According to IMARC Group, the global shrimp market reached a value of US$ 62.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 84.2 Billion by 2027, exhibiting a CAGR of 4.8% during 2022-2027. Shrimp refers to a decapod crustacean, belonging to the class Malacostraca, present across lakes, rivers, coasts, and freshwater. It is one of the most common and prominent types of seafood consumed across the globe. Shrimps are a rich source of proteins, iron, omega-3 fatty acids, magnesium, selenium, phosphorus, antioxidants, and vitamins and contain low amounts of saturated fat. As a result, shrimps assist in managing weight, enhancing cardiovascular health, reducing blood pressure, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Shrimp Market Trends and Drivers:
The shifting consumer preferences from high-calorie food items towards a protein-rich diet are among the primary factors driving the shrimp market. Furthermore, the rising popularity of processed and frozen shrimp products that are generally easy to cook, affordable, and long-lasting, is also bolstering the market growth. In line with this, the escalating demand for canned shrimp among working individuals with sedentary lifestyles and hectic work schedules is also acting as another significant growth-inducing factor. Additionally, the introduction of organic product variants that are free from genetically modified organism (GMO) and antibiotics is further catalyzing the market growth. Moreover, the growing participation of various government bodies to encourage shrimp farming practices by offering incentives to farmers is projected to propel the global shrimp market over the forecasted period.
Some of Top Shrimp Companies in the World:
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Mazzetta Company LLC
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Wild Oceans Pvt. Ltd.
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- Market Performance (20165-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
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