European Shrimp Market Demand Shifting Toward Products with Sustainability Certification

According to the latest report by IMARC Group, titled “Europe Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Europe shrimp market reached a volume of around 864 Kilo Tons in 2018. Shrimp refers to an edible decapod crustacean which is used as a primary ingredient in the preparation of various dishes including noodle soup, dumplings and shrimp cocktail. It lacks significant levels of saturated fats owing to which it is considered healthy for the circulatory system and is also known to lower triglycerides level as well as improve the ratio of LDL to HDL cholesterol. In addition to this, it has a high percentage of calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega-3 fatty acids. As a result, it offers numerous benefits such as improving bone and brain health, managing weight, lowering the risk of cardiovascular diseases, relieving eye fatigue, lowering blood pressure and enhancing overall health.

Market Trends:

On account of the increasing awareness about the health benefits offered by shrimp consumption, there has been a significant rise in its demand across the European region. Further, the consumers in Europe prefer ready-to-eat and easy-to-prepare products due to their busy lifestyles. This trend has led to a rise in the sale of frozen and canned products as well as value-added variants such as marinated shrimp. Additionally, there has been an increase in the demand for shrimp products with sustainability certifications from organizations such as GLOBALG.A.P. and Aquaculture Stewardship Council (ASC). This shift can be attributed to the increasing concerns regarding food safety and responsible sourcing among consumers. Apart from this, the European Commission has introduced various campaigns and initiatives to promote sustainable aquaculture in the region. For instance, the “EU Aquaculture Online” portal provides information to investors about EU rules and the strategic priorities of the Member States for encouraging investments in the aquaculture sector. Looking forward, the market volume is projected to reach 918 Kilo Tons by 2024, exhibiting a CAGR of 1.1% during 2019-2024.

Market Summary:

• Based on the shrimp source, the market has been segmented into farmed and wild shrimp. Wild shrimp currently represents the most popular source, dominating the market.
• On the basis of imports and domestic production, the European shrimp industry majorly depends on imports.
• The market has been categorized on the basis of the species into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Amongst these, Penaeus vannamei dominates the market, holding the largest share.
• Based on the product category, the report finds that peeled shrimp is the biggest category, accounting for the majority of the overall market share.  Some of the other product categories are shell-on, cooked, and breaded.
• The market has also been segregated based on the distribution channel into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online stores and others. At present, supermarkets and hypermarkets represent the largest distribution channel.
• The competitive landscape of the market has also been analyzed in the report, covering some of the leading players operating in the industry.

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