Shrimp Market By Species (Gulf Shrimps, Farmed Whiteleg Shrimps, Banded Coral Shrimps, Royal Red Shrimp), Source (Organic, Conventional), Form (Canned, Breaded, Peeled, Cooked & Peeled), Sales Channel (Direct, Indirect), Application (Food, Pharmaceutical, Cosmetics) & Region - Forecast to 2021 - 2031
Shrimp Market - Analysis, Outlook, Growth, Trends, Forecasts
- April 2021
- 397 pages
- Food and Beverage
About the Shrimp Report
[397 Pages Report] Shrimp has a variety of health benefits such as it is a rich source of minerals and vitamins, which makes it a highly consumed seafood. The consumption of shrimp helps to promote good heart and brain health because it also contains high amounts of omega 3, 6 and 9 fatty acids and various antioxidant in them. The shrimp market is gaining impetuson account of increasing awareness about various health benefits among consumers.
Shrimps are available in different varieties such as gulf shrimps, farmed white leg shrimps, banded coral shrimps, royal red shrimps, and others.The demand for various shrimps may vary from one region to another, depending on their food habits.Besides increasing consumption of shrimps in food, application in cosmetics, pharmaceutical, and biotechnology industries is increasing as well.
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How the Historical and Future Outlook for Shrimp Market Match Up?
Shrimp has been a traditional dish in many countries such as China, Thailand, Mexico, and others. Shrimp consumption increased over the years due to its enormous health benefits experienced by consumers. Traditionally shrimp was eaten as a part of the culture but eventually people adopted consuming shrimp as a part of healthy diet.
Manufacturers started promoting and branding in order to create a positive brand image that uses good quality raw material and efficient production practices.Thus over the years people realized shrimp’s functional properties which were very beneficial for preventing various lifestyle diseases. According to FMI’s analysis, shrimp market sales have grown at 6.3% CAGR between 2016 and 2020.
Shrimp is widely used in dietary supplements in order to overcome the lack of protein intake among consumers. As consumers have increased the protein intake in their diet and sea food being the best source of protein available, the consumption of shrimp is rising tremendously. Awareness regarding benefits of opting for nutritious food and healthy lifestyles is increasing across the globe. Health-conscious consumers are concentrating on exercise and weight management to reduce risk of health diseases and disorders such as diabetes, cholesterol level, blood pressure, and heart diseases.
Increasing consumption of protein-based products indicates that demand for shrimp is expected to grow over the forecast period.Demand for shrimp among consumers is rising also to prepare seafood at home.Even while ordering seafood in restaurants, shrimps are often preferred choices. This trend has increased as shrimps are available at reasonable prices and have high nutritional content.
All the key markets for shrimp have been affected by COVID-19 outbreak. The sales of shrimp could get affected in the coming years due to reasons such as economic instability and lack of product availability in the market. Due to lockdown in many countries, the ability of the companies to continue regular operations is affected. But the situations are expected to improve. According to the report, the market will grow at 7.4% CAGR through 2021- 2031.
How is Demand forOrganic Shrimp in Feed Ingredient Industry Impacting Growth?
Pet owners are getting more cautious about their pet's wellbeing and diets, because of which the interest for natural and organic feed is expanding. The demand for natural and organicfeed is increasing also to avoid the risk of allergies in animals. These feed contributions are free from synthetic substances, poisonous pesticides, and counterfeit products, which might cause inconvenience.
Natural ingredientscan help createresistance in animal to fight a wide range of diseases. The consumption of organic shrimp helps to increase the expectancy and quality of life in animals and also provides them with adequate amount of protein, vitamins, and minerals.
Organic shrimps provideall provides nutrients to help animals and pets stay active and physically fit, because they contain good fats. Also consumption of organic shrimps can reduce the risk of obesity in pets. Due to these benefits, pet parents prefer buying organic shrimp for their pets.
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How Is Demand from Pharmaceutical Industry Affecting Shrimps Sales?
As cardiovascular problems are rising at an alarming rate due to sedentary lifestyle, the inclusion of ingredients derived from seafood has increased in thepharmaceutical industry. Shrimpsare considered to be very helpful in maintaining lipid profiles which eventually helps in combating cholesterol and provide good heart health to the individual.
Thus the pharmaceutical industry is launching omega supplements which are derived from shrimp to help consumers fulfil its fatty acids requirement. In order to build a trust among consumers, the pharmaceutical industry is ensuring that details are properly provided on labels in terms of usage, side effects, recommended dosage.
Shrimp Market Country-wise Insights
How Big Is The Opportunity For Shrimp Market In United States?
United States shrimp market is projected to hold a significant share in terms of production as different variety of shrimps are easily available in this region, thus leading to higher consumption. According to the report, the U.S. shrimp market is expected to have lucrative growth opportunities in the near future.
One of the crucial factors supporting growth is the country’s increasing prevalence of obesity and resultantly higher protein consumption. According to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity stood at above 42% in America in 2017-2018. Against this backdrop, the U.S. presents a lucrative market for sales of organic sources of protein.
What is Affecting Shrimp Sales in India?
TheFood and Agriculture Organization (FAO) has declared India to be the world’s second-largest producer of farmed seafood, trailingChina.India offers remarkable opportunity for growth of shrimp market as the country has huge population of consumers enjoying the consumption of sea food on aregular basis.
India’s coast line including places such as Goa, Konkan, and Ratnagiri comprises a thriving market for seafood consumption. Shrimp also is included in various traditional food preparations in the aforementioned and other Indian cities. Besides this, the increasing incidence of various lifestyle diseases have been giving tailwinds to the growth in consumption of seafood. This is expected to bode well for market players in India.
Why has U.K. Emerged Dominant in Europe Shrimp Market?
The U.K is leading the Europe market as ingredients derived from shrimps are widely used in various cosmetics and skin care products. As U.K is known for its luxurious skin care regimens across the globe. The application of shrimp in skin care is tremendously rising as consumers are witnessing great results on their skin with the use of these products. Shrimp being a sea food it is high in collagen which is very useful for maintain a healthy looking skin. Thus the shrimp market is rising at an alarming rate in U.K. It is expected to hold 23.2% market share in 2031.
How HasCOVID-19 Impacted Shrimp Market in Brazil?
As the world is still facing the pandemic, Brazil remains highly affected since new strains of the COVID-19 virus is found in the country. Extended period of lockdown undertaken to curb the rising cases of the virus affected the production and sales of shrimps. Also, shrimps being an animal based has led to their lower consumption in Brazil.
The fear of pandemic in minds of the people have made them switch towards plant derived protein thus impacting the sale of the shrimp products.Eventually once the COVID-19 situation is under control, the shrimp market is expected to steadily grow in Brazil.
Will China’s Shrimp Market Show a Surge in the Next Few Years?
Shrimps being among the traditional food for people in China, their consumption has been on the higher side in China. Consumption of shrimps has continued to increase in the country due to the rising awareness of various health benefits related to it.
Thus manufacturers are ensuring to produce innovative products to attract consumers in terms of pharmaceutical, industrial and biotechnology aspects. Companies in China also are ensuring environmentally protected packaging of products in the form of canned- food, which can be recycled and re-used. Such innovative concepts will ensure surge in sales in China.
Shrimp Market Category-wise Insights
Which Species of Shrimp is Gaining Traction?
The most preferred type of shrimp is farmed white leg shrimps as it is good in taste and has many health benefits. Farmed white leg shrimps type has the highest market share of 46.3%. Farmed white leg shrimp is gaining a lot of traction in the U.K. as it is widely available due tothe presence of deep sea fishing ports in the country.
Besides this, the rising awareness among consumers about various health benefits of shrimps in managing digestive disorders, weight management, and maintaining good cholesterol will fuel demand in the segment. It contains certain antioxidants called as flavonoids and polyphenols that relax the blood vessels and reduce inflammation in the body. Awareness regarding various health benefits of farmed white leg shrimps will continue pushing sales.
Which is the Preferred Form of Shrimp?
The frozen form is in demand due to its longer shelf life. As consumers can purchase it in large quantities and store for a longer time frame and utilize it when required. This makes the shrimps in frozen form highly sought-after.
As it is more convenient to store frozen shrimp in warehouses or cold storage facilities, market players can keep pace with dynamic trends in case of supply shortage or sudden increased demand. The frozen form holds 40.5% market share in 2021.
Which is the Chief End use Application of Shrimps?
Application in the food industry is expected to account for above 73% of sales in the market through the forecast period. As shrimpsare popularly consumed in various forms of dishes thus restaurants also offer unique opportunities to attract consumers. The food segment is exhibiting rising growth as shrimps are also prepared at home since they are available frozen, readily available packets. The pharmaceutical segment also will exhibit high demand as shrimps have proven to be very useful medically and thus many regions are deriving these medicinal properties of shrimps and wisely utilizing it.
Which Sales Channel is Gaining Traction?
Shrimps being a food commodity are perishable in nature, which makes themvery important to reach consumers as quickly as possible. Among various sales distribution channels,online retail and modern trade are growing at an alarming rate. Online retail is in demand especially during the ongoing pandemic where staying indoors is advisable.Thus many people across the globe have started to shop online and not just commodities but also groceries.
Thus in no time the order is delivered to consumers, making it a widely accessible sales distribution channel. Modern trade also is gaining traction as a consumer can look at alarger variety of brands and compare for prices, discounts and even ingredients used. Online retails is expected to grow at 11.5% CAGR in the forecast period and modern trade holds a significant market share of 26.7%.
Which is the Key Source of Shrimps?
In terms of source, organic shrimps are in demand. The organic segment is expected to grow at 9.3% CAGR in the forecast period. Organic segment is witnessing lucrative growth opportunities as consumers are demanding for healthier ingredients which are not treated with heavy pesticides and chemicals. As heavy chemicals used in manufacturing process can cause severe health concerns. Therefore the demand for organic food is rising across the globe
There are various seafood companies that are acquiring other companies dealing with shrimps. This remains one of the key strategies adopted by market players.
- In 2019, a key player which is a Canadian based organization Cooke Inc. recently completed the acquisition of the company called as Sea joy Seafood Corporation Group which is one of the biggest premium shrimp farms in Latin America. The organization Cooke Inc. said that the motivation to get was to zero in on item expansion to meet the buyer needs.
- Charoen Pokphand Foods Public Company Limited (CPF), a Thailand based company, in 2019 acquired 40% of ordinary shares a company ProdutosMarinhos Ltda. (“Camanor”) in Brazil which operates shrimp farms and primary shrimp processing business.
Some of the leading companies in the Shrimp Market are:-
- Charoen Pokphand Food PCL
- The Clover Leaf Seafoods Family
- Nippon Suisan Kaisha, Ltd.
- Marine Harvest ASA
- Gulf Shrimp Company
- Thai Union Frozen Products PLC
- Baton Rouge Shrimp Company, Inc.
- Pescanova S.A
- Galveston Shrimp Company
- Labrador Fishermen's Union Shrimp Company Ltd.
- Omarsa S.A
- MSeafood Corp
- Ristic GmbH
- Vinnbio India Pvt. Ltd
- Seajoy Group
- Dom International Limited
- Carribbean Shrimp Company Limited
- Artisanfish LLC
- Ananda Group
- Orchid Marine
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Shrimp Report
Historical Data Available for
Lactose Market Analysis
USD Million for value and '000 MT for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA
Key Countries Covered
US, Canada, Mexico, Brazil, Ecuador, Peru, Rest of Latin America, Germany, Italy, France, U.K., Spain, Benelux, Nordic, Russia, Poland,Rest of Europe, China, Japan,South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Rest of South Asia, Australia, New Zealand, GCC Countries, South Africa, Rest Of MEA,
Key Segments Covered
Species, Source, Form, Sales Channel, Applicationand Region
Key Companies Profiled
ShrimpMarket Forecast, brand share analysis, competition intelligence, DROT analysis, Lactose Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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Shrimp Market by Category
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
- Cooked & Peeled
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
- North America
- Latin America
- East Asia
- South Asia