| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| North America Shrimp Market Size 2023 |
USD 14,115.58 Million |
| North America Shrimp Market, CAGR |
5.39% |
| North America Shrimp Market Size 2032 |
USD 22,705.22 Million |
Market Overview
The North America Shrimp Market is projected to grow from USD 14,115.58 million in 2023 to an estimated USD 22,705.22 million by 2032, with a compound annual growth rate (CAGR) of 5.39% from 2024 to 2032. This robust growth is driven by the increasing demand for seafood, particularly shrimp, due to its versatility and nutritional benefits.
Market drivers include the rising consumption of shrimp in various forms, such as frozen, canned, and fresh, across both foodservice and retail sectors. Additionally, advancements in aquaculture technology and sustainable farming practices are enhancing shrimp production efficiency, contributing to market growth. The trend towards organic and ethically sourced shrimp is also gaining traction, influencing consumer purchasing decisions.
Geographically, the United States dominates the North America Shrimp Market, followed by Canada and Mexico. The U.S. market is driven by high shrimp consumption and strong demand from the foodservice industry. Key players in the market include companies such as Maruha Nichiro Corporation, Thai Union Group, High Liner Foods, and Pacific Seafood, who are focusing on expanding their product portfolios and improving supply chain efficiencies to maintain a competitive edge.
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Market Drivers
Growing Consumer Demand for Protein-Rich Diets
The increasing awareness of health and nutrition among consumers in North America is driving the shrimp market. The shrimp remains the most popular seafood in the United States, with per capita consumption reaching 5 pounds in 2020. This represents a significant increase from previous years, highlighting the growing demand for this protein-rich food. The shrimp is low in calories while being an excellent source of protein, providing about 20 grams per 3-ounce serving. Additionally, shrimp contains beneficial omega-3 fatty acids and essential minerals like selenium and zinc. The versatility of shrimp in various cuisines has also contributed to its popularity. 84% of Americans add seafood to their diets to eat healthier. The increasing prevalence of health-conscious consumers is expected to continue driving the market forward, with shrimp being recognized as a valuable addition to a balanced diet.
Advancements in Aquaculture and Sustainable Practice
Technological advancements in aquaculture have played a pivotal role in boosting shrimp production in North America. An aquaculture production in the United States has been steadily increasing, with marine aquaculture growing by about 3.3% per year since 2009. The global aquaculture production of whiteleg shrimp, the most commonly farmed species, reached 4.9 million tonnes in 2020. In North America, the adoption of sustainable practices has gained momentum. The Global Aquaculture Alliance’s Best Aquaculture Practices (BAP) certification program has seen increasing participation, with over 2,900 certified facilities worldwide as of 2021. This shift towards sustainability is driven by consumer demand, 73% of global consumers say they would definitely or probably change their consumption habits to reduce their environmental impact. The growing focus on sustainability not only enhances the marketability of shrimp but also ensures the long-term viability of shrimp farming in the region.
Expansion of the Foodservice Sector
The expansion of the foodservice sector in North America has been a major driver of the shrimp market. The restaurant industry’s sales were projected to reach $899 billion in 2020 before the pandemic impact. Despite setbacks, the industry has shown resilience and continues to be a significant consumer of shrimp. About 70% of seafood consumed in the United States is eaten at foodservice establishments. A shrimp appears on 80% of restaurant menus across all segments, making it one of the most widely available seafood options. The versatility of shrimp in various cuisines has contributed to its popularity in foodservice. For instance, the shrimp scampi, shrimp cocktail, and fried shrimp are among the top seafood dishes ordered in restaurants. As the foodservice industry continues to recover and expand, the demand for shrimp is expected to rise further.
Rising Popularity of Ready-to-Eat and Frozen Shrimp Products
The convenience offered by ready-to-eat (RTE) and frozen shrimp products has become a key driver of the North America Shrimp Market. With busy lifestyles and changing consumer preferences, there has been a growing demand for convenient meal solutions that require minimal preparation time. Frozen shrimp products, which are easy to store and cook, have gained significant traction among consumers. The availability of a wide range of frozen shrimp options, such as pre-cooked, peeled, deveined, and marinated varieties, has made it easier for consumers to incorporate shrimp into their meals. Additionally, the increasing popularity of RTE shrimp products, such as shrimp salads, shrimp sushi, and shrimp wraps, has contributed to the market’s growth. These products cater to the demand for quick, nutritious, and delicious meals, making them a popular choice for consumers seeking convenience without compromising on quality. The growth of e-commerce and online grocery platforms has also facilitated the accessibility of frozen and RTE shrimp products, further driving their demand. As consumers continue to seek convenient meal options, the demand for RTE and frozen shrimp products is expected to rise, contributing to the overall growth of the North America Shrimp Market.
Market Trends
Increasing Preference for Sustainable and Ethically Sourced Shrimp
A significant trend in the North America shrimp market is the growing consumer preference for sustainable and ethically sourced shrimp. As awareness of environmental and social issues rises, consumers are increasingly demanding transparency in the supply chain and seeking products that align with their values. For instance over 60% of North American shoppers consider sustainability certifications important when purchasing seafood. This shift has prompted a surge in the popularity of shrimp certified by organizations like the Aquaculture Stewardship Council (ASC) and Marine Stewardship Council (MSC). Retailers and foodservice providers are responding by offering a wider selection of sustainably sourced shrimp products, often highlighting these certifications on packaging and menus. Government data shows that imports of certified sustainable shrimp to North America have increased by 25% over the past three years. This trend is driving the industry towards more responsible practices, with producers investing in technologies and methods that minimize ecological footprints, such as closed-loop aquaculture systems and improved waste management techniques.
Growth of Value-Added Shrimp Products
Another key trend in the North America shrimp market is the increasing popularity of value-added shrimp products. Consumers are seeking convenience, leading to a rise in demand for shrimp that is pre-cooked, peeled, deveined, and marinated. For instance, the sales of value-added shrimp products in North America have grown at twice the rate of raw shrimp over the past five years. Companies are capitalizing on this trend by offering a diverse range of products catering to various tastes and dietary preferences. From ready-to-cook shrimp skewers to flavored shrimp in sauces, these products are gaining traction in both retail and foodservice sectors. The imports of prepared or preserved shrimp to North America have increased by 15% annually over the last three years. The growth of value-added shrimp products is also supported by the expanding frozen foods market. Additionally, with the increasing popularity of home cooking and meal kits, particularly in the post-pandemic era, industry surveys indicate that over 70% of consumers now prefer value-added seafood products for easy meal preparation.
Market Restraints and Challenges
Volatility in Raw Material Prices and Supply Chain Disruptions
The North America Shrimp Market faces significant challenges due to volatile raw material prices and supply chain disruptions. The shrimp feed costs have fluctuated considerably in recent years, impacting production costs and profitability for farmers. For instance, data from a major aquaculture feed supplier shows that feed prices have experienced double-digit percentage increases in some years. Supply chain issues have also been a major concern, with government reports indicating widespread disruptions during the COVID-19 pandemic. A significant portion of shrimp producers experienced delays in transportation and distribution. These challenges have led to inconsistent supply and pricing volatility in the market. Additionally, labor shortages in processing facilities have further complicated the supply chain, as noted in reports from state labor departments across shrimp-producing regions.
Stringent Regulatory and Environmental Compliance Requirements
The North America Shrimp Market is heavily impacted by stringent regulatory and environmental compliance requirements. An increasing number of regulations related to food safety, environmental protection, and sustainable practices in the aquaculture industry. For instance, environmental protection agencies have implemented stricter guidelines for water usage and waste management in shrimp farming operations. A significant percentage of shrimp farmers have had to make substantial investments in new technologies and infrastructure to meet these requirements. Certification bodies report a growing demand for sustainability certifications like ASC and MSC, with data showing an increase in the number of certified shrimp farms in North America. However, these certifications come with additional costs and audit requirements. Government reports also highlight increased enforcement actions and penalties for non-compliance with environmental regulations in the aquaculture sector. These factors collectively create barriers to entry and expansion in the market, particularly for smaller producers.
Market Segmentation Analysis
By Species
The North America Shrimp Market is categorized by various shrimp species, with the most prominent being Litopenaeus vannamei (commonly known as Pacific white shrimp), which dominates the market due to its favorable growth conditions, ease of farming, and high consumer demand. Other notable species include Trachipenaeus curvirostris, Pleoticus muelleri (Argentine red shrimp), Acetes japonicus, and several others. These species cater to diverse consumer preferences and are often distinguished by taste, size, and texture. The availability and popularity of these species can vary depending on regional culinary trends and environmental conditions. For instance, in areas where diseases occur mainly in the rainy season, a polyculture farm with tilapia, crabs, and sea bass has been observed to be more resilient. This approach demonstrates how market segmentation by species can be influenced by environmental factors and farming practices.
By Sources
The market is segmented into shrimp sourced from the wild and those farmed through aquaculture. Wild-caught shrimp, traditionally valued for their flavor and perceived quality, have seen consistent demand but are increasingly facing sustainability challenges due to overfishing and environmental concerns. Conversely, shrimp from aquaculture, particularly L. vannamei, have grown significantly due to advancements in farming technologies and a push towards more sustainable practices. Aquaculture is becoming the dominant source in the market, driven by the need to meet the growing demand while addressing environmental and regulatory concerns. For instance, in low-income countries, the per capita apparent consumption of seafood, including shrimp, has been observed to be lower compared to high-income countries. This data suggests that market segmentation by source may also be influenced by economic factors and consumption patterns across different regions.
Segments
Based on Species
- vannamei (Whiteleg Shrimp)
- Trachipenaeus curvirostris
- Pleoticus muelleri (Argentine Red Shrimp)
- Acetes japonicus
- Others
Based on Source
Based on Form
- Green/Head-off
- Green/Head-on
- Peeled
- Breaded
- Others
Based on Distribution Channel
- Convenience Stores
- Specialty Stores
- Online
- Others
Based on Region
- Unied States
- Canda
- Mexico
Regional Analysis
United States (65%):
The United States holds the largest share of the North America Shrimp Market, accounting for approximately 65% of the total market. For instance, the shrimp has consistently ranked as the most consumed seafood in the U.S. for several years. Government surveys indicate that shrimp consumption per capita has steadily increased over the past decade. The U.S. Department of Commerce reports that shrimp imports have risen significantly to meet this growing demand. For instance, import volumes from major suppliers like India and Indonesia have shown double-digit growth in recent years. The retail sales of value-added shrimp products have experienced particularly strong growth.
Canada (20%):
Canada represents about 20% of the North America Shrimp Market, with steady growth observed in recent years. Statistics Canada data shows that seafood consumption, including shrimp, has been rising steadily. For instance, a majority of Canadians are incorporating more seafood into their diets for health reasons. Government reports indicate that domestic shrimp aquaculture production has increased to meet some of this demand. For instance, there is a growth in shrimp farming operations, particularly in coastal provinces. Industry data shows that sales of sustainably certified shrimp products have seen notable increases in Canadian supermarkets over the past few years.
Key players
- Admiralty Island Fisheries
- Beaver Street Fisheries
- Dulcich Inc.
- Gulf Shrimp Co. LLC
- Millennium Ocean Star Corporation
- NaturalShrimp Inc.
- Pacific American Fish Company Inc.
- Paul Piazza & Son Inc.
- Sysco Corporation
- The American Shrimp Company
Competitive Analysis
The North America Shrimp Market is highly competitive, with a mix of established players and emerging companies vying for market share. Key players such as Sysco Corporation and Beaver Street Fisheries dominate the distribution channels, leveraging their extensive networks and strong relationships with retailers and foodservice providers. Companies like Admiralty Island Fisheries and Dulcich Inc. focus on sourcing and processing high-quality shrimp, ensuring a steady supply of both wild-caught and farmed varieties. Innovation in sustainable aquaculture practices is a hallmark of companies like NaturalShrimp Inc., which aims to meet the growing consumer demand for ethically sourced seafood. The presence of specialized firms like Paul Piazza & Son Inc. and The American Shrimp Company further intensifies competition, as these companies emphasize regional flavors and premium product offerings. Overall, the market’s competitive landscape is shaped by the players’ ability to adapt to evolving consumer preferences and regulatory demands.
Recent Developments
- In July 2024, Beaver Street Fisheries partnered with iFoodDS to launch a proof-of-concept seafood traceability initiative. While not directly related to tablet counting machines, this development showcases the company’s commitment to innovation in the seafood industry.
- In May 2024, NaturalShrimp provided an update on its e-commerce initiative, which was successfully launched as a pilot program in December 2022.
- In April 2024, NaturalShrimp completed a successful trial of its patented Electrocoagulation (EC) and Hydrogas technologies at an aquaculture farm in Japan.
- In October 2023, Sysco Corporation announced plans to acquire Edward Don & Company (DON), a leading equipment and supplies distributor to the foodservice industry. While this acquisition is not directly related to tablet counting machines, it demonstrates Sysco’s strategy for expansion in the foodservice sector.
Market Concentration and Characteristics
The North America Shrimp Market is moderately concentrated, with a mix of large multinational corporations and regional players driving market dynamics. The market is characterized by significant competition among established companies such as Sysco Corporation and Beaver Street Fisheries, which dominate the distribution channels, and specialized firms like Paul Piazza & Son Inc., focusing on premium and region-specific shrimp products. The industry is also marked by a growing emphasis on sustainability, with companies increasingly adopting eco-friendly aquaculture practices to meet rising consumer demand for ethically sourced shrimp. Market concentration is further influenced by the ability of these key players to maintain supply chain efficiency, meet stringent regulatory requirements, and innovate in response to evolving consumer preferences.
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Report Coverage
The research report offers an in-depth analysis based on Species, Source, Form, Distribution Channel and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
- The North America Shrimp Market is expected to see continued growth driven by increasing consumer preferences for high-protein, low-fat foods and seafood, particularly shrimp.
- Advancements in aquaculture technology will enhance production efficiency and sustainability, supporting the market’s ability to meet rising demand.
- The market will likely continue to emphasize sustainable practices, with more shrimp farms adopting eco-friendly methods to address environmental concerns and regulatory requirements.
- The introduction of new value-added products, such as pre-cooked, marinated, and breaded shrimp, will cater to the growing demand for convenience and ready-to-cook options.
- E-commerce platforms are expected to gain a larger share of the market as consumers increasingly prefer online shopping for convenience and access to a wider variety of shrimp products.
- Stricter regulations related to food safety and environmental impact will shape the industry, pushing companies to innovate and comply with high standards.
- The growing focus on health and wellness will drive demand for shrimp as a low-calorie, high-protein food, aligning with broader dietary trends.
- Regional consumption patterns will continue to differ, with the U.S. leading in market size and Canada and Mexico showing gradual growth, influenced by local culinary preferences and economic conditions.
- The market will remain competitive, with key players leveraging technology, sustainability, and strategic partnerships to enhance their market positions and address consumer needs.
- Companies will invest in improving supply chain resilience to mitigate risks from disruptions and ensure consistent product availability, enhancing overall market stability.
