The global shrimp market reached a volume of around 4.5 Million Tons in 2017. The market is further projected to reach a volume of around 6 Million Tons by 2023, at a CAGR of nearly 4.5% during 2018-2023. Shrimp are one of the most common and popular types of seafood consumed worldwide. Belonging to the largest class of crustaceans called Malacostraca, shrimp have a laterally compressed and elongated body with long antennae and long legs. They can be found in shallow and deep water as well as in freshwater lakes and streams. Shrimp are a rich source of calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega-3s but low in saturated fat. Additionally, they provide numerous health benefits such as improved bone and brain health, weight management, lowered risk of cardiovascular disease, relieved eye fatigue and lowered blood pressure. These benefits have led to a rise in the overall demand for shrimp across the globe.
Global Shrimp Market Drivers:
- The global shrimp market has been witnessing a positive growth as shrimp manufacturers across the globe are adding several value-added products to their product lines. These value-added products are gaining popularity in several countries such as United States, Europe and Japan, thereby improving the existing consumer base of shrimp.
- Several shrimp producing regions such as China, India, etc. have been growing continuously over the past few decades as a result of a continuous growth in both urban and rural disposable incomes in these countries. As the demand for seafood products is income elastic, a continuous increase in the number of consumers with higher disposable incomes is expected to create a positive impact on the growth of the shrimp processing industry in short term.
- The governments of major shrimp producing regions have acknowledged the seafood sector as a high priority industry and is currently promoting it with a number of fiscal reliefs and incentives. For instance, in India, government bodies such as MPEDA (Marine Products Exports Development Authority) is supporting shrimp culture through cluster farming approach. Similar initiatives are also being taken in other countries such as Vietnam, Thailand, China, etc. This move is expected to attract new investors to invest in the shrimp industry.
- Currently, shrimp of various species such as Pacific White Shrimp / Litopenaeus Vannamei, penaeus Monodon etc. are being produced by the shrimp farmers. Moreover, shrimp of these species are available in a number of sizes such as 41-50, 51-60, 30-40, etc. Such vast presence of different kinds of shrimp caters to the taste and preferences of a large number of consumers.
- The shrimp market has traditionally been an export-oriented market in untapped markets, such as India, with only a small share of the total production consumed domestically. Over the last few years, however, the domestic shrimp market in these countries has started booming up. The demand, which was largely focussed on big cities few years ago, is now spreading to tier-II and tier-III cities. With the high growth in disposable incomes, domestic consumption is expected to increase continuously in the near term.
The shrimp market has been segmented on the basis of production. Currently, China accounts for the majority of the shrimp production on account of increasing government support to improve production quality and promote sustainable shrimp farming practices. China is followed by India, Indonesia, Vietnam, Thailand and Ecuador.
Based on consumption, China represents the largest market followed by the United States, Europe and Japan. This can be attributed to the fact that shrimp is an important part of Chinese cuisine such as noodle soup, shrimp bonnet (dumpling) and stir-fried shrimp.
Breakup by Species:
Penaeus Vannamei is currently the most popular specie of shrimp being consumed. It is cultivated by numerous nations including the United States, Vietnam, Mexico, India, Brazil, China, and Thailand. Penaeus Vannamei is followed by Penaeus Monodon and Macrobrachium Rosenbergii.
Breakup by Shrimp Size:
On the basis of shrimp size, the market has been segregated into 41-50, 51-60, 31-40, >70, 61-70, 26-30, 21-25 and <21. Amongst these, shrimp in the size range of 41-50 exhibits a clear dominance as they can be used for the preparation of several dishes including pasta, mixed seafood dishes, tostadas, tacos, etc.
Export and Import:
The report has also analysed the export and import trends of the global shrimp market according to which India represented the largest exporter, whereas Europe enjoyed the leading position as largest importer.
This report provides a deep insight into the global shrimp industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a shrimp manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the shrimp industry in any manner.
Key Questions Answered in This Report:
- How has the global shrimp market performed so far and how will it perform in the coming years?
- What are the key production regions in the global shrimp industry?
- What are the major consumption regions in the global shrimp industry?
- What are the various shrimp sizes in the global shrimp industry?
- What are the popular species in the global shrimp industry?
- What are the export and import trends in the global shrimp industry?
- What are the price trends of shrimp?
- What are the various stages in the value chain of the global shrimp industry?
- What are the key driving factors and challenges in the global shrimp industry?
- What is the structure of the global shrimp industry and who are the key players?
- What is the degree of competition in the global shrimp industry?
- What are the profit margins in the global shrimp industry?
- What are the key requirements for setting up a shrimp manufacturing plant?
- How are shrimp manufactured?
- What are the various unit operations involved in a shrimp manufacturing plant?
- What is the total size of land required for setting up a shrimp manufacturing plant?
- What are the machinery requirements for setting up a shrimp manufacturing plant?
- What are the raw material requirements for setting up a shrimp manufacturing plant?
- What are the packaging requirements for shrimp?
- What are the transportation requirements for shrimp?
- What are the utility requirements for setting up a shrimp manufacturing plant?
- What are the manpower requirements for setting up a shrimp manufacturing plant?
- What are the infrastructure costs for setting up a shrimp manufacturing plant?
- What are the capital costs for setting up a shrimp manufacturing plant?
- what are the operating costs for setting up a shrimp manufacturing plant?
- What will be the income and expenditures for a shrimp manufacturing plant?
- What is the time required to break-even?