United States Shrimp Market Outlook

The United States shrimp market size attained a volume of more than 750 kilo tons in the year 2020. The market is further expected to grow at a CAGR of 2.5% between 2021 and 2026 to attain a volume of almost 869.8 kilo tons by 2026.

The United States is the second-largest consumer of shrimps after China. In the country, shrimps are among the most consumed seafood holding about 25%-30% of the entire seafood market in the country. In the United States, the majority of the shrimp is imported from South Asian and Latin American countries.

A majority of the United States population prefers various types of meat on a daily basis. However, in recent decades, the per capita consumption of meat has dropped on account of changing food preferences of the consumers and growing health consciousness among them. This has resulted in the increasing popularity of seafood products like shrimp in the country. Shrimps are now being included in numerous recipes such as shrimp cocktails, seafood gumbo, noodle soups, and dumplings.

 

Properties and Applications

Shrimp is a small free-swimming crustacean with an elongated body, which is normally marine and is frequently of commercial importance as food.

 

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The industry is bifurcated on the basis of the environment into:

• Farming
• Processing

Out of these, the farming variants dominate the overall market, accounting for the largest share, on account of escalating shrimp imports from Asian countries such as Thailand, China, India, and Indonesia.

Based on species, the market is segmented into:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Amongst these, Penaeus Vannamei exhibits the most popular species of the product in the country.

On the basis of product categories, the industry is categorised into:

• Peeled
• Shell-on
• Cooked
• Breaded
• Others

The peeled variety currently accounts for the majority of the market share.

On the basis of the distribution channel, the idnustry is divided into:

• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
• Online Stores
• Others

Currently, hotels and restaurants represent the largest distribution channels of the product as they offer several shrimp-based dishes.

Based on production and imports, the industry is divided into:

• Domestic Production
• Imports

At present, imports represent the leading market share owing to the rising demand for the product in the United States.

 

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Market Analysis

The United States shrimp market is driven by the several health benefits offered by the product upon consumption, such as prevention of brain cell damage, prevention of numerous chronic health diseases, and an increase in the good HDL cholesterol levels in the human body. In addition to this, the United States is also observing an increase in the demand for convenient and value-added products, like cooked shrimp, tempura shrimp, breaded shrimp, and shrimp paste, which require minimal cooking, further aiding the market growth. These are further being incorporated in meals by health-conscious consumers, as they are low in calories and carbohydrates.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the United States shrimp market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

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

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

(Source: https://www.expertmarketresearch.com/)

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