The shrimp market is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2020 to 2030, reaching a value of USD 27.3 billion by 2030. This growth is being driven by a number of factors, including rising incomes, growing urbanization, and increasing health consciousness among consumers.
Shrimp is a popular seafood choice due to its high protein content, low fat content, and versatility in cooking. It can be eaten in a variety of dishes, including shrimp scampi, shrimp cocktail, and shrimp stir-fry. Shrimp is also a good source of omega-3 fatty acids, which are beneficial for heart health.
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Market Drivers
The following factors are driving the growth of the global shrimp market:
- Increasing incomes: As incomes rise, consumers are able to spend more on discretionary items, such as seafood.
- Growing urbanization: Urbanization is leading to an increase in the demand for processed and convenience foods, such as shrimp.
- Increasing health consciousness: Consumers are becoming more aware of the health benefits of shrimp, such as its high protein content and low fat content.
Market Challenges
The following challenges are facing the global shrimp market:
- Overfishing: Overfishing is a major threat to the sustainability of the shrimp industry.
- Disease outbreaks: Disease outbreaks can decimate shrimp populations and lead to shortages and price spikes.
- Pollution: Pollution can contaminate shrimp and make them unsafe to eat.
Market Segmentation
The global shrimp market can be segmented by:
- 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
- By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Competitive Landscape
The key players operating the 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,Trident Seafood’s Corporation and Clearwater Seafoods.
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Conclusion
The global shrimp market is expected to grow significantly in the coming years, driven by rising incomes, growing urbanization, and increasing health consciousness among consumers. However, the industry faces a number of challenges, such as overfishing, disease outbreaks, and pollution.
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