Shrimp Market is expected to foresee significant growth. Asia-Pacific leads the Market!

Shrimp Market is expected to grow at a CAGR of around 8% over the forecast period (2021-2027). Shrimp is one of the most widely consumed types of seafood in the world. They have a laterally compressed and elongated body with long antennae and legs, and they belong to the Malacostraca, the biggest class of crustaceans. They can be found in freshwater lakes and streams in both shallow and deep water. Calcium, iodine, vitamin D, vitamin B3, zinc, protein, and omega-3 fatty acids are abundant, but saturated fats are scarce. They provide a variety of health benefits, including increasing bone and brain health, assisting weight reduction, lowering cardiovascular disease risks, treating eye fatigue, and lowering blood pressure, which has contributed to an increase in their demand across the globe. For instance: In the year 2020, shrimp exports totaled US$ 17.8 billion in overseas sales. The overall value of shrimp exports has decreased by -1.2% since 2016 and by -7.6% between 2019 and 2020.

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The global coronavirus epidemic has had a negative influence on aquaculture productivity. All parts of the aquaculture value chain were affected by the economic fallout from statewide stay-at-home directives and delayed export flows. For instance: In the aftermath of India’s shutdown, shrimp hatcheries, farms, processors, retailers, and exporters lost an estimated 30-40% of their business. On a contrary, due to record low costs, shrimp imports surged in numerous countries during the first three quarters of 2020, despite decreasing demand from the hotel, restaurant, and catering (HORECA) sector. The global retail demand for fresh and frozen shrimp has soared.

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Based on type, the market is segmented into Wild Shrimp, and Farmed Shrimp. Based on Species, the market is segmented into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others. Based on category , the market is segmented into Peeled, Shell-on, Cooked, and Others. Based on Distribution Channel , the market is segmented into Hypermarkets & Supermarkets, Specialty Stores , Hotels & Restaurants, Online, Others.

For a better understanding of the market of Shrimp, the market is analyzed based on its worldwide adoption in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, Indonesia, India, Thailand, Rest of Asia- Pacific), & Rest of World. The shrimp market was dominated by Asia-Pacific. The Asia Pacific region’s countries have been rapidly developing, resulting in societal advancement and increased purchasing power as economies get stronger. Asian countries such as China, India, Indonesia, Bangladesh, the Philippines, Thailand, and Vietnam account for a large market share by creating shrimp market opportunities, resulting in Asian countries dominating the market.
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Some of the major players operating in the market include Aqua Star Corp., Mazzetta Company, LLC, Clearwater Seafoods Inc., Thai Union Group, Nordic Seafood A/S, Apex Frozen Foods Ltd., Seaprimexco Vietnam, , Grupo Iberica Congelados, S.A, High Liner Foods Inc., Charoen Pokphand Foods PCL, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions

Shrimp MarketSegmentation

Market Insight, by Type

• Wild Shrimp
• Farmed Shrimp

Market Insight, by Species

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Market Insight, by Category

• Peeled
• Shell-On
• Cooked
• Others

Market Insight, by Distribution Channel

• Hypermarkets & Supermarkets
• Specialty Stores
• Hotels & Restaurants
• Online
• Others

Market Insight, by Region

• North America Shrimp Market
  • United States
  • Canada
  • Rest of North America
• Europe Shrimp Market
  • Germany
  • France
  • United Kingdom
  • Netherlands
  • Rest of Europe
• Asia Pacific Shrimp Market
  • China
  • Japan
  • Indonesia
  • India
  • Thailand
  • Rest of Asia-Pacific
• Rest of World Shrimp Market

Company Profiled

• Aqua Star Corp.
• Mazzetta Company, LLC
• Clearwater Seafoods Inc.
• Thai Union Group
• Nordic Seafood A/S
• Apex Frozen Foods Ltd.
• Seaprimexco Vietnam
• Grupo Iberica Congelados, S.A
• High Liner Foods Inc.
• Charoen Pokphand Foods PCL