Global Shrimp Market Report 2020, Size, Share, Key Players and Forecast By 2025 | Covid-19 Impact

According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global shrimp market size reached a volume of 5.10 Million Tons in 2019. Shrimp is one of the most widely consumed seafood species, which belongs to the largest class of crustaceans, known as Malacostraca. It is a small, free-swimming invertebrate marine animal with a laterally compressed and elongated body. Nowadays, shrimp is increasingly being used in a variety of cuisines as it is a rich source of essential nutrients like calcium, iodine, vitamin D and B3, zinc, protein, and omega-3 fatty acids. It helps in losing weight, lowering blood pressure, relieving eye fatigue, improving bone and brain health, and reducing the risk of developing cardiovascular diseases.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally--our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

Global Shrimp Market Trends:

Frozen shrimp products have gained immense popularity among consumers on account of sedentary lifestyles and elevating income levels. This can also be accredited to their easy availability, longer shelf-life and lower prices in comparison with fresh shrimp. Moreover, the growing awareness among consumers about the advantages of shrimp consumption, such as it helps in battling cancer and protecting the skin from premature aging, has resulted in the increasing demand for shrimp products across the globe. Furthermore, governments in numerous countries are encouraging shrimp production by offering fiscal reliefs and incentives to farmers. For instance, the Marine Products Exports Development Authority (MPEDA) in India is promoting shrimp culture through a cluster farming approach. Similar initiatives are also being taken in Thailand, Vietnam and China, which is anticipated to attract new investors in the industry. Looking forward, the market is projected to reach a volume of 7.28 Million Tons by 2025, growing at a CAGR of 6.1% during 2020-2025.

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Key Market Segmentation:

Market Breakup by Species:

1. Penaeus vannamei
2. Penaeus monodon
3. Macrobrachium rosenbergii
4. Others

Based on the species, the market has been segmented into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Penaeus vannamei currently represents the most popular species, holding the largest share.

Market Breakup by Distribution Channel:

1. Hypermarkets and Supermarkets
2. Convenience Stores
3. Hotels and Restraunts
4. Online Sales
5. Others

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.

Major Producing Regions:

1. China
2. India
3. Indonesia
4. Vietnam
5. Thailand
6. Ecuador

Region-wise, the production of shrimp was dominated by China. Other major regions include India, Indonesia, Vietnam, Thailand, Ecuador and others.

Major Consuming Regions:

1. United States
2. China
3. Europe
4. Japan
5. Others

On the other hand, the major shrimp consuming regions are the United States, China, Europe, Japan and others.

Market Breakup by Size:

On the basis of the shrimp size, the market has been segregated into size 70. Among these, size 41-50 is the leading category, accounting for the majority of the global market share.

Competitive Landscape:

The competitive landscape of the market has been examined, with some of the key players being operating in the market are given below:

1. Afentoulis Liveris & Co.
2. Midseas Corp
3. Grand Ocean Seafoods Co., Ltd
4. Sealicious Foods Co., Ltd
5. Charoen Pokphand Foods Public Co. Ltd. (BKK: CPF)
6. Cargill, Inc.
7. Skretting (Nutreco N.V.)
8. BioMar Group
9. Guangdong Yuehai Feed Group Co. Ltd.
10. Mazzetta Company, LLC
11. Ma Yo Foods Co., Ltd
12. United European Seafood Traders Ltd
13. Carson and Co.
14. Seaprimexco Vietnam
15. A B Golden Seafood
16. Ocean More Foods Co., Limited

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