According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” offers a comprehensive analysis of the industry, which comprises insights on the global shrimp market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global shrimp market reached a volume of 8.12 Million Tons in 2020. On account of the aforementioned factors, the market is anticipated to witness moderate growth during 2021-2026. Shrimp represents a small-sized marine crustacean belonging to the class Malacostraca. It is found in oceans, freshwater lakes, and streams, and is one of the most popular varieties of seafood consumed across countries. Shrimp is a rich source of proteins, vitamin D, selenium, antioxidants, omega-3 fatty acids, etc., and has low amounts of saturated fat. It aids in preventing hair loss, maintaining healthy bones, enhancing memory performance, minimizing menstrual cramps, eliminating bad cholesterol, etc. Shrimp also assist in reducing blood pressure, managing weight, and improving heart health. It is widely utilized in the food industry to prepare several dishes, including pasta, mixed seafood dishes, tostadas, tacos, noodle soup, etc.
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Global Shrimp Market Trends:
The global market is primarily driven by the immense popularity of frozen shrimp products among consumers. This is supported by the inflating disposable income levels of the masses, the shifting lifestyle patterns and significant improvements in the online and offline organized retail platforms. Additionally, processed and frozen shrimp products are often characterized by affordable prices, easy availability, lower cooking time and extended shelf-life. These factors have led them to gain widespread prominence across the globe and are increasingly preferred by working professionals with busy schedules and hectic lifestyles. Apart from this, the rising availability of disease-free and healthy shrimps on the global level, along with the increasing awareness regarding the numerous health benefits offered by their consumption, are further contributing to the market growth. Furthermore, numerous players are now introducing value-added products to their product lines to expand their product portfolio and cater to the diverse preferences of their customers. The market is also driven by the several initiatives undertaken by the governments of multiple countries to encourage shrimp production by introducing favorable policies and providing incentives and fiscal reliefs to the farmers. They are promoting organic shrimp farming practices among farmers to minimize the environmental impact caused by shrimp aquaculture and encouraging cluster farming approaches to attract new investors in the industry.
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The shifting preferences among consumers towards protein-rich diets are among the primary factors driving the shrimp market across the globe. Furthermore, the rising usage of processed and frozen shrimp items, owing to their affordable prices, easy availability, lower cooking time, extended shelf-life, etc., is also catalyzing the market growth. Besides this, the escalating demand for ready-to-cook and ready-to-eat product variants among working individuals, on account of their hectic work schedules and sedentary lifestyles, is acting as another significant growth-inducing factor. Moreover, the introduction of organic shrimp variants that are free from growth hormones and antibiotics is augmenting the global market. In addition to this, the launch of numerous favorable initiatives by various government bodies aimed at encouraging shrimp farming practices by providing monetary incentives and subsidies to farmers is anticipated to bolster the shrimp market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Mazzetta Company LLC
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Wild Oceans Pvt. Ltd.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global shrimp market, along with forecasts at the global and regional level from 2021-2026. Our report has categorized the market based on species and size.
Breakup by Species:
- Penaeus vannamei
- Penaeus monodon
- Macrobrachium rosenbergii
Based on the species, the market has been divided into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Penaeus vannamei currently represents the most popular species, holding the largest share.
Breakup by Shrimp Size:
On the basis of the shrimp size, the market has been segregated into size <21, size 21-25, size 26-30, size 31-40, size 41-50, size 51-60, size 61-70 and size >70. Among these, size 41-50 is the leading category, accounting for the majority of the total market share.
Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restaurants
- Online Sales
The market has been classified based on the distribution channel into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales and others. At present, the majority of the shrimp is distributed through hotels and restaurants.
Breakup by Region:
- Major Producing Regions
- Major Consuming Regions
- United States
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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