According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global shrimp market size reached a volume of 5.10 Million Tons in 2019. Shrimp is one of the most widely consumed seafood species, which belongs to the largest class of crustaceans, known as Malacostraca. It is a small, free-swimming invertebrate marine animal with a laterally compressed and elongated body. Nowadays, shrimp is increasingly being used in a variety of cuisines as it is a rich source of essential nutrients like calcium, iodine, vitamin D and B3, zinc, protein, and omega-3 fatty acids. It helps in losing weight, lowering blood pressure, relieving eye fatigue, improving bone and brain health, and reducing the risk of developing cardiovascular diseases.
Global Shrimp Market Trends:
Frozen shrimp products have gained immense popularity among consumers on account of sedentary lifestyles and elevating income levels. This can also be accredited to their easy availability, longer shelf-life and lower prices in comparison with fresh shrimp. Moreover, the growing awareness among consumers about the advantages of shrimp consumption, such as it helps in battling cancer and protecting the skin from premature aging, has resulted in the increasing demand for shrimp products across the globe. Furthermore, governments in numerous countries are encouraging shrimp production by offering fiscal reliefs and incentives to farmers. For instance, the Marine Products Exports Development Authority (MPEDA) in India is promoting shrimp culture through a cluster farming approach. Similar initiatives are also being taken in Thailand, Vietnam and China, which is anticipated to attract new investors in the industry. Looking forward, the market is projected to reach a volume of 7.28 Million Tons by 2025, growing at a CAGR of 6.1% during 2020-2025.
- Based on the species, the market has been segmented 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 global 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.
- Region-wise, 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.
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