Press release
Shrimp Industry on Track for $54.6 Billion by 2027, Riding a 9.2% CAGR
Shrimp Industry
๐๐๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ: https://www.alliedmarketresearch.com/request-sample/11213
Shrimps are decapod crustaceans that are abundantly available at extremely low prices and look similar to prawns. Many shrimps have edible muscular tails, and they are widely caught and farmed for human consumption. Shrimp are not only delicious, but they are also high in iron, calcium, sodium, phosphorus, zinc, magnesium, and potassium, as well as vitamins A, E, and B6. Various types of shrimps available in the market for human consumption include red cherry, blue velvet, black tiger, rock, bumblebee, crystal, cardinal, and amano shrimps.
Despite the promising growth prospects, the shrimp industry faces challenges such as high processing costs and stringent governmental regulations. Additionally, the prevalence of diseases affecting shrimp quality underscores the need for innovative solutions in aqua-feed production. However, these challenges present avenues for market players to innovate and differentiate their offerings, thereby strengthening their foothold in the competitive landscape.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐: https://www.alliedmarketresearch.com/purchase-enquiry/A10848
Understanding the Shrimp Market Landscape:
Shrimps, those delectable decapod crustaceans, are not only a culinary delight but also a nutritional powerhouse, boasting high levels of essential minerals and vitamins. They are available in various types, including pink, brown, white, and others, sourced from both cold and hot waters. The market offers shrimps in diverse forms such as frozen and canned, catering to both residential and commercial consumers through various distribution channels like hypermarkets, specialty stores, and online platforms.
Key Market Trends and Drivers:
The rise in demand for seafood products, driven by a global shift towards healthier dietary habits, stands as a primary driver propelling the growth of the shrimp market. Consumers increasingly recognize shrimps as a rich source of animal proteins, contributing to the market's upward trajectory. Moreover, enhanced taste profiles and intensified marketing efforts further bolster consumer engagement and market expansion opportunities.
๐๐ง๐ผ๐ฝ ๐ฃ๐น๐ฎ๐๐ฒ๐ฟ๐ ๐ถ๐ป ๐ฆ๐ต๐ฟ๐ถ๐บ๐ฝ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐:
โฃWild Oceans Pty Ltd.
โฃClearwater Seafoods Inc.
โฃNordic Seafoods A/S
โฃThe Waterbase Ltd.
โฃSurapon Foods
โฃHigh Liner Foods Inc.
โฃAqua Star Corp.
โฃThai Union Group
โฃAvanti Feeds Ltd.
โฃMazzetta Company, LLC
๐๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐: https://www.alliedmarketresearch.com/request-for-customization/11213
Globally, the shrimp industry is experiencing various challenges, including increase in prevalence of various bacterial, viral, and fungal diseases. Shrimp larvae are highly susceptible to these diseases, which dampen the shrimps, thereby hampering the quality. This fuels the need for manufacturing aqua-feed ingredients, which improve the quality of shrimps.
Global shrimp production will continue to grow, with increased efficiency at all levels of production and marketing, as well as increased industry consolidation. The rich nutritional profile of shrimps, such as higher omega-3 fatty acid content, is anticipated to be advantageous for marketing and increasing consumer demand during shrimp market forecast.
Strategies for Success
To thrive in this dynamic market environment, industry players must embrace strategic initiatives such as product launches, mergers & acquisitions, and geographical expansions. By leveraging these strategies, key players including Aqua Star Corp., Thai Union Group, and Avanti Feeds Ltd., among others, can capitalize on emerging opportunities and solidify their market positions.
Region wise, the shrimp market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.
๐๐๐ค๐ ๐ ๐๐ข๐ซ๐๐๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐: https://www.alliedmarketresearch.com/checkout-final/430dbcb6288e63d7fd3e76c5f3bec84b
๐๐๐ฒ๐ ๐๐ถ๐ป๐ฑ๐ถ๐ป๐ด๐ ๐ผ๐ณ ๐ง๐ต๐ฒ ๐ฆ๐๐๐ฑ๐
The global shrimp market was valued at $31.6 billion in 2019, and is projected to reach $54.6 billion by 2027, registering a CAGR of 9.2%.
Asia-Pacific was the highest revenue contributor, accounting for $11.0 billion in 2019, and is estimated to reach $20.5 billion by 2027, with a CAGR of 10.3%.
By type, the white segment dominated the market, with $10.8 billion in 2019, and is expected to reach $20.3 billion by 2027, at a CAGR of 10.4% during the forecast period.
On the basis of source, the cold water segment led the market, garnering $17.3 billion in 2019, and is estimated to reach $31.2 billion by 2027, at a CAGR of 9.8% during the forecast period.
In Asia-Pacific, China was the highest revenue contributor with $2.8 billion in 2019, and is estimated to reach $5.1 billion by 2027, registering a CAGR of 10.0%.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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