Emphasis on Type (Wild Shrimp, Farmed Shrimp); Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others); Category (Peeled, Shell-on, Cooked, Others); Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, Hotels & Restaurants, Online, Others); Region/Country
Shrimp Market is expected to grow at a CAGR of around 8% over the forecast period (2021-2027). Shrimp is a rich source of protein, selenium, and vitamin B12. In addition, they have high concentration of phosphorous and iron. Furthermore, several initiatives have been taken by governments in developing areas for technology upgradation to improve input from shrimp farms, which are expected to assist the small-scale industry and help the underprivileged population involved in the industry’s development process, thereby propelling the shrimp market growth.
The major factors and shrimp market trends that drive the growth of the shrimp market include easy availability of shrimps and their high nutritional content. As one of the most traded species of seafood, they are an essential component of various cuisines. One of the major trends observed is the expansion of the food industry due to rise in demand for ready-to-eat food items.
Total production for the year 2020 was expected to be around similar levels with moderate growth seen in the year though the emergence of Covid-19 pandemic weighed on the overall demand a well as production of shrimp across the world. Generally, several external factors like weather pattern, disease outbreaks, volatile prices, etc., already contribute to the unpredictability on production, demand, and margins of the players in the industry.
Share of Top Shrimp Importing Countries, (%)
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.
Insights Presented in the Report
“Amongst Type, Wild Shrimp segment dominated the market in 2020”
Based on Type, Shrimp Market is classified into Wild Shrimp, and Farmed Shrimp. The Wild Shrimp segment has acquired the highest market share in the Shrimp market and is expected to continue to grow over the forecasted period. This growth is attributed to the wide availability.
Moreover, the global farmed shrimp market continues to grow faster than other aquaculture species, with most shrimp being produced in Asia. The main market outside Asia is Latin America, with Ecuador recently overtaking Thailand to become the world’s fifth largest shrimp producer. The global farmed shrimp market continues to grow faster than other aquaculture species, with most shrimp being produced in Asia.
“Amongst Species, Penaeus Vannamei segment dominated the market in 2020.”
Based on Species, the Shrimp market is segmented into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others. The Penaeus Vannamei segment accounted for the larger market share in 2020 and is projected to witness a significant growth rate during the forecast period.
Across the globe, the major Shrimp producing countries include Argentina, China, Ecuador, India, Indonesia, Thailand and Vietnam. In 2016, the China’s marine aquaculture production of Vannamei was 932,297 tons, an increase of 39,115 tons compared to 2015, meaning a growth of 4.38%. By 2019, China’s South American white shrimp marine aquaculture production was 1,144,370 tons, an increase of 26,836 tons compared to 2018, – a 2.4% rise. In addition, Penaeus Vannamei contains ω-9 fatty acids which helps to reduce the risk of arteriosclerosis, cardiovascular disease and stroke Based on the results, L. vannamei species can be considered as a good source of fatty acid as well as protein.
“Amongst Category, Peeled holds significant market share in 2020.”
Amongst Category, the Shrimp market is segmented into Peeled, Shell-on, Cooked, and Others. Peeled segment dominated the Shrimp Market in the year 2020 and expected to remain leading segment over the forecast period. Primary factors driving the peeled shrimp include high demand from the peeled shrimp from household, restaurants and fast-food chains for shrimps along with rising popularity of frozen and canned shrimps.
“Amongst Distribution Channel, Specialty Stores holds significant market share in 2020.”
Based on Distribution Channel, the Shrimp market is segmented into Hypermarkets & Supermarkets, Specialty Stores, Hotels & Restaurants, Online, and Others. Specialty Stores contributes to most of the revenue for the Shrimp market. This is attributed to the fact that specialty stores offer options such as discounts as well as the benefit of immediate gratification.
“Asia-Pacific represents as the largest market.”
For a better understanding of the market adoption of Shrimp, the market is analyzed for 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. Asia-Pacific dominated the market in 2020. 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. Asian countries have a broad coastal belt, ambient environment, and temperature to raise shrimp, these regions have gained a leading proportion of world shrimp production following the boom in aquaculture production methods in the 1990s. Domestic consumption in these countries is diverse, with China and other Southeast Asian countries having a relatively large demand for shrimp per capita. After domestic consumption, they will have a less stock to supply to other regions. India, on the other hand, has a low level of shrimp consumption and exports more than 80% of its produce to major markets across the world.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Shrimp Market Covid-19 Impact
6. Shrimp Market Revenue, 2019-2027f
7. Market Insights By Product7 Market Insights By Type
8. Market Insights By Species
9. Market Insights By Category
10. Market Insights By Distribution Channel
11. Market Insights By Regions
12. Shrimp Market Dynamics
13. Shrimp Market Opportunities And Future Trends
14. Shrimp Market Exim Trends
15. Shrimp Market Price Trends
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future of the Shrimp Market were the three major steps undertaken to create and analyze the production, exports and imports, consumption of Shrimp across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Shrimp through company internal sources such as annual report & financial statements, investor presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Shrimp, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by type, species, category, and by distribution channel. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Shrimp Market in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as rising population, rising standard of living of individuals, growing disposable incomes, demand for frozen shrimp products, and various health benefits from shrimp, etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Shrimp Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, species, category, and distribution channel for the major country/region globally.
The main objective of the Shrimp Market Study
The current & future market trends of Shrimp were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional & country level analysis of the industry
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November 7, 2024
