Press release
Shrimp Market Size Will Hit $54.6 Billion By 2027 | Growth With Recent Trends & Demand
Shrimp Market
The demand for shrimps has increased considerably among consumers, due to their high nutritional value and low-fat protein content. In addition, they are low in carbs and calories, thus encouraging health-conscious individuals to include shrimps in their diet. Moreover, multiple benefits associated with shrimps such as prevention of hair loss, improvement in memory performance, and elimination of bad cholesterol boost their demand, globally, thereby driving the growth of the global market.
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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.
The market is segmented on the basis of type, source, form, end use, distribution channel, and region. On the basis of type, the market is categorized into pink, brown, white, and others. Depending on the source, it is segregated into cold water and hot water. By form, it is bifurcated into frozen and canned. As per end use, it is divided into residential and commercial. According to distribution channel, it is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel. Region wise, the shrimp market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.
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.
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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.
Product launches, mergers & acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Key players in the global shrimp market include Aqua Star Corp., Mazzetta Company LLC., Thai Union Group, Nordic Seafood A/S, Surapon Foods, Clearwater Seafoods Inc., High Liner Foods Inc., Avanti Feeds Ltd., the Waterbase Ltd., and Wild Oceans Pty Ltd.
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