The global shrimp market reached a volume of around 4.66 Million Tons in 2018. 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 reach a volume of 5.83 Million Tons by 2024, growing at a CAGR of 3.73% during the forecast period (2019-2024).
- The global market has been witnessing positive growth as manufacturers are adding several value-added products to their product lines. These products are gaining popularity in several countries such as the United States, Europe and Japan which has helped in expanding the consumer base.
- Shrimp consumption has been growing continuously, especially in countries like India and China, on account of rising organized retail chains across the region. In addition, since the demand for seafood products is income elastic, a continuous increase in the number of consumers with higher disposable incomes is expected to have a positive impact on the growth of the market.
- The governments of major producing countries have acknowledged the seafood sector as a high priority industry and are currently promoting it with several fiscal reliefs and incentives. For instance, government bodies in India, such as MPEDA (Marine Products Exports Development Authority), are supporting shrimp culture through cluster farming approach. Similar initiatives are also being taken in Vietnam, Thailand and China which are expected to attract new investors to the industry.
- The 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 market in these countries has started flourishing. The demand, which was primarily focused in big cities until a few years ago, is now spreading to tier-II and tier-III cities and the domestic consumption is expected to increase continuously over the next few years.
Breakup by Species:
- Penaeus vannamei
- Penaeus monodon
- Macrobrachium rosenbergii
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:
- United States
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:
- How has the global shrimp market performed so far and how will it perform in the coming years?
- What are the key regions in the global shrimp market?
- What are the popular species in the global shrimp market?
- What are the various size ranges in the global shrimp market?
- 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 processing plant?
- How are shrimp processed?
- What are the various unit operations involved in a shrimp processing plant?
- What is the total size of land required for setting up a shrimp processing plant?
- What are the machinery requirements for setting up a shrimp processing plant?
- What are the raw material requirements for setting up a shrimp processing 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 processing plant?
- What are the manpower requirements for setting up a shrimp processing plant?
- What are the infrastructure costs for setting up a shrimp processing plant?
- What are the capital costs for setting up a shrimp processing plant?
- What are the operating costs for setting up a shrimp processing plant?
- What will be the income and expenditures for a shrimp processing plant?
- What is the time required to break-even?