Shrimp Meal Market

Shrimp Meal Market Outlook (2024 to 2034)

The global shrimp meal market will be valued at US$ 5,571.7 million by 2024 and has been forecasted to expand at a noteworthy CAGR of 7.1% to reach US$ 11,063.3 million by 2034. Refined shrimp meal by product type will be worth around US$ 3,889.1 million in 2024 and account for a 69.8% global market share.

The global shrimp meal market is a rapidly growing within the general aquaculture and animal feed industry. Shrimp meal, a crushed powder obtained from cooked or dried shrimp meal, is favored in various feed applications, especially in aquaculture and livestock feeding as a cheap protein additive.

The demand for Shrimp Meal products has grown at healthy rates as a result of intensifying aquaculture production as well as increasing preference for sustainable raw materials. The growth of the market is especially noticeable in regions where the infrastructure for processing shrimp exists since raw materials for Shrimp Meal are easily available.

Sales of shrimp meal products are particularly focused in Asian markets as the existing large-scale aquaculture and advanced level of processing support each other and progress the development of the market. This will be the case for some time as feed manufacturers will continue to look for affordable and environmentally friendly sources of protein, thus shrimp meal will be positioned into animal nutrition market trends as an important ingredient.

Report Attributes	Details
Shrimp Meal Market Size (2023A)	US$ 5,202.4 Million
Estimated Market Value (2024E)	US$ 5,571.7 Million
Forecasted Market Value (2034F)	US$ 11,063.3 Million
Global Market Growth Rate (2024-2034)	7.1% CAGR
East Asia Market Share (2024)	22.4%
United States Market Growth Rate (2024-2034)	7.5% CAGR
Key Companies Profiled	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.

Sales Analysis of Shrimp Meal (2019 to 2023) vs. Market Forecasts (2024 to 2034)

The value of the shrimp meal market was US$ 3,874.9 million in 2019 and it will increase to US$ 5,202.4 million by 2023, expanding at a CAGR of 6.0%.

• Short Term (2024 to 2028): Between the years 2024 and 2028, the market is growing by exponentially in commercial livestock farming across emerging economies, South America and Africa in particular. This growth has resulted in an insatiable appetite for high protein feeds thus increasing the consumption of Shrimp Meal. In addition, recent developments such as the establishment of core zones for shrimp processing in India and Bangladesh have enhanced efficiencies in the supply chain and aided in the regular supply of Shrimp Meal. The increasing vertical integration among major aquafeed manufacturers who are now building their own Shrimp Meal factories is a clear indicator of the growth prospects and the importance of this market in the global feed ingredients market.
• Medium Term (2028 to 2030): Between the years 2028 and 2030, there is an emergence of enhanced feeds developed specifically for intensive aquaculture systems with high-stress settings. As aquaculture production methods continue to advance, particularly within new markets, the role of shrimp meal as a high-quality feed geared towards promoting the success of aquatic species within very high growing densities is becoming indispensable. Levels of intensive farming frequently create situations that are conducive to the above practicable diseases and stress on the culture species, hence there is a need for quality feeds such as shrimp meal, which promotes immunity, growth rate, and feed utilization efficiency in stressful conditions.
• Long Term (2030 to 2034): During the period from 2030 to 2034, there is expected to be a transition to nutrient optimization strategies in aquaculture as new regulatory requirements for feed composition come into effect. Focusing on the problem of increasing limitations on the composition of aquafeeds by governments around the world, shrimp meal, which is rich in protein and easily digestible, is one of the ingredients that is hard to do without. There has been a marked change in the purchasing patterns of the feed industry as a result of complying with these regulations--the manufacturers started seeking ingredients that consistently fulfill the nutritional profiles and environmental requirements, such as shrimp meal.

On the back of the aforementioned facts, the shrimp meal market is anticipated to grow at a CAGR of 7.1% during the forecast period from 2024-2034, according to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics

What are the factors propelling global sales of shrimp meal?

“Rising aquaculture demand boosts shrimp meal as a key protein source”

Increase in global aquaculture production, shrimp meal is in higher demand as it is an excellent source of protein in the aquatic feeds. There is significant growth in aquaculture especially in the Asia-Pacific region and Latin America, with shrimp meal being regarded as one of the ingredients useful in increasing the growth rates, feed conversion ratio, and health of cultured species. Its rich composition and high digestibility are the reason it appeals to aqua feed manufacturers, and therefore, supports the factual sales of shrimp meal products owing to such market needs.

Supply of Shrimp Meal is growing, more so than at any time in the history of the aquaculture industry. Besides, the share of Shrimp Meal in the formulations of feed manufacturers has increased due to the growing demand for protein from aquaculture. Feed producers tend to add more and more Shrimp Meal into their compound due to its benefits; the product has a very good nutritional value comprising of 60-70 protein level, which is the best protein to use in aqua feed.

“Increased seafood demand supports shrimp meal’s role in fish farming”

The increasing consumption of seafood across the globe will further augment the indispensable function that shrimp meal plays in the aquaculture industry and hence present vast opportunities for expansion. With the health and environmental concerns addressing sustainability, consumers are embracing a diet that is rich in seafood and aquaculture has stepped up to the challenge and naturally progressed and innovated to using a better quality of feed, incorporating shrimp meal.

Shrimp meal, which is produced by drying, cooking, and grinding whole shrimp, is a very high protein and cheap feed component used in aquaculture as it promotes quick weight gain and healthy fish growth. Containing plenty of essential amino acids and omega-3 fats, shrimp meal increases feed conversion and nutrient intake, a very important aspect in the current aquaculture competition which is based on forestry sustainability and resource management.

What are the challenges encountered by of Shrimp Meal?

“Relying on shrimp production output for by-products affects stability.”

The shrimp industry's production level and its output are intrinsically connected and dependent. A lot of shrimp meal, which is one of the main sources of protein in aquaculture feed, comes from the unused parts of the shrimp that are processed, like the heads and shells.

On the other hand, the very shrimp industry which yields those by-products is also prone to many variations of production levels within its operating cycles due to several distinct factors, for instance, seasonality, disease, environmental, and regulatory pressures.

While this growth has been positive for most, the challenge of meeting the varying shrimp yields has meant that it can at times bring about disruptions in the supply chain of most if not all manufacturers resulting in inconsistent output levels along with quality spoilage. The cost of these by-products is also correlated with the prices in the shrimp market, which affects the costs of production and the profitability of shrimp meal manufacture.

With rising consumption in aquaculture, the expectation of a consistent supply of shrimp meal considering the current trends in production will most likely result in higher feed prices which will be an additional concern to fish farmers who are seeking low-cost and high-quality feeds.

Country-wise Insights

How in Japan Differentiate Shrimp Production and Make Sales?

“Offer organic-certified shrimp to meet growing health demands”

The market in Japan is estimated at US$ 341.4 million in 2024 and is projected to expand at a CAGR of 8.2% through 2034. This market is projected to generate a US$ 633.3 million absolute opportunity from 2024 to 2034.

Producing organic shrimp, Japanese producers meet the growing need for health and environmentally friendly sources of seafood. Shrimp that is certified organic must follow several criteria such as no use of chemical feeds, low impact on the environment, and practices which involve no antibiotics or synthetic additives.

This is one of the certifications that consumers like and support, mostly because the trends have changed, and people regard food quality, safety, and the effects on the environment as the most important aspects.

Organic shrimp production not only complements Japan’s understanding about quality and sustainability but also puts into use the high margins organic goods have. When organic certified shrimp is provided, producers allow their brands to stand out both in the local and overseas markets from health-oriented consumers who are concerned about how the food has been sourced.

The certification is aimed to strengthen parasite consumers because it serves to encourage Japanese seafood to be positioned as premium quality seafood thus enhancing the players even more to win a very specific but growing target market in the competitive world of seafood.

What Makes Norway Another Significant Market for Shrimp Meal?

“Ideal location for distributing seafood products across Europe”

The geographical position of Norway is quite favorable for the distribution of marine or seafood products within Europe. On the North Atlantic, where the country is located, are major shipping routes, which enable transportation of seafood products to the EU markets available, eliminating transit time and ensuring products are ‘still fresh’. There is also the existing structure in that cold chain logistics has been fully incorporated into the transport of seafood products to the markets from the point of production.

This arrangement comes in handy for products that are sensitive to temperatures for example shrimp meal which has to be kept under tight storage conditions to protect its nutritional component and quality. Besides, the trade processes are made less cumbersome due to Norway being European Commission regulated.

This reduces the chances of delays that are normally caused by customs and other compliance requirements. Thus, using both its location and its logistics, Norway is in a position to respond to the great demand for high-quality seafood in Europe, thus extending its functions as a supplier in this market while fortifying its competitive advantages as a regional supplier of seafood.

Category-wise Insights

Why Refined Shrimp Meal are have to make more sales?

“Refinement process removes impurities, ensuring a safer product”

The refinement stage in the production of shrimp meal is aimed at removing contaminants, thus providing a product that is fit for use as aquaculture feed without compromising safety. As for the refinement, alterations in the shrimp meal include the removal of contaminants such as residual shells, sand, and foreign materials, while the shrimp meal itself is treated to rid it of pathogens and possible toxins. This rigorous purification process guarantees a feed component of higher standards that minimizes health hazards to the farmed fish.

The refined shrimp meal, which is devoid of impurities, also means it is easily digestible and rich in nutritional profile. This gives aquaculture businesses a dependable protein source which aids fish in growing better and lowers the chances of disease occurrence. For fish farmers, safety is a very important factor since it affects fish viability and feed conversion ratios. As a result, using refined shrimp meal is consistent with those standards and rules, making the product look more attractive and helping position it as a top-quality safe, and effective feed for fish farms globally.

What role does the expansion of specialized pet food segments play in Shrimp Meal consumption?

“Premium wet pet food manufacturers are incorporating Shrimp Meal to enhance palatability and nutritional value”

Premium wet pet food is currently using shrimp meal as a functional ingredient to improve food taste and nutritional value. This ingredient improves the taste of the product, which is very important for the acceptance of pets, and provides very high protein content in the range of 60-70% along with essential amino acids and natural flavoring agents. Hence the inclusion of shrimp meal in the formulation of premium wet pet foods is seen as a major change in manufacturing strategies whereby the processors are reacting to the increasing consumer great expectations concerning nutrition.

Manufacturers are taking advantage of the unique features of Shrimp Meal in product differentiation. The products thus obtained show better textural attributes moisture retention and high aroma characteristics in relation to the premium wet pet food products ensuring the nutritional quality is the best.

Competitive Landscape & Market Developments

• Dalian Longyuan Marine Protein: In Oct 2024, Dalian Longyuan Marine Protein Manufacturing has implemented new processing techniques. These developments not only increase product output but also meet the consumers’ appetite for better quality seafood raw materials, thus giving Dalian Longyuan an upper advantage over its competitors in the supply chain of marine protein concentrates.
• FF Skagen A/S: In Oct 2024, FF Skagen A/S has recently joined Partnered with local fishermen along the coastline of Norway to support sustainable fishing activities. The main objective of this collaboration is to provide resources for use in the long term while enhancing the support for the local people, which demonstrates FF Skagen’s initiative to source seafood sustainably as well as its support for communities.
• Omega Protein Corporation: By Oct 2024, Omega Protein Corporation has announced a new initiative focused on enhancing fishery management practices aimed at sustaining fish populations while meeting market demands for omega-3-rich products. This approach underscores Omega Protein's commitment to responsible sourcing and environmental stewardship within the seafood industry.

Fact.MR has provided detailed information about the price points of key manufacturers of shrimp meal positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Shrimp Meal Market Research

• By Product Type :

  • Crude Shrimp Meal
  • Refined Shrimp Meal

• By 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

• By End-User Industry :

  • Commercial Feed Manufacturers
    • Large-scale feed production
    • Industrial applications
  • Small-Scale Farmers
  • Pet Food Companies
    • Premium pet food brands
    • Specialty nutrition

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa