Shrimp is a small, free-swimming invertebrate marine animal with elongated body. It generally feeds near the seafloor, in lakes and rivers as well as on most estuaries and coasts. It is low in fat and contains a high amount of selenium, magnesium, copper, zinc, sodium, iron and vitamins A, B6, C and E. This makes it an ideal ingredient for various cuisines and is considered to be one of the commonly traded seafood. It plays an essential role in the food chain as it is a vital food source for various animals ranging from fish to whales. At present, shrimp is sold in various forms such as smoked, fresh, dried and processed. A new research report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global shrimp market reached a volume of 4.5 Million Tons in 2017. The report further expects the market to reach a volume of around 6 Million Tons by 2023, at a projected CAGR of nearly 4.5% over the forecast period.
Global Shrimp Market Drivers/Constraints:
- Shrimp provides numerous nutritional benefits such as high levels of protein, low fat and moderate omega-3 fatty acids. This is one of the significant factors which is propelling the growth of the global shrimp market.
- There has been a continuous rise in the trend of seafood consumption on account of increasing urban population which has strengthened the spending tendency of consumers. This has further contributed towards an augmented demand for shrimp.
- Governments across the globe have implemented favourable regulations for various new food processor plants established by manufacturers which is positively influencing the growth of the market.
- However, the establishment of several shrimp processing industries poses a major threat to environment. This is one of the most significant obstacles which is impeding the growth of the market.
The shrimp market has been segmented on the basis of species which primarily includes penaeus vannamei (or white-leg shrimp), penaeus monodon (or black tiger shrimp) and macrobrachium rosenbergii. Among these, penaeus vannamei (or white-leg shrimp) accounts for the majority of the market share.
Shrimp Size Insights:
Based on shrimp size, the market has been further segregated on the basis of <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70 and >70. Currently, 41-50 shrimp per pound category dominates the market.
On a geographical front, the global shrimp market has been segmented on the basis of producers and consumers. Currently, China represents the largest producer of shrimp, whereas the United States remains the biggest consumer across the globe.
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