth of the United States shrimp market is primarily fueled by several factors, including the rising demand for protein-rich foods, the increasing awareness of the health benefits of seafood, and the versatility of shrimp in various culinary applications. As consumers continue to prioritize healthier diets, the demand for protein sources such as shrimp has surged. Shrimp is low in calories and saturated fat while being high in protein, making it an attractive option for those seeking nutritious meal choices.

Moreover, the popularity of shrimp in the restaurant industry has significantly contributed to market growth. Shrimp is a staple in many cuisines, including Asian, Mediterranean, and American. The increasing number of restaurants and food service establishments offering shrimp dishes has further elevated consumer access and preference for this seafood. Additionally, the trend of incorporating shrimp into ready-to-eat and convenience meals has made it a convenient choice for busy consumers seeking quick and nutritious meal options.

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Expanding Applications

The applications of shrimp are vast and varied, encompassing a range of culinary uses and processing methods. In the restaurant industry, shrimp is often featured in dishes such as shrimp cocktails, shrimp scampi, and stir-fried dishes, showcasing its versatility as a protein source. The increasing popularity of international cuisines, particularly Asian and Latin American, has further expanded the demand for shrimp as a key ingredient in various culinary preparations.

In addition to its traditional uses, the shrimp market has seen significant growth in the frozen and processed shrimp segments. The convenience of frozen shrimp products, including pre-cooked and breaded varieties, has made it easier for consumers to incorporate shrimp into their meals. The growing trend of meal kits and home cooking has also contributed to the rising demand for processed shrimp products, allowing consumers to create restaurant-quality meals at home.

Furthermore, the expanding use of shrimp in the snack and appetizer market is an emerging trend. Shrimp-based snacks, such as shrimp chips and shrimp crisps, are gaining popularity among consumers seeking flavorful and innovative snack options. This diversification of applications is expected to drive the growth of the United States shrimp market in the coming years.

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United States Shrimp Market Segmentation

The market can be divided based on environment, species, product category, distribution channel, and production and imports.

Market Breakup by Environment

Farming
Processing

Market Breakup by Species

Penaeus Vannamei
Penaeus Monodon
Macrobrachium Rosenbergii
Others

Market Breakup by Product Category

Peeled
Shell-on
Cooked
Breaded
Others

Market Breakup by Distribution Channel

Hypermarkets and Supermarkets
Convenience Stores
Hotels and Restaurants
Online Stores
Others

Market Breakup by Production and Imports

Domestic Production
Imports

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States shrimp market. Some of the major players explored in the report by Expert Market Research are as follows:

Aqua Star
Harbor Seafood
Eastern Fish Company
Mazzetta Company, LLC
Others

Challenges and Market Restraints

Despite the promising growth prospects, the United States shrimp market faces several challenges. One of the primary concerns is the sustainability of shrimp farming practices. As the demand for shrimp continues to rise, concerns about overfishing, habitat destruction, and the environmental impact of shrimp farming have come to the forefront. Consumers are increasingly seeking sustainably sourced seafood, and shrimp producers must adapt to these preferences to remain competitive in the market.

Additionally, the shrimp industry is susceptible to fluctuations in supply and pricing due to various factors, including disease outbreaks in shrimp farms and changing regulations on seafood imports. Such uncertainties can impact the availability and cost of shrimp, affecting market dynamics.

Furthermore, the increasing competition from alternative protein sources, such as plant-based proteins and other seafood options, presents a challenge for the shrimp market. Consumers’ growing interest in sustainable and ethically sourced food products may lead to a shift in preferences, impacting shrimp consumption.

Future Prospects and Opportunities

Looking ahead, the United States shrimp market is poised for significant growth, driven by emerging trends and opportunities. The increasing emphasis on sustainability and responsible sourcing is expected to shape the future of the shrimp industry. Producers that adopt sustainable farming practices and obtain certifications for responsible sourcing are likely to gain a competitive edge in the market, appealing to environmentally conscious consumers.

The rise of e-commerce and online grocery shopping also presents new opportunities for the shrimp market. As consumers increasingly turn to online platforms for their grocery needs, shrimp producers can leverage this trend to expand their reach and enhance consumer accessibility. Providing convenient options for purchasing fresh or frozen shrimp online can cater to the evolving shopping preferences of consumers.

Additionally, the growing trend of health and wellness is expected to further bolster the shrimp market. As consumers continue to prioritize nutritious diets, shrimp’s nutritional profile positions it as a favorable protein choice. Marketing campaigns highlighting the health benefits of shrimp, coupled with innovative recipe ideas and cooking methods, can drive consumer interest and consumption.

Moreover, the exploration of new culinary applications and product innovations is anticipated to enhance the shrimp market’s growth. Introducing new shrimp products, such as ready-to-eat meals, flavored shrimp, and value-added options, can cater to changing consumer preferences and drive sales.

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