Middle East & Africa Shrimp Market Size & Outlook, 2030

Revenue, 2022 (US$M)

$1,354.4

Forecast, 2030 (US$M)

$2,203.6

CAGR, 2023 - 2030

6.3%

Report Coverage

Middle East & Africa

Middle East & Africa shrimp market, 2017-2030 (US$M)

Related Markets

MEA shrimp market highlights

The MEA shrimp market generated a revenue of USD 1,354.4 million in 2022.
The market is expected to grow at a CAGR of 6.3% from 2023 to 2030.
In terms of segment, l. vannamei was the largest revenue generating species in 2022.
P. chinensis is the most lucrative species segment registering the fastest growth during the forecast period.
Country-wise, South Africa is expected to register the highest CAGR from 2023 to 2030.

MEA data book summary

Market revenue in 2022	USD 1,354.4 million
Market revenue in 2030	USD 2,203.6 million
Growth rate	6.3% (CAGR from 2022 to 2030)
Largest segment	L. vannamei
Fastest growing segment	P. chinensis
Historical data covered	2017 - 2021
Base year for estimation	2022
Forecast period covered	2023 - 2030
Quantitative units	Revenue in USD million
Market segmentation	L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis
Key market players worldwide	Thai Union Group PCL ADR, Avanti Feeds, High Liner Foods, Surapon Foods, Clearwater Seafoods, Mazzetta Company, Aqua Star, Nordic Seafood, Waterbase, Ocean Direct

Other key industry trends

In terms of revenue, MEA region accounted for 2.0% of the global shrimp market in 2022.
Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
MEA is the fastest growing regional market and is projected to reach USD 2,203.6 million by 2030.

L. vannamei was the largest segment with a revenue share of 45.43% in 2022. Horizon Databook has segmented the Middle East & Africa shrimp market based on l. vannamei, trachipenaeus curvirostris, pleoticus muelleri, p. monodon, acetes japonicus, pandalus borealis, p. chinensis covering the revenue growth of each sub-segment from 2017 to 2030.

Consumers in the MEA region seek healthier protein sources, and shrimp is considered a nutritious and low-fat option. With increasing awareness of the health benefits of seafood, more people are incorporating shrimp into their diets, which is expected to boost the shrimp market in the MEA. Key countries contributing to the MEA shrimp market are Saudi Arabia, UAE, Egypt, and South Africa. According to the Government of Canada, in 2020, the most popular fish and seafood imports into the UAE were frozen prawns and shrimp, for a total of USD 192.6 million.

The UAE and Oman's seafood consumption is among the highest worldwide. Both countries are popular tourist destinations, attracting visitors from around the world. Tourists often seek seafood as part of their dining experience, which increases the demand for shrimp and other seafood products. Some of the major key players in the MEA shrimp market are Charoen Pokphand Foods PCL, Prime Aquaculture PTE LTD, Thai Union Group PCL, and Atlantis Foods.

These companies are expanding their production capacities and investing in research and development to meet the growing demand for shrimps in the region. For instance, in February 2022, Prime Aquaculture partnered with Jebel Ali Free Zone (Jafza) to build the region's first marine shrimp RAS farm. The farm is expected to be completed by 2023 with a yearly production capacity of 1,000 metric tons of shrimp.

Key Regions: U.S. , UK , Japan , Brazil , South Africa