The ‘Global Shrimp Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global shrimp market, assessing the market on the basis of its segments like type, species, shrimp size, category, distribution channel, and major regions for production and consumption.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 4.5%
|Growth Rate CAGR||4.5%|
|Major Players||Mazzetta Company, LLC, Apex Frozen Foods Ltd., Seaprimexco Vietnam, Liveris Afentoulis & Co., Grand Ocean Seafoods Co., Ltd, Charoen Pokphand Foods PCL, Grupo Iberica Congelados, S.A, and Ocean More Foods Co., limited, among others.|
Shrimp appear in all oceans in deep and shallow waters as well as in lakes and streams; this easy availability is fuelling its market growth and attracting more consumers. The antioxidants in shrimp are beneficial for an individual’s health which is positively influencing the demand for the shrimp market among consumers. Such substances are likely to protect the cells of any individual against damage from oxidation. The antioxidant astaxanthin present in shrimp helps prevent wrinkles along with reducing sun damage. It also has enough selenium.
Containing two key elements of astaxanthin and selenium, shrimps are considered quite nutritious as these two have an immense impact on the overall health and wellness of any individual. Shrimp offers a high amount of nutrients like iodine which aren’t easily found in other foods.
Moreover, the shrimp market is also driven by the presence of several vitamins and minerals like calcium, iron, sodium, zinc, phosphorus, magnesium, iodine, potassium, riboflavin, and niacin, thiamine, and vitamin A, vitamin E, vitamin B6, and vitamin B12. Such numerous vitamins, minerals, and nutrients together make shrimp healthy food. This further aids in maintaining healthy bones, preventing hair loss, improving memory performance, reducing menstrual cramps, reducing the danger of occurrence of lung and prostatic adenocarcinoma, and eliminating bad cholesterol. Such numerous aspects are aiding the shrimp globally over the forecasted period.
Shrimp Industry Definition and Major Segments
Shrimp is one of the most commonly consumed types of shellfish. It is a spineless marine animal that belongs to the most significant class of crustaceans called Malacostraca. Its structure is recognised by a laterally compressed and enlarged figure with lengthy antennae and legs. It is characterised by a semi-transparent body compressed from side to side and a flexible abdomen ending in a fanlike tail.
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Market Breakup by Type
• Wild Shrimp
• Farmed Shrimp
Market Breakup by Species
• Penaeus Vannamei
• Macrobrachium Rosenbergii
• Penaeus Monodon
Market Segmentation by Shrimp Size
• Size 41-50
• Size 51-60
• Size 31-40
• Size >70
• Size 61-70
• Size 26-30
• Size 21-25
• Size <21
Breakup of Shrimp Market by Category
Market Segmentation by Distribution Channel
• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
Market Breakup by Production Regions
Market Categorisation based on Consumption Region
• United States
Shrimp Market Trends
The global shrimp market is anticipated to gain momentum over the upcoming years on account of the growing standard of living of individuals, increasing disposable incomes, and rising population along with growing demand for frozen shrimp products among consumers. The several health benefits of shrimp are likely to gain more consumer traction and are expected to boost the market growth of shrimp as they help in strengthening arteries, benefit brain health and consists of omega-3 fatty acids.
With changing lifestyle patterns there is a rising demand for processed and frozen shrimp products that are characterised by easy availability, affordable prices, lesser cooking time, and long shelf-life. Substantial improvements within the offline and online organised retail platforms are expected to support the shrimp market growth over the coming years.
Geographically, the Asia Pacific region is expected to gain momentum in the shrimp market share on account of the high export sales of fresh and frozen shrimps, especially in countries like India, Ecuador, and Thailand. Meanwhile, China holds a significant market share in the market of shrimp as most shrimp aquaculture takes place in this country followed by other countries like Vietnam, Bangladesh, and Indonesia. Shrimp aquaculture is further aiding producing economies as it produces substantial income in these emerging countries which is increasing the market growth of shrimp.
Key Market Players
The major players in the global shrimp market report are:
- Mazzetta Company
- Apex Frozen Foods Ltd
- Seaprimexco Vietnam
- Liveris Afentoulis & Co
- Grand Ocean Seafoods Co., Ltd
- Charoen Pokphand Foods PCL
- Grupo Iberica Congelados
- Ocean More Foods Co., limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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