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The global shrimp market reached a volume of 8.12 Million Tons in 2020. Shrimp is one of the most common and popular types of seafood consumed worldwide. Belonging to the largest class of crustaceans called Malacostraca, they have a laterally compressed and elongated body with long antennae and legs. They can be found in both shallow and deep water as well as in freshwater lakes and streams. They are a rich source of calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega-3 fatty acids but low in saturated fats. They provide numerous health benefits such as improving bone and brain health, aiding weight loss, reducing the risks of cardiovascular disease, relieving eye fatigue and lowering blood pressure which have led to a rise in their overall demand across the globe. According to IMARC Group, the market is expected to witness moderate growth during the next five years.
Breakup by Species:
Penaeus vannamei is currently the most popular species. It is farmed in numerous nations including the United States, Vietnam, Mexico, India, Brazil, China and Thailand.
Breakup by Size:
The size range of 41-50 exhibits a clear dominance in the market as they can be used in the preparation of several dishes including pasta, mixed seafood dishes, tostadas and tacos.
Major Producing Regions:
China accounts for the majority of the production on account of increasing government support for improving product quality and promoting sustainable farming practices.
Major Consuming Regions:
Based on consumption, China represents the largest market as shrimp is an integral part of Chinese cuisine and is widely used in noodle soup and bonnet (dumpling).
The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market.
Key Questions Answered in This Report:
The global shrimp market reached a volume of 8.12 Million Tons in 2020.
The changing consumer inclination from high-calorie food items towards a protein-rich diet, including shrimp, represents one of the key factors driving the global shrimp market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous aquaculture activities and supply chain disruptions of shrimp and other related products.
Based on the species, the global shrimp market has been bifurcated into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii, and others. Currently, Penaeus vannamei holds the majority of the total market share.
Based on the size, the global shrimp market can be divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70 and >70. Among these, 41-50 sized shrimp represents the largest segment.
On a regional level, the market has been classified into China, India, Indonesia, Vietnam, Thailand and Ecuador, where China currently dominates the production of the global market.
On a regional level based on consumption, the market has been classified into United States, China, Europe, Japan and others, where China dominates the global market.
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