The latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global shrimp market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global shrimp market reached a value of US$ 62.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 84.2 Billion by 2027, exhibiting a CAGR of 4.8% during 2022-2027.
A shrimp refers to an elongated and semi-transparent invertebrate aquatic animal that belongs to the largest class of crustaceans. It is an omnivorous animal that consumes a wide range of plant and animal species. It is raised in aquaculture in tropical areas and sought by commercial fisheries for human consumption. Its consumption provides a good source of calcium, omega-3 fatty acids, iodine, protein, selenium, and vitamins B3 and D, which assist in managing weight and treating inflammation while helping maintain a healthy and lean body mass. Some of the common varieties of shrimps available include farmed white leg shrimps, royal red shrimps, gulf shrimps, and banded coral shrimps.
Covid-19 Overview of Shrimp Market:
The rapid outbreak of coronavirus disease (COVID-19) followed by the consequent implementation of mandatory lockdown restrictions, had a negative impact on the global shrimp market. Due to the shutdown of numerous supermarkets and hypermarkets in accordance with the stringent lockdown regulations, the demand for shrimp declined. Furthermore, the disruption in the supply chain hampered the processing and shipments of orders, thereby hindering the market growth. However, the market regained momentum with the gradual ease of restrictions on the retailers and consumers of shrimps.
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Global Shrimp Market Trends:
The global market is majorly driven by the rising health consciousness among individuals. This is attributed to the increasing prevalence of eye problems, cardiovascular diseases, and obesity among the masses. In addition to this, the growing utilization of shrimps in the food and beverage (F&B) industry, along with the changing dietary pattern of the masses are significantly supporting its demand on the global level. Besides this, the increasing adoption of shrimp shells in the manufacturing of personal care and cosmetic products as they exhibit antimicrobial and anti-aging properties.
Moreover, the rising investments by key players for introducing innovative packaging solutions across offline and online distribution channels are creating a positive market outlook. Some of the other factors driving the market further include the inflating disposable income level of individuals and extensive research and development (R&D) activities.
By IMARC group the report has also analyzed the competitive landscape of the market with some of the top shrimp companies being
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Mazzetta Company LLC
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Wild Oceans Pvt. Ltd.
Key Market Segmentation:
Breakup by Species:
- Penaeus vannamei
- Penaeus monodon
- Macrobrachium rosenbergii
Breakup by Shrimp Size:
Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restaurants
- Online Sales
Breakup by Region:
Major Producing Regions:
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impacton the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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