Shrimp, also known as prawns, are decapod crustaceans that live in both marine and freshwater environments. They are a popular seafood item due to their high protein content, low fat content, and versatility in cooking. The shrimp market is estimated to be worth 59.49 in 2030 and is projected to grow at a CAGR of 8.2% from 2020 to 2030.
Market Drivers
Several factors are driving the growth of the global shrimp market, including:
- Rising demand for seafood: The global demand for seafood is increasing due to growing population, urbanization, and rising disposable incomes.
- Health benefits of shrimp: Shrimp is a good source of protein, vitamins, and minerals, and is considered a healthy food choice.
- Sustainability of shrimp farming: Shrimp farming is becoming more sustainable, which is increasing consumer acceptance of shrimp.
- Growing popularity of Asian cuisine: Asian cuisine is becoming increasingly popular around the world, which is driving demand for shrimp.
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Market Segmentation
The shrimp market can be segmented by source, type, form, and application.
By Species: L. vannamei, P. chinensis, Acetes japonicas, others
By Source: Wild, and Aquaculture
By Form: Green/Head-on, Green/Head-off, Breaded, and others
By Distribution Channel: Online, Specialty Stores, Convenience Stores, Hypermarkets & Supermarkets, and others
Regional Analysis
The global shrimp market is dominated by Asia Pacific, which accounts for approximately 70% of global shrimp production and consumption. China is the largest producer and consumer of shrimp in the world. Other major shrimp producers in Asia Pacific include India, Indonesia, Vietnam, and Thailand.
Europe and North America are also significant markets for shrimp. However, production in these regions is limited, so they rely heavily on imports from Asia Pacific.
Latin America and Africa are smaller markets for shrimp, but they are growing rapidly. These regions have a large potential for shrimp production and consumption.
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Key Players
The key players operating in the global shrimp market includes Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., Thai Union Group PCL, Surapon Foods Public Company Limited, Nippon Suisan Kaisha, Ltd., Charoen Pokphand Food PCL, and Trident Seafood’s Corporation
Market Trends
Several trends are shaping the shrimp market. These trends include:
- Sustainability: Consumers are increasingly concerned about the sustainability of shrimp farming. This is leading to a demand for shrimp that is certified as being sustainable.
- Traceability: Consumers are also demanding more transparency in the shrimp supply chain. This is leading to a demand for shrimp that is traceable from farm to fork.
- Convenience: Consumers are looking for convenient shrimp products. This is leading to a growth in the demand for ready-to-eat shrimp products.
- E-commerce: E-commerce is becoming an increasingly popular channel for shrimp sales. This is providing new opportunities for shrimp producers and retailers.
Challenges
The shrimp market faces several challenges, including:
- Disease: Shrimp are susceptible to a number of diseases, which can cause significant losses to shrimp farmers.
- Environmental impact: Shrimp farming can have a negative impact on the environment, such as through the use of antibiotics and the destruction of mangrove forests.
- Competition: The shrimp market is highly competitive, with producers from all over the world vying for market share.
Future Outlook
The shrimp market is expected to continue to grow in the coming years. This growth will be driven by the factors mentioned above, as well as the increasing demand for seafood in emerging markets.
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Conclusion
The shrimp market is a dynamic and growing market. The market is driven by several factors, including rising demand for seafood, the health benefits of shrimp, and the growing popularity of Asian cuisine. The market is expected to continue to grow in the coming years, driven by these factors and the increasing demand for seafood in emerging markets.
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