South Africa Shrimp Market Size & Outlook, 2030

Revenue, 2022 (US$M)

$20,972.1

Forecast, 2030 (US$M)

$33,315.8

CAGR, 2023 - 2030

Report Coverage

South Africa

South Africa shrimp market, 2017-2030 (US$M)

South Africa shrimp market highlights

The South Africa shrimp market generated a revenue of USD 20,972.1 million in 2022 and is expected to reach USD 33,315.8 million by 2030.
The South Africa market is expected to grow at a CAGR of 6% 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.

Shrimp market data book summary

Market revenue in 2022	USD 20,972.1 million
Market revenue in 2030	USD 33,315.8 million
Growth rate	6% (CAGR from 2022 to 2030)
Largest segment	L. vannamei
Fastest growing segment	P. chinensis
Historical data	2017 - 2021
Base year	2022
Forecast period	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, South Africa accounted for 30.7% of the global shrimp market in 2022.
Country-wise, South Africa is expected to lead the global market in terms of revenue in 2030.
In Middle East & Africa, South Africa shrimp market is projected to lead the regional market in terms of revenue in 2030.
South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 33,315.8 million by 2030.

L. vannamei was the largest segment with a revenue share of 54.67% in 2022. Horizon Databook has segmented the South 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.

South Africa's growing middle-income population, urbanization, and changing dietary preferences have increased the demand for seafood, such as shrimp, crabs, and catfish. Consumers are seeking healthier and more diverse protein sources. Shrimp is considered a healthy source of protein, low in fat, and rich in essential nutrients. The growing awareness of shrimp’s nutritional benefits has contributed to its popularity. Freshwater shrimps are widely produced in South Africa. Due to the large number of freshwater resources available in the country, farmers can utilize shrimp farming.

Government initiatives play a crucial role in boosting the South Africa shrimp market by providing support, incentives, and regulatory frameworks that promote the growth and sustainability of the industry. For instance, South Africa has the Aquaculture Development and Enhancement Programme (ADEP), which provides aquaculture businesses with financial support.

For approved expenses, including machinery and equipment, bulk infrastructure, and leasehold improvements, the ADEP provides a reimbursable grant for cost-sharing of up to USD 2.08 million. This supportive government initiative is expected to support the growth of the shrimp market in South Africa.

Key Regions: U.S. , UK , Japan , Brazil , Canada