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Worldwide Shrimp Industry to 2027 - Contract Farming Initiatives by Exporters is Driving Growth - ResearchAndMarkets.com

·4-min read

DUBLIN, Jun 14, 2021--(BUSINESS WIRE)--The "Shrimp Market by Type, Source, Form, End Use and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The global shrimp market size was valued at $31.6 billion in 2019, and is estimated to reach $54.6 billion by 2027, registering a CAGR of 9.2% from 2021 to 2027.

Shrimp is a small-sized marine crustacean, which can be found in all oceans, both shallow and deep, as well as freshwater lakes and streams. It is consumed as food, and hence has high commercial importance in the global market. Shrimp is a rich source of proteins and vitamin D. Moreover, it is low in carbohydrate content, with less than 1 gram per 3 oz serving.

The growth of the global shrimp market is majorly driven by increase in demand for shrimps among health-conscious consumers. This is attributed to the fact that shrimp is high in nutritional value, low in fat content, contains zero carbs, and is low in calories. Thus, multiple health benefits provided associated with shrimp encourage consumers to include it in their diet.

A new alternative method is being launched as more sustainable in the U.S., Thailand, and other countries where industrial shrimp aquaculture is being pursued competitively. This is known as the "closed production system" approach. This production technique recycles the pond water and removes toxic materials from the water, which is harmful for the shrimp aquaculture. Thus, increase in the adoption of new environmentally friendly production techniques is expected to augment the market growth.

However, lack of availability of aqua-feed ingredients is considerably expected to hinder growth of the shrimp market. Furthermore, high operational cost for production of shrimp acts as a key growth restraint of the global market.

In 2020, the outbreak of the COVID-19 pandemic reduced the overall demand for shrimps. While the international and domestic shrimp markets witnessed strong retail trade, the foodservice sector suffered massive losses. Recently, the China's catering industry has experienced significant growth as a result of the mid-autumn festival in October. This created lucrative opportunities for the expansion of the shrimp market in the current year.

The global shrimp market is segmented into type, source, form, end use, distribution channel, and region. On the basis of type, the market is categorized into pink, brown, white, and others. Depending on source, it is segregated into cold water and hot water. By form, it is categorized into frozen and canned. As per end use, it is bifurcated into residential and commercial. According to distribution channel, the shrimp market is fragmented into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel. Region wise, the market is analyzed into North America (the U.S., Canada, and Mexico), Europe (the UK, France, the Netherlands, Germany, Turkey, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the United Arab Emirates, and rest of LAMEA).

Key Benefits

  • This report provides a quantitative analysis of current trends, estimations, and dynamics of the global shrimp market from 2021 to 2027 to identify the prevailing market opportunities.

  • Porter's five forces analysis highlights potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.

  • Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.

  • The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.

Market Dynamics

Drivers

  • Increased production of shrimp due to health benefits

  • Contract farming initiatives by exporters

  • Growing research activities and the launch of new products

Restraints

  • An environmental degradation and seed problems

  • Lack of availability of aqua-feed ingredients

Opportunity

  • Increasing demand for ready-to-eat food items

  • Several initiatives undertaken by government for technology upgradation

Companies Profiled

  • Aqua Star Corp.

  • Avanti Feeds Ltd.

  • Clearwater Seafoods Inc.

  • High Liner Foods Inc.

  • Mazzetta Company, Llc

  • Nordic Seafoods A/S

  • Surapon Foods

  • Thai Union Group

  • The Waterbase Ltd.

  • Wild Oceans Pty Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/alg7tx

View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005376/en/

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