Shrimp Market Overview, Trends, Opportunities, Growth and Forecast by 2024
According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global shrimp market size reached 4.66 Million Tons in 2018. Shrimp is one of the widely consumed seafood species which belongs to the largest class of crustaceans, known as Malacostraca. It is a small, free-swimming invertebrate marine animal with a laterally compressed and elongated body. It can be found in both shallow and deep water as well as in streams and freshwater lakes. As it is a rich source of calcium, iodine, vitamin D and B3, zinc, protein, and omega-3 fatty acids, it is widely used to aid weight loss, lower blood pressure, relieve eye fatigue, improve bone and brain health, and reduce the risk of developing cardiovascular disease.
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On account of sedentary lifestyles and elevating income levels, frozen shrimp products have gained immense popularity among consumers. This can also be accredited to their easy availability, longer shelf-life and lower prices in comparison with fresh shrimp. Moreover, as shrimp consumption helps in battling cancer and protecting the skin from premature aging, the growing awareness among consumers about these advantages has resulted in the increasing demand for shrimp products across the globe. Further, governments in numerous countries are encouraging shrimp production by offering fiscal reliefs and incentives to farmers. For instance, the Marine Products Exports Development Authority (MPEDA) in India is promoting shrimp culture through cluster farming approach. Similar initiatives are also being taken in Thailand, Vietnam and China which is anticipated to attract new investors in the industry. Looking forward, the market volume is projected to reach 5.83 Million Tons by 2024, expanding at a CAGR of 3.73% during 2019-2024.
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Insights on Market Segmentation:
Based on the environment:
- Global Wild Shrimp Market
- Global Farmed Shrimp Market
Based on the environment, the market has been bifurcated into wild and farmed shrimp. Farmed shrimp presently exhibit a clear dominance in the global shrimp industry.
Market Breakup by Species:
- Penaeus Vannamei
- Penaeus Monodon
- Macrobrachium Rosenbergii
On the basis of the species, the market has been classified into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii and others. Currently, Penaeus Vannamei represents the most popularly consumed shrimp species due to its unique taste and high unit value.
Market Breakup by Shrimp Size:
- Size <21
- Size 21-25
- Size 26-30
- Size 31-40
- Size 41-50
- Size 51-60
- Size 61-70
- Size >70
The market has also been segmented on the basis of the shrimp size which includes <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70. At present, the 41-50 shrimp per pound category represents the largest segment, holding the majority of the global market share.
Imports of Processed Shrimps:
Based on the imports of processed shrimp, the market has been classified into peeled, shell-on, cooked and breaded. Amongst these, peeled shrimp accounts for the majority of the global market share.
Market Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restraunts
- Online Sales
On the basis of the distribution channel, the market has been segregated into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others. Among these, hotels and restaurants hold the dominant market share.
Market by Shrimp Producing & Consuming Regions:
- United States
Region-wise, the market has been divided into major shrimp producing and consuming regions. The key shrimp producing regions include China, India, Indonesia, Vietnam, Thailand, Ecuador and Others. On the other hand, leading shrimp consuming regions include the United States, China, Europe, Japan and Others. Amongst these, China represents both the largest producer and consumer.
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