According to the latest report by IMARC Group, titled "Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global shrimp market reached a value of US$
65.9 Billion in 2022. Shrimp is a semitransparent, elongated invertebrate marine animal that belongs to the largest class of crustaceans, also known as Malacostraca. It is usually found in deep and shallow waters as well as in freshwater lakes and streams. Shrimp is a rich source of essential vitamins, protein, omega-3 fatty acids, selenium, protein, and iodine that aid in eliminating inflammation, maintaining a healthy lean body mass, enhancing bone strength, and protecting against cardiovascular diseases. Apart from this, shrimp consists of antioxidant and astaxanthin characteristics, which assist in relieving eye fatigue, lowering blood pressure, improving skin elasticity, and mitigating the chances of skin cancer. On account of these properties, shrimp is extensively consumed as a seafood delicacy and is commercially available in fresh and frozen forms for preparing appetizers, salads, soups, and various curry dishes.
Global Shrimp Market Trends:
The global shrimp market is majorly driven by the increasing health consciousness and awareness amongst consumers regarding various beneficial properties associated with its consumption as a healthy meal. Additionally, the widespread adoption of shrimps in restaurants across the food and beverage (F&B) sector for preparing various exotic seafood dishes on account of higher disposable incomes and rising expenditure capacity of the masses, particularly in emerging economies, is propelling the market growth. Apart from this, shrimp shells exhibit anti-aging and antimicrobial properties and include carotenoids that assist in protecting skin from ultraviolet (UV) rays, improving skin texture, and reducing hair loss, thus facilitating its utilization as a key ingredient in the pharmaceutical industry for manufacturing various cosmetic and personal care products, including creams and shampoos. This, in turn, is acting as another major growth-inducing factor. Additionally, the rising environmental concerns have prompted governments of various countries to implement a sustainable aquaculture farming approach to fuel shrimp production, while mitigating the negative impact on ocean wildlife, which is contributing to the market growth. Other factors, including the rising need for ready-to-eat (RTE) consumer goods on account of hectic lifestyle schedules and strategic collaborations amongst key players for introducing innovative product variants in different packaging solutions across both online and offline distribution channels, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of 87.9 Billion by 2028, growing at a CAGR of
4.7% during 2023-2028.
- Based on the species, the market has been categorized into penaeus vannamei, penaeus monodon, macrobrachium rosenbergii, and others. Amongst these penaeus vannamei is currently the most popular type of shrimp species.
- On the basis of the size, the market has been segmented into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.
- Based on the distribution channel, the market has been segregated into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.
- On the basis of the major producing regions, the market has been segmented into China, India, Indonesia, Vietnam, Thailand, Ecuador, and others. Amongst these, China accounts for the majority of the production.
- Based on major consuming regions, the market has been classified into the United States, China, Europe, Japan and others. Amongst these, China represents the largest market.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market.
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