North America Shrimp Market Size, Share, and COVID-19 Impact Analysis, By Form (Chilled, Frozen / Canned, and Processed), by Distribution Channel (Off-Trade, On-Trade), and North America Shrimp Market Insights, Industry Trend, Forecasts to 2032

North America Shrimp Market Insights Forecasts to 2032

• The North America Shrimp Market Size was valued at USD XX Billion in 2022.
• The Market is Growing at a CAGR of 3.2% from 2022 to 2032
• The North America Shrimp Market Size is expected to reach USD XX Billion by 2032

The North America Shrimp Market size was valued at USD XX Billion in 2022. The North America Shrimp Market is expected to reach USD XX Billion by 2032, at a CAGR of 3.2% during the forecast period 2022 to 2032. The North American shrimp market continues to thrive due to increasing consumer demand, product innovation, and the integration of sustainable practices. The industry is poised for further growth, driven by evolving consumer preferences and the constant pursuit of quality and sustainability.    

Market Overview

The North America shrimp market is a thriving industry that encompasses the production, distribution, and consumption of shrimp in the region. Shrimp, a popular seafood delicacy, holds significant economic and cultural value in North America. The market comprises various stakeholders, including shrimp farmers, processors, distributors, and retailers, all working together to meet the growing demand for shrimp. In recent years, the North America shrimp market has witnessed steady growth, driven by several factors. Firstly, the rising consumer preference for healthy and protein-rich diets has led to an increased demand for seafood, including shrimp. Shrimp is known for its high nutritional content, low fat content, and versatility in culinary applications, making it a sought-after choice among health-conscious consumers.

Furthermore, the accessibility of imported shrimp from countries like Ecuador, Mexico, and Canada has expanded the availability and variety of shrimp products in North America. This has not only contributed to the market growth but has also created a competitive environment among domestic and international shrimp suppliers.

Report Coverage

This research report categorizes the market for North America shrimp market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America shrimp market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America shrimp market.

Driving Factors

Shrimp is a highly popular seafood choice among consumers in North America. The growing awareness of the health benefits associated with seafood consumption, such as its high protein content and low-fat levels, has led to an increased demand for shrimp. Consumers are also drawn to the versatility of shrimp in various culinary applications, making it a sought-after ingredient in restaurants and households.

The North America shrimp market caters to both the food service and retail sectors. The growth of the food service industry, including restaurants, hotels, and catering services, has contributed to the increasing demand for shrimp as a menu staple. Additionally, the availability of frozen shrimp and value-added shrimp products in retail outlets has made shrimp more accessible to consumers, further driving market growth.

The shrimp industry has witnessed significant advancements in aquaculture techniques, leading to increased production efficiency and improved quality. Innovations in hatchery operations, disease management, and feed formulations have contributed to higher yields and enhanced shrimp quality. These advancements have helped meet the rising demand while maintaining product consistency and minimizing price fluctuations.

Restraining Factors

The increasing production costs can restrain the growth of the shrimp market. Factors such as feed costs, labor expenses, energy prices, and regulatory compliance can significantly impact the profitability of shrimp farming and processing operations. High production costs can reduce profit margins and make it difficult for local shrimp businesses to compete with cheaper imports.

Disease outbreaks in shrimp farms can have severe consequences on the industry. Viral diseases, such as the White Spot Syndrome Virus (WSSV) and the Infectious Myonecrosis Virus (IMNV), can cause significant losses and even lead to the closure of affected farms. Disease prevention measures, biosecurity protocols, and research for disease-resistant shrimp varieties are essential to mitigate this restraint.

Market Segment 

The North America Shrimp Market share is segmented into form and distribution channel.

• The frozen / canned segment is expected to hold the largest share of the North America shrimp market during the forecast period. 

Based on the form, the North America shrimp market is segmented into chilled, frozen / canned, and processed. Among these, the frozen / canned segment is expected to hold the largest share of the North America shrimp market during the forecast period. The growth can be attributed to factors such as its widespread availability, longer shelf life, and convenience for consumers. Frozen and canned shrimp products have gained popularity due to their ability to be stored for extended periods without compromising quality. Additionally, the growing demand for quick and easy meal solutions has contributed to the prominence of frozen and canned shrimp in the market. 

• The off-trade segment is expected to hold the largest share of the North America shrimp market during the forecast period.  

Based on the distribution channel, the North America shrimp market is classified into off-trade and on-trade. Among these, the off-trade segment is expected to hold the largest share of the North America shrimp market during the forecast period. The growth can be attributed to several factors, including the widespread availability of shrimp through retail channels, the convenience and flexibility it offers to consumers for at-home preparation, and the overall higher frequency of shrimp consumption in households. The off-trade segment benefits from the large consumer base that purchases shrimp for cooking and consumption at their own convenience.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America shrimp market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 

List of Key Companies

• Admiralty Island Fisheries Inc.
• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• On February 2022, The Coastal Companies, a leading fresh produce distributor and value-added processer, was acquired by Sysco. The acquisition will be operated as part of FreshPoint, Sysco's specialty produce business, and will allow FreshPoint to improve its service to the critical Mid-Atlantic region, strategically diversify its portfolio by adding retail and ready-to-eat capabilities, and add state-of-the-art facilities with future growth potential.

Market Segment

This study forecasts revenue at, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the North America Shrimp Market based on the below-mentioned segments:

North America Shrimp Market, By Form

• Chilled,
• Frozen / Canned
• Processed

North America Shrimp Market, By Distribution Channel 

• Off-Trade
• On-Trade