Global Shrimp Market Industry Analysis, Share, Growth, Sales, Trends, Supply, Forecast 2027

Shrimps are classified as decapod crustaceans that play important roles in the food chain and are an important food source for larger animals ranging from fish to whales. Humans consume the muscular tails of several shrimp that are widely caught and farmed for consumption. Around 20% 0f the species are commercially significant that include Whiteleg, giant tiger prawn, akiami paste shrimp, southern rough shrimp, and others. Based on their categorization of presentation, grading, colour, and uniformity, most shrimp are sold frozen and marketed for high levels of omega-3 fatty acids and low levels of mercury along with proteins, vitamin A and B6, B12, C and E, thiamin, riboflavin, niacin, phosphorous, copper, choline, iodine, and astaxanthin. Furthermore, it has anti-inflammatory, anti-ageing, and anti-cancer properties. Chitosan from shrimp shells has a range of application in pharmaceuticals, agrochemicals, cosmetics, and in water treatments. Pigments such as carotenoids and astaxanthin are obtained from shrimp waste and is widely used in the pharmaceutical industry.

High nutritional benefits of shrimp along with increasing applications of chitosan and pigments obtained from shrimp are driving growth of the shrimp market. Moreover, growing consumption of seafood and increasing aquaculture industry are further fuelling growth of the shrimp market. For instance, according to United Nations Food and Agriculture Organization (UN FAO) survey in July 2016, the global per capita seafood consumption increased above 20 kg per person per year.

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Increasing demand for seafood along with growing aquaculture industry are the major factors, aiding in the market growth. According to the Food and Agriculture Organization of the United States (FAO), global aquaculture production of fish had increased to 44.1 % in 2014 from 42.1% in 2012 of total production. Further, benefits associated with shrimps consumption includes reduced risk of cardiovascular disease, weight management, and improved brain and bone health. These are the factors largely supporting growth of the global shrimp market.

Asia Pacific is projected to be the fastest growing region in the global shrimp market over the forecast period, owing to rising demand for high-quality and healthy seafood products. In addition to this, high shrimp aquaculture in China, Thailand, India, Indonesia, Vietnam, and Bangladesh is further aiding in the market growth. According to FAO, in 2016, with the growing shrimp aquaculture, India had become a leading exporter in international shrimp trade and was followed by Thailand, Indonesia and China.

Detailed Segmentation:

Global Shrimp Market, By Source Type:
Cold Water Shrimps
Hot Water Shrimps

Global Shrimp Market, By Species:
Gulf Shrimps
Farmed Whiteleg Shrimps
Banded Coral Shrimps
Giant Tiger Shrimps
Blue Shrimps
Ocean Shrimps
Royal Red Shrimps

Global Shrimp Market, By Form:
Frozen
Canned
Peeled
Cooked
Shell-On
Others

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Major players operating in the global shrimp market are Pacific Seafood, Morubel nv, Maruha Nichiro Corporation, The Clover Leaf Seafoods Family, Royal Greenland A/S, Rich Products Corporation, Thai Union Group PCL, Marvesta Shrimp Farms, Cargill, Incorporated, and Nippon Suisan Kaisha Ltd.

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This release was published on openPR.