Shrimp Meal Market is Expected to Reach US$ 11,063.3 Million with as a CAGR of 7.1% by 2034

Increased aquaculture production driving shrimp by-product supply States Fact. MR

ROCKVILLE, MD, UNITED STATES, December 17, 2024 /EINPresswire.com/ -- According to Fact.MR, a market research and competitive intelligence provider, the global shrimp meal market is estimated to reach a valuation of US$ 5,571.7 million in 2024. It is expected to grow at a CAGR of 7.1% during the forecast period of 2024 to 2034.

The shrimp meal market has been progressing consistently within the past few decades and the ever-growing olive oil and pomace oil production has been the leading cause behind this development. To begin with, tobacco smoking in the world has become rampant causing many countries to adopt the aquaculture industry, especially shrimp farming which has led to an increase in the processing-to-consumption ratio of shrimp processing waste into meals.

Global shrimp meal market scope. Shrimp meal is extremely rich in protein, minerals, and other nutritional sources majorly incorporated in animal feeder’s diets with special emphasis to aquaculture.

The high protein, amino acids, and micronutrient content of shrimp meal supplement its utilization in feeds for aquatic and non-aquatic animals. Therefore, because commercial livestock, poultry, and pet food manufacturers look for cheap yet highly nutritious sources of protein, the market has also seen its share of growth for shrimp meal.

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Key Takeaways from the Shrimp Meal Market Study:

The global shrimp meal market is projected to grow at 7.1% CAGR and reach US$ 11,063.3 million by 2034 The market created an opportunity of US$ 5,491.5 million between 2024 to 2034

North America is a prominent region that is estimated to hold a market share of 24.3% in 2034 Predominating market players include Copeinca ASA., FF Skagen A/S & Pesquera Diamante S.A.

Refined Shrimp Meal by product type is estimated to grow at a CAGR of 7.1% creating an absolute $ opportunity of US$ 3,833.1 million between 2024 and 2034 Aquaculture Feed under by Application is expected to reach around US$ 3,125.7 million by 2024

“Expansion of commercial livestock farming, especially in emerging markets, driving feed demand.” says Fact.MR analyst.

Leading Players Driving Innovation in the Shrimp Meal Market:

The Key Players in the Food Shrimp Meal Industry include Archer Daniels Midland Company (ADM); Austevoll Seafood ASA; Copeinca ASA; Corpesca SA; CP Group (Charoen Pokphand Foods); Dalian Longyuan Marine Protein Manufacturing; FF Skagen A/S; Grand Ocean Biotechnology Co., Ltd.; Koyo Corporation; Nissui Corporation; Oceana Group Limited; Omega Protein Corporation; Wel-Pac (JFC International); Other Prominent Players.Development by Market Players in the Shrimp Meal Market

Archer Daniels Midland Company (ADM): In Oct 2024, Archer Daniels Midland Company (ADM) announced a strategic partnership with local farmers in Brazil to enhance sustainable agriculture practices. This initiative aims to improve crop yields while minimizing environmental impact, showcasing ADM's commitment to sustainability and innovation in food production.

CP Group: In Oct 2023, CP Group is prioritizing innovation in aquaculture feed production as part of its growth strategy. The company is investing in research and development to enhance the nutritional profile of its products, aiming to meet the growing demand from the aquaculture sector while adhering to sustainable practices

Siam Canadian Foods Co., Ltd.: In Oct 2024, Siam Canadian Foods launched a new line of sustainable seafood products aimed at health-conscious consumers. This initiative reflects the company's commitment to meeting evolving consumer preferences while supporting responsible fishing practices
Country-wise Insights:

How Can Shrimp Production and Sales Be Differentiated in Japan?

The Japanese market is expected to reach US$ 341.4 million in 2024 and grow at a compound annual growth rate (CAGR) of 8.2% until 2034. From 2024 to 2034, this market is expected to have an absolute potential worth US$633.3 million.

Japanese farmers are meeting the growing demand for seafood that is both healthy and environmentally sustainable by producing organic shrimp. Certified organic shrimp must meet a number of requirements, including using no chemical feeds, having a minimal environmental impact, and not using antibiotics or artificial additives.

Since trends have changed and people now prioritize food safety, quality, and environmental impact, this is one of the certifications that consumers enjoy and support.

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Why Is Norway Another Important Shrimp Meal Market?

Norway's geographic location is ideal for the distribution of fish and marine products throughout Europe. Major shipping lanes in the North Atlantic, where the nation is situated, allow seafood items to be transported to EU markets, cutting down on transit time and guaranteeing that the goods are "always fresh." The transportation of seafood items from the point of production to the markets is also fully integrated with cold chain logistics, which is part of the current framework.

Products that are sensitive to temperature, like shrimp meal, which must be stored under strict conditions to preserve its nutritional value and quality, benefit from this arrangement. Furthermore, because Norway is governed by the European Commission, trade procedures are less onerous.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global bio-active peptide market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights based on Product Type (Crude Shrimp Meal, Refined Shrimp Meal), Application (Aquaculture Feed[Fish farming, Shrimp farming, Other aquatic species], Poultry Feed[Broiler feed, Layer feed, Other poultry applications], Livestock Feed[Pig feed, Cattle feed, Other livestock], Pet Food[Dog food, Cat food, Other pet nutrition]), End-User Industry (Commercial Feed Manufacturers[Large-scale feed production, Industrial applications],

Small-Scale Farmers, Pet Food Companies[Premium pet food brands, Specialty nutrition]) Ingredient Source (Organic Shrimp meal, Conventional Shrimp meal) & Packaging Type (Bulk Packaging, Retail Packaging, Eco-Friendly Packaging)across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East & Africa).

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