Shrimp Market Size, Growth Opportunities, Competitive Landscape Outlook, 9.2% CAGR through 2027

Shrimp market

The demand for shrimp has increased dramatically among consumers, due to their high nutritional value and low protein content.

PORTLAND, OR, USA, Aug 9, 2021 / – According to a new report released by Allied Market Research, titled Shrimp Market By Type, Source, Form, End Use, and Distribution Channel: Opportunity Analysis and Forecast industry, 2021-2027 ”, the shrimp market size is expected to reach $ 54.6 billion by 2027 at a CAGR of 9.2% from 2021 to 2027.

Shrimp are decapod crustaceans that are available in abundance at extremely low prices and resemble shrimp. Many shrimp have edible muscular tails, and they are widely caught and raised for human consumption. Shrimp are not only delicious, but they are also rich in iron, calcium, sodium, phosphorus, zinc, magnesium and potassium, as well as vitamins A, E and B6.

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The market is segmented on the basis of type, source, form, end use, distribution channel and region. Based on the type, the market is categorized into pink, brown, white, and others. Depending on the source, it is separated into cold water and hot water. By shape, it is bifurcated into frozen and canned. According to the end use, it is divided into residential and commercial. According to the distribution channel, it is divided into hypermarkets and supermarkets, convenience stores, specialty stores and online sales channel. Regarding the region, the shrimp market analysis is done in North America, Europe, Asia-Pacific, and LAMEA.

The different types of shrimp available in the market for human consumption include red, blue velvet, black tiger, rock, bumblebee, crystal, cardinal and amano shrimp.

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By type, the white shrimp segment was the biggest revenue contributor in 2019, due to the easy availability of white shrimp in the market. According to the source, the cold water shrimp segment won the highest shrimp market share, due to the high nutritional profile of cold water shrimp. According to the shape of the shrimp, the frozen shrimp segment is expected to gain the largest share in 2027, due to the long shelf life of frozen shrimp. By end use, the commercial segment held the largest market share, due to the increase in the number of hotels and restaurants. According to the distribution channel, the specialty stores segment led the market, due to the availability of a wide variety of shrimp in these stores.

One of the major factors and trends in the shrimp market driving the growth of the global market is the increase in demand for seafood. The shift in eating habits towards the consumption of healthier food products, such as Seafood, which is considered to be a rich source of animal protein, is expected to drive the growth of the global market during the forecast period. In addition, improving taste and increasing marketing levels are expected to provide profitable opportunities for market players to capitalize during the forecast period. However, the high cost of processing and strict government regulations governing the cultivation, import and export of shrimp can negatively impact the growth of the shrimp market. Despite these challenges, with robust growth in the food processing and agriculture sectors, market players have the opportunity to develop further.

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Globally, the shrimp industry faces various challenges, including the increasing prevalence of various bacterial, viral and fungal diseases. Shrimp larvae are very susceptible to these diseases, which attenuate the shrimp, thus affecting the quality. This fuels the need to manufacture feed ingredients, which improve the quality of shrimp.

Global shrimp production will continue to grow, with increased efficiency at all levels of production and marketing, as well as further industry consolidation. The rich nutritional profile of shrimp, such as higher content of omega-3 fatty acids, is expected to benefit marketing and increase consumer demand when forecasting the shrimp market.

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Product launches, mergers and acquisitions, joint ventures and geographic expansions are key strategies adopted by market players. The major players in the global shrimp market are 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., Waterbase Ltd. ., and Wild Oceans Pty Ltd.

Main conclusions of the study

The global shrimp market was valued at $ 31.6 billion in 2019 and is expected to reach $ 54.6 billion by 2027, registering a CAGR of 9.2%.
Asia-Pacific was the largest contributor of revenue, accounting for $ 11.0 billion in 2019, and is expected to reach $ 20.5 billion by 2027, with a CAGR of 10.3%.
By type, white segment dominated the market, with $ 10.8 billion in 2019, and is expected to reach $ 20.3 billion by 2027, with a CAGR of 10.4% during the forecast period .
Based on source, the cold water segment dominated the market, raising $ 17.3 billion in 2019 and is expected to reach $ 31.2 billion by 2027, at a CAGR of 9.8% during the forecast period.
In Asia-Pacific, China was the biggest contributor of revenue with $ 2.8 billion in 2019, and is expected to reach $ 5.1 billion by 2027, registering a CAGR of 10.0%.

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