Global shrimp market was valued at US$ 37.11 Billion in 2016, according to Global Shrimp Market, by Source Type (Cold Water Shrimps and Hot Water Shrimps), by Species (Farmed Whiteleg Shrimps, Gulf Shrimps, Banded Coral Shrimps, Giant Tiger Shrimps, Royal Red Shrimps, Blue Shrimps, and Ocean Shrimps), by Form (Frozen, Canned, Peeled, Cooked, Shell-On, and Others), by End-use Industry (Food, Cosmetics, Pharmaceutical, Biotechnology, and Life Sciences), by Distribution Channel (Hypermarket, Supermarket, Convenience Stores, Specialty Stores, Online, and Others) published by Coherent Market Insights. The shrimp market is expected to exhibit a CAGR of 5.72% over the forecast period (2017–2025) to reach US$ 60.18 Billion by 2025.
Major factors propelling growth of shrimp market include availability of shrimps at low price and growing awareness regarding high nutritional content of shrimps. Shrimps are one of the most beneficial sea food products. It has high content of antioxidant astaxanthin, which reduces chances of premature aging and is widely used in cosmetics. In addition to this, shrimp is considered as a carbohydrate-free food and helps in weight management, owing to their high zinc and iodine content. Furthermore, selenium, found in shrimp reduces the risk of prostate and lung cancer. Moreover, the availability of large varieties of shrimps such as whiteleg shrimps, tiger shrimps, blue shrimps, and red shrimps is further aiding to growth of the shrimp market.
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Major companies operating in the global shrimp market include Cargill Inc., Nippon Suisan Kaisha Ltd, Pacific Seafood, Morubel nv, Maruha Nichiro Corporation, The Clover Leaf Seafoods Family, Royal Greenland A/S, Rich Products Corporation, Thai Union Group PCL, and Marvesta Shrimp Farms.
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