According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global shrimp market reached a volume of 8.12 Million Tons in 2020. Shrimp is an invertebrate marine animal, belonging to the largest class of crustaceans called Malacostraca. Its structure is characterized by a laterally compressed and elongated body with long legs and antennae. Widely available in freshwater lakes and streams, and deep and shallow waters, it is considered to be one of the most commonly consumed seafood species across the globe. It is a rich source of proteins, selenium, phosphorus, antioxidants, copper, iron, magnesium, omega-3 fatty acids, and vitamin B and D while containing low content of saturated fat. Consequently, its consumption is associated with multiple health benefits, such as facilitating weight loss, improving bone and brain health, relieving eye fatigue, lowering blood pressure, and minimizing the chances of developing cardiovascular diseases.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Shrimp Market Trends:
The global market is primarily driven by the immense popularity of frozen shrimp products among consumers. This is supported by the inflating disposable income levels of the masses, the shifting lifestyle patterns and significant improvements in the online and offline organized retail platforms. Additionally, processed and frozen shrimp products are often characterized by affordable prices, easy availability, lower cooking time and extended shelf-life. These factors have led them to gain widespread prominence across the globe and are increasingly preferred by working professionals with busy schedules and hectic lifestyles. Apart from this, the rising availability of disease-free and healthy shrimps on the global level, along with the increasing awareness regarding the numerous health benefits offered by their consumption, are further contributing to the market growth. Furthermore, numerous players are now introducing value-added products to their product lines to expand their product portfolio and cater to the diverse preferences of their customers. The market is also driven by the several initiatives undertaken by the governments of multiple countries to encourage shrimp production by introducing favorable policies and providing incentives and fiscal reliefs to the farmers. They are promoting organic shrimp farming practices among farmers to minimize the environmental impact caused by shrimp aquaculture and encouraging cluster farming approaches to attract new investors in the industry . On account of the aforementioned factors, the market is anticipated to witness moderate growth during 2021-2026.
- Based on the species, the market has been divided into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Penaeus vannamei currently represents the most popular species, holding the largest share.
- On the basis of the shrimp size, the market has been segregated into size <21, size 21-25, size 26-30, size 31-40, size 41-50, size 51-60, size 61-70 and size >70. Among these, size 41-50 is the leading category, accounting for the majority of the total market share.
- The market has been classified based on the distribution channel into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales and others. At present, the majority of the shrimp is distributed through hotels and restaurants.
- On the geographical front, the production of shrimp was dominated by China. Other major regions include India, Indonesia, Vietnam, Thailand, Ecuador and others. On the other hand, the major shrimp consuming regions are the United States, China, Europe, Japan and others.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players.
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