The shrimp meal market in the United States is experiencing significant growth, driven by rising consumer demand, increasing disposable incomes, and a growing preference for healthy, protein-rich foods. Within the broader aquaculture and animal feed industries, the worldwide market for shrimp meal is expanding quickly. A crushed powder made from cooked or dried shrimp meal, shrimp meal is used in many feed applications, particularly as an inexpensive protein supplement for aquaculture and animal feed.
Market Value and Growth Drivers
By 2024, the worldwide shrimp meal market is expected to be worth US$5,571.7 million. It is expected to grow at a notable compound annual growth rate (CAGR) of 7.1% to reach US$11,063.3 million by 2034. In 2024, refined shrimp meal by product type will have a global market share of 69.8% and be valued at about US$3,889.1 million.The rising health consciousness among consumers, coupled with the availability of convenient, ready-to-cook shrimp products, is significantly boosting demand.
Key Findings
Consumer Demand: The demand for shrimp is driven by its versatility, appealing flavor, and recognition as a healthy source of protein. Shrimp is low in calories, high in protein, and contains essential nutrients like omega-3 fatty acids, vitamin B12, and selenium2.
Technological Advancements: Innovations in aquaculture have improved shrimp farming practices, ensuring a steady and high-quality supply. This has contributed to the market's sustained expansion1.
Online Retail Channels: The rapid growth of online retail channels and e-commerce platforms has made it easier for consumers to access shrimp products, further contributing to market growth.
Restraints
Despite the positive outlook, the shrimp meal market faces some challenges. Environmental concerns related to shrimp farming, such as water pollution and habitat destruction, pose significant restraints. Additionally, fluctuations in shrimp prices due to supply chain disruptions and regulatory changes can impact market growth.
Latest News
Recent news highlights the ongoing efforts by the industry to ensure traceability and sustainability in shrimp sourcing. These efforts are expected to enhance consumer confidence and drive market demand2. Moreover, the introduction of innovative shrimp-based products, such as pre-seasoned and ready-to-eat shrimp meals, is attracting a wider audience.
Market Manufacturers
Key players in the United States shrimp meal market include major seafood processors and distributors such as Pacific Seafood Group, Aqua Star, and Stavis Seafoods. These companies continue to innovate in product offerings and distribution channels to capture a larger share of the growing market.
Conclusion
The shrimp meal market in the United States is poised for continued growth, driven by consumer demand for healthy, protein-rich foods and technological advancements in aquaculture. While challenges such as environmental concerns and price fluctuations exist, the industry's efforts towards sustainability and innovation are expected to support market expansion.
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