Demand for farmed whiteleg shrimps to reign supreme in the global shrimp market
Increasing demand for shrimps over other seafood products fuelling market growth of different types of species
Trending demand for seafood products is one of the major factors that is fuelling the growth of different species of shrimps. Consumers across the globe are shifting their food habits towards consumption of healthier food products. Seafood is considered as a healthy source of animal protein and this is boosting global market demand for different types of shrimps.
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Increasing urban population in developing regions leads to an increase in the demand for sea food products. Moreover, the rising tendency of spending on seafood products is expected to drive demand for various types of species of shrimps during the forecast period. Setting up of a variety of food processor plants by manufacturers in various regions is anticipated to further boost the demand for seafood products.
Consumer demand for fresh and frozen seafood is also a major contributor towards the growth of the species segment in the global shrimp market. It is reported that more than three-fourths of the seafood products consumed in the U.S. are in fresh and frozen form. Demand for shrimps among U.S. consumers while preparing seafood at home and even while ordering seafood in restaurants has increased remarkably.
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In many parts of the world, sea food is a staple food. It is consumed by a large part of the population living near the sea shore. This has resulted in the formation of a strong consumer base for shrimp products as a huge part of this population depends on seafood as a source of their daily protein intake. On the other hand there are many such regions where due to lack of availability of other types of food products, there is an increasing demand for sea food and this factor is also contributing to the growth of the global shrimp market.
Global Shrimp Market: Forecast and Analysis
Revenue from the global shrimp market stood at US$ 37 Bn in 2016 and is expected to reach about US$ 39 Bn by the end of 2017. By 2027 end, the global shrimp market is expected to reach a value of more than US$ 67 Bn, growing at a CAGR of 5.6% over the forecast period. In terms of volume, the global shrimp market is estimated to be pegged at 9,119 KT by 2017 end, and is expected to reach 14,259 KT by 2027 end at a CAGR of 4.6%.
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