Key Insights on $54.6 Billion Opportunity in Global Shrimp Market ; China was the Highest Contributor with $2.8 Billion

WILMINGTON, NEW CASTLE, DELAWARE , UNITED STATES, December 7, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, Shrimp Market By Type, Source, Form, End Use, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” 𝑺𝒉𝒓𝒊𝒎𝒑 𝑴𝒂𝒓𝒌𝒆𝒕 𝑺𝒊𝒛𝒆 𝒊𝒔 𝒆𝒙𝒑𝒆𝒄𝒕𝒆𝒅 𝒕𝒐 𝒓𝒆𝒂𝒄𝒉 $54.6 𝑩𝒊𝒍𝒍𝒊𝒐𝒏 𝒃𝒚 2027 𝒂𝒕 𝒂 𝑪𝑨𝑮𝑹 𝒐𝒇 9.2% 𝒇𝒓𝒐𝒎 2021 𝒕𝒐 2027.𝑺𝒉𝒓𝒊𝒎𝒑𝒔 𝒂𝒓𝒆 𝒅𝒆𝒄𝒂𝒑𝒐𝒅 𝒄𝒓𝒖𝒔𝒕𝒂𝒄𝒆𝒂𝒏𝒔 𝒕𝒉𝒂𝒕 𝒂𝒓𝒆 𝒂𝒃𝒖𝒏𝒅𝒂𝒏𝒕𝒍𝒚 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒍𝒆 𝒂𝒕 𝒆𝒙𝒕𝒓𝒆𝒎𝒆𝒍𝒚 𝒍𝒐𝒘 𝒑𝒓𝒊𝒄𝒆𝒔 𝒂𝒏𝒅 𝒍𝒐𝒐𝒌 𝒔𝒊𝒎𝒊𝒍𝒂𝒓 𝒕𝒐 𝒑𝒓𝒂𝒘𝒏𝒔. 𝑴𝒂𝒏𝒚 𝒔𝒉𝒓𝒊𝒎𝒑𝒔 𝒉𝒂𝒗𝒆 𝒆𝒅𝒊𝒃𝒍𝒆 𝒎𝒖𝒔𝒄𝒖𝒍𝒂𝒓 𝒕𝒂𝒊𝒍𝒔, 𝒂𝒏𝒅 𝒕𝒉𝒆𝒚 𝒂𝒓𝒆 𝒘𝒊𝒅𝒆𝒍𝒚 𝒄𝒂𝒖𝒈𝒉𝒕 𝒂𝒏𝒅 𝒇𝒂𝒓𝒎𝒆𝒅 𝒇𝒐𝒓 𝒉𝒖𝒎𝒂𝒏 𝒄𝒐𝒏𝒔𝒖𝒎𝒑𝒕𝒊𝒐𝒏. 𝑺𝒉𝒓𝒊𝒎𝒑 𝒂𝒓𝒆 𝒏𝒐𝒕 𝒐𝒏𝒍𝒚 𝒅𝒆𝒍𝒊𝒄𝒊𝒐𝒖𝒔 𝒃𝒖𝒕 𝒕𝒉𝒆𝒚 𝒂𝒓𝒆 𝒂𝒍𝒔𝒐 𝒉𝒊𝒈𝒉 𝒊𝒏 𝒊𝒓𝒐𝒏, 𝒄𝒂𝒍𝒄𝒊𝒖𝒎, 𝒔𝒐𝒅𝒊𝒖𝒎, 𝒑𝒉𝒐𝒔𝒑𝒉𝒐𝒓𝒖𝒔, 𝒛𝒊𝒏𝒄, 𝒎𝒂𝒈𝒏𝒆𝒔𝒊𝒖𝒎, 𝒂𝒏𝒅 𝒑𝒐𝒕𝒂𝒔𝒔𝒊𝒖𝒎, 𝒂𝒔 𝒘𝒆𝒍𝒍 𝒂𝒔 𝒗𝒊𝒕𝒂𝒎𝒊𝒏𝒔 𝑨, 𝑬, 𝒂𝒏𝒅 𝑩6.

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Top 15 Key Players:-

>Aqua Star Corp.
>Mazzetta Company LLC.
>Thai Union Group
>Nordic Seafood A/S
>Surapon Foods
>Clearwater Seafoods Inc.
>High Liner Foods Inc.
>Avanti Feeds Ltd.
>Waterbase Ltd.
>Wild Oceans Pty Ltd.

The market is segmented on the basis of type, source, form, end use, distribution channel, and region. On the basis of type, the market is categorized into pink, brown, white, and others. Depending on the source, it is segregated into cold water and hot water. By form, it is bifurcated into frozen and canned. As per end use, it is divided into residential and commercial. According to distribution channel, it is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel. Region wise, the shrimp market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.

Various types of shrimps available in the market for human consumption include red cherry, blue velvet, black tiger, rock, bumblebee, crystal, cardinal, and amano shrimps.

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By type, the white shrimp segment was highest revenue contributor in 2019, due to easy availability of white shrimps in the market. Depending on the basis of source, the cold water shrimps segment garnered the highest shrimp market share, owing to high nutritional profile of cold water shrimps. According to the form of shrimps, the frozen shrimps segment is expected to garner the largest share during 2027, owing to long shelf life of frozen shrimps. By end-use, the commercial segment held the largest market share, due to increase in number of hotels and restaurants. Depending on the distribution channel, the specialty stores segment led the market, owing to availability of large variety of shrimps in these stores.

One of the major factors and shrimp market trends driving the growth of the global market is rise in demand for seafood products. Shift in food habits toward consumption of healthier food products, such as seafood, which is regarded as rich source of animal proteins, is expected to drive growth of the global market during the forecast period. Furthermore, improved taste and increased marketing levels are expected to offer remunerative opportunities for market players to capitalize during the forecast period. However, high cost of processing and stringent government regulations governing shrimp farming, import, and export may have a negative impact on the shrimp market growth. Despite these challenges, with robust growth in the food processing and agriculture industries, market players have the opportunity to expand further.

Globally, the shrimp industry is experiencing various challenges, including increase in prevalence of various bacterial, viral, and fungal diseases. Shrimp larvae are highly susceptible to these diseases, which dampen the shrimps, thereby hampering the quality. This fuels the need for manufacturing aqua-feed ingredients, which improve the quality of shrimps.

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Global shrimp production will continue to grow, with increased efficiency at all levels of production and marketing, as well as increased industry consolidation. The rich nutritional profile of shrimps, such as higher omega-3 fatty acid content, is anticipated to be advantageous for marketing and increasing consumer demand during shrimp market forecast.

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Key Findings Of The Study:-

>The global shrimp market was valued at $31.6 billion in 2019, and is projected to reach $54.6 billion by 2027, registering a CAGR of 9.2%.
>Asia-Pacific was the highest revenue contributor, accounting for $11.0 billion in 2019, and is estimated to reach $20.5 billion by 2027, with a CAGR of 10.3%.
>By type, the white segment dominated the market, with $10.8 billion in 2019, and is expected to reach $20.3 billion by 2027, at a CAGR of 10.4% during the forecast period.
>On the basis of source, the cold water segment led the market, garnering $17.3 billion in 2019, and is estimated to reach $31.2 billion by 2027, at a CAGR of 9.8% during the forecast period.
>In Asia-Pacific, China was the highest revenue contributor with $2.8 billion in 2019, and is estimated to reach $5.1 billion by 2027, registering a CAGR of 10.0%

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Allied Analytics LLP
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