Shrimps are consumed as seafood and are also used in the healthcare and cosmetics industries. The global Shrimp market is being driven by the health benefits it provides such as consumption of shrimps improves brain health and heart health as they contain various antioxidants. Another important driving factor for the market is the rise in shrimp farming and related favorable government norms. For instance, according to the Fish Site report of 2021, the government of Indonesia is targeting the growth of young farmers in Indonesia through Millennial Shrimp Farming (MSF) for contributing to the country’s shrimp production and can help to increase the country’s shrimp export value by up to 250 percent between 2020 and 2024 Furthermore, the rapid urbanization and rise in working population have led to shift in food habits due to busy lifestyle and growing consumer prevalence towards protein-rich diet will provide new opportunities for the global Shrimp industry. For instance, according to the World Economic Forum report of 2019, the world’s population in urban areas has raised six-folds as compared to 1950, from 751 million to 4.2 billion in 2018. However, illegal trading, high cholesterol levels in humans after consuming shrimps and the prevalence of diseases in the shrimps may impede market growth over the forecast period of 2021-2027.
The global Shrimp Market is valued approximately at USD 4.52 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.74% over the forecast period 2021-2027.
The regional analysis is segmented on the basis of the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World for the global Shrimp Market. Asia Pacific is the leading region across the world in terms of market share and is also anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to the growing production of shrimps, a large number of international trade of shrimps and the changing food habits of the young population in the region.
Major market player included in this report are: Mazzetta Company LLC, Ma Yo Foods Co., Ltd, United European Seafood Traders Ltd, Carson and Co, Seaprimexco Vietnam, A B Golden Seafood, Ocean More Foods Co. Limited,
Afentoulis Liveris & Co, Midseas Corp, Grand Ocean Seafoods Co. Ltd
The detailed segments and sub-segment of the market are explained below:
By Species Type: Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Penaeus stylirostris
By Shrimp Size:, Size <_1_br />12.2 Size 21-25, Size 26-30, Size 31-40, Size 41-50, Size 51-60, Size 61-70, Size >70
By Distribution Channel: Hypermarkets and Supermarkets, Convenience Stores, Online Sales
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Shrimp Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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