Coherent Market Insights

Shrimp Market was valued at US$ 40.88 Bn in 2021

Shrimp Market was valued at US$ 40.88 Bn in 2021 - Coherent Market Insights

Publish In: Dec 14, 2022

Global Shrimp Market was valued at US$ 40.88 billion in 2021, 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), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights

Global shrimp market was valued at US$ 40.88 Billion in 2021. Shrimp market is expected to register a CAGR of 6.01 % over the forecast period (2022–2030), to reach US$ 68.95 Billion by 2030.

Major factors propelling the growth of the shrimp market include the availability of shrimps at a low price and growing awareness regarding the high nutritional content of shrimps. Shrimps are one of the most beneficial seafood products. It has a high content of antioxidant astaxanthin, which reduces the chances of premature aging and is widely used in cosmetics. In addition, shrimp is considered 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 in the growth of the shrimp market.

The outbreak of COVID-19 had a negative impact on the food service industry, with business activity dropping to 80-90%. Lockdowns all over the world had led to travel restrictions, which have seriously affected the distribution channel structure of the shrimp industry. The COVID-19 pandemic significantly reduced the global shrimp production in 2020, with global demand for fresh and frozen shrimp declining sharply.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/shrimp-market-1232

Browse 50 market data tables* and 40 figures* on "Global Shrimp Market” - Forecast to 2030.

Key Trends and Analysis of the Global Shrimp Market:

  • Among regions, Asia Pacific accounted for a significant market share of 36.56% in 2021. Rising health awareness, the high availability of shrimp at a low price, and the growing food service industry are some of the major factors supporting the growth of the shrimp market in the region. Countries such as China, India, Vietnam, Indonesia, and Thailand are some of the major producers of shrimp worldwide. Further, growing aquaculture is also expected to boost the growth of the Asia Pacific shrimp market over the forecast period. 
  • According to Coherent Market Insights 2021, the Food segment was the largest End use Industry segment in 2021, owing to growing demand from restaurants and fast food chains for shrimps along with the rising popularity of frozen and canned shrimps. According to the United Nations Food and Agriculture Organization, the global aquaculture production of food fish was recorded at 73,681 thousand units in 2020. In addition, shrimps have a high content of omega-3 fat including EPA (Eicosapentaenoic Acid) and DHA (Docosahexaenoic Acid), which aids in improving cardiovascular and nervous system health. Rising awareness regarding the health benefits of consuming omega-3 ingredients and fish oil as a food supplement is anticipated to boost the growth of the food segment over the forecast period.

Key Takeaways of the Global Shrimp Market :

  • According to Coherent Market Insights 2021, among species, the farmed whiteleg shrimps segment held the largest revenue share of 36.7% in the global shrimps market in 2021. It is widely used in shrimp salads and shrimp cocktails owing to its mild and sweet flavor. Further, the giant tiger shrimps segment is anticipated to record substantial growth in Western Europe and North America over the forecast period.
  • In February 2022, Thai Union, a Thailand-based producer of seafood-based food products, began piloting the use of satellite imaging for shrimp farming operations in collaboration with Sea Warden - a satellite data analytics company, and Wholechain - a supply chain traceability company, to support sustainable farming practices through insights into shrimp populations, farm health, and contamination.
  • Key players operating in the shrimp market are focusing on various strategies such as online platforms to strengthen their market presence and expand their product portfolio. For instance, in February 2022, Sysco, an American-based multinational corporation involved in marketing and distributing food products, small wares, kitchen equipment and tabletop items to restaurants, acquired The Coastal Companies, a leading fresh produce distributor and value-added processer. The acquisition will operate as part of FreshPoint, Sysco’s enable FreshPoint to enhance its service to the important Mid-Atlantic region, strategically diversify its portfolio by adding retail and ready-to-eat capabilities, and add state-of-the-art facilities with capacity for growth.

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail


Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Created billion dollars of revenue impact on thousands of clients

trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.