Shrimp Industry Demand and Growth Rate Report 2022
The global Shrimp market is expected to witness significant demand over the forecast period. Shrimps are believed to be amongst the most productive and beneficial sea food products. They are rich in proteins, vitamins, minerals, and have low fat content. The source of omega-3 fatty acids is at a moderate level. They also have antioxidant and anti-inflammatory properties. The shrimp products have come up with high value species and several luxury products are gaining huge appeal among the consumers. The reasons for their rising demand include their high nutritional value, expansion in the aquaculture trade, and rising health consciousness and awareness among the consumers about value-added fish products.
The market data shows that most of the shrimps are being sold in the frozen form and further marketed on the basis of their classification of color, presentation, uniformity, and grading. With the increase in the improvement of cold storage facilities, gradually increasing urbanization, and rise in average disposable income, the overall growth of shrimp market is estimated to rise exponentially in the forecast period.
The market has witnessed a huge rise in demand through the catering and restaurant business. As the demand has raised, many eateries, hotels, and restaurants around the world are going with shrimp as the major part of their normal menu, which has ultimately rendered a major contribution in the increment of revenue of shrimp market.
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The only flaw attached to this shrimp market is that the shrimps get affected by viruses and many such diseases like white spot disease and EMS (early mortality syndrome). They can have a negative influence on the overall growth of global shrimp market. Growing health awareness and consciousness among the consumers has played a major role in the driving the growth of the market. Consumers are demanding healthy and low fat food, and shrimps fit well in the category. Another aspect limiting the overall growth is increase in the prices of raw materials and that is building a serious concern for the shrimp companies worldwide. If the cost of the raw material rises, it automatically increases the cost of aquaculture, which, in turn, pulls back the growth of the market.
On the basis of types, the market is segmented into Cold water shrimps (usually harvested in ocean waters in the regions of northwest and northeast of the United States), and Warm water shrimp (harvested and farmed in the tropical and sub-tropical area). The shrimps command consumer’s preference on the basis of their taste, texture, size, and cost that usually vary from species to species. On the basis of product forms, the market is segmented into Breaded shrimp, Cooked & peeled shrimp, Shell-on shrimp, Canned shrimp, and Peeled shrimp. On the basis of species, the market is segmented into Brown shrimp, White shrimp, and Pink shrimp. On the basis of applications, the market is segmented into Food, Pharmaceutical products, Cosmetics, and Industrial use. On the basis of geographical location, the market is segmented into North America, Latin America, Eastern Europe, and Western Europe, Asia Pacific region, which further includes Japan, Middle East and Africa
Asia Pacific is anticipated to obtain a major position in the forecast period. Besides, there are other developing countries viewing the market as one of the major sources of foreign exchange earnings through exports and imports. Plus, the market is also serving as one of the lucrative options for generating primary and secondary rural employment; which will, in turn, bring momentous development to the landscape of the respective market.
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It is likely that in the years to come China will hold a major impact on the demand and supply patterns of the shrimp market. As per the consumption level is concerned, the U.S. is projected to lead in the respective market globally followed by Europe. Key Market Participants include Royal Greenland A/S, Charoen Pokphand Foods PCL, Marine Harvest ASA, Thai Union Frozen Products PLC, Nippon Suisan Kaisha Ltd., Gulf Shrimp Company, Baton Rouge Shrimp Company, Inc., High Liner Foods Incorporated, Pescanova S.A., and Maruha Nichiro Corporation.