United States Shrimp Market Outlook
According to the report by Expert Market Research (EMR), the United States shrimp market reached a volume of more than 787.97 kilo tons in 2022. Aided by changing food preferences of consumers and growing health consciousness, the market is projected to further grow at a CAGR of 2.5% between 2024 and 2032.
Shrimp, recognised for its delicate taste and firm texture, is a favourite among seafood aficionados. Rich in protein, vitamins, and minerals, while being low in calories, it is not only a culinary delight but also a nutritious inclusion to the diet. It’s worth noting that shrimp is also a good source of omega-3 fatty acids, which are known for promoting heart health and reducing the risk of cardiovascular diseases.
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The shifting preference of the American consumer towards more protein-rich diets is undeniably a key driver for the United States shrimp market growth. The increased awareness about the benefits of incorporating seafood into one’s diet, especially the advantages brought by the likes of shrimp, has led to its increased consumption both within households and in restaurants. The ease of cooking shrimp, coupled with its adaptability to a myriad of recipes, has further emphasised its place in American kitchens and dining establishments.
One of the prominent United States shrimp market trends is the growing demand for sustainably farmed shrimp. Aquaculture practices are being refined and adapted to meet the growing demand, ensuring not just quantity but also quality. The farm-to-table concept is becoming increasingly prevalent with shrimp, ensuring consumers get the freshest produce that retains maximum flavour and nutrition.
Additionally, health-conscious consumers are consistently on the lookout for organic and naturally farmed shrimp. The industry has been responsive to this demand, with many farms transitioning to more organic methods of shrimp cultivation. This not only caters to the discerning consumer but also promotes sustainable and environmentally friendly farming practices.
The surging demand for shrimp from the HoReCa sector also contributes to the growing United States shrimp market size. With gourmet dishes and international cuisines gaining traction, shrimp has emerged as a staple in many menus, from traditional American dishes to exotic Asian and European preparations. Whether it’s the classic shrimp cocktail, the spicy shrimp tacos, or the ever-popular shrimp stir-fries, its demand is ever-present and ever-growing.
The convenience of frozen shrimp, ready to be cooked straight out of the freezer, has found favour with many households, ensuring that shrimp is not just an occasional treat but a regular feature in meals. Innovations in packaging, ensuring longer shelf life and retaining the freshness of the shrimp, have contributed significantly to the United States shrimp market demand.
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Factors ranging from dietary preferences, culinary innovations, to sustainable farming practices are all contributing to this growth. As the nation continues to develop its palate and demand for quality shrimp, the industry is poised to respond, ensuring that shrimp remains a favourite in the American diet for years to come.
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
United States Shrimp Market 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
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