Shrimp Market is expected to grow at a steady pace by 2027|CAGR: 8%| UnivDatos Market Insights

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NOIDA, India, June 1, 2022 /PRNewswire/ -- A comprehensive overview of the Shrimp Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Shrimp Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Shrimp Market at the regional & country levels. The Shrimp Market is expected to grow at a CAGR of ~8% between 2021-2027.

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Market Overview

Shrimp is a high-protein, selenium, and vitamin B12 source. In addition, they have a high phosphorus and iron content. Furthermore, governments in developing countries have implemented several steps to improve technology in shrimp farms, which are projected to benefit the small-scale sector and the impoverished people involved in the industry's development, consequently boosting shrimp market growth. Shrimp for home or restaurant consumption continues to rise in popularity across the globe, owing to their low cost and excellent nutritional value. For instance: Frozen shrimp exports climbed by 4.2% in value from US$ 17.1 billion in 2016 to US$ 17.8 billion in 2020. Exports of frozen shrimp declined by -7.6% year over year from 2019 to 2020. Fresh, salted, and smoked shrimp exports, on the other hand, fell by 99.4% from US$ 522.2 million in 2016 to US$ 3.1 million in 2020. Export sales of frozen seawater shrimps were US$ 16.2 billion in 2020, up 4.4% from US$ 15.6 billion in 2016, but decreased -7.8% from 2019 to 2020.

COVID-19 Impact

The COVID-19 pandemic has impacted positively and negatively both on the Shrimp market. In comparison to 2019, production increased moderately in Ecuador, Indonesia, and Vietnam, but harvests decreased in India, Thailand, Malaysia, and Bangladesh. China's production declines may have been far greater than in other countries. The Ecuadorian National Chamber of Aquaculture forecasted a 7-8% increase in farmed shrimp production in 2020, compared to the 650,000 tonnes gathered in 2019. In addition, Shrimp ex-farm prices peaked in the fourth quarter of 2020 and since then firmed up, particularly for large and medium-sized shrimp. However, due to the lockdown, the demand from hotels & restaurants declined on the other hand retail sales of shrimp increased due to low prices and increased demand from households.

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The Shrimp Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily bifurcated into:

• Wild Shrimp
• Farmed Shrimp

By Type, Shrimp Market is classified into Wild Shrimp and Farmed Shrimp. The Wild Shrimp segment has acquired the highest market share in the Shrimp market and is expected to continue to grow over the forecasted period. This growth is attributed to the wide availability.

By Species, the market is primarily studied into:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Based on Species, the Shrimp market is segmented into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others. The Penaeus Vannamei segment accounted for the larger market share in 2020 and is projected to witness a significant growth rate during the forecast period.

By Category, the market is primarily studied into:

• Peeled
• Shell-on
• Cooked
• Others

Amongst Category, the Shrimp market is segmented into Peeled, Shell-on, Cooked, and Others. The peeled segment dominated the Shrimp Market in the year 2020 and is expected to remain the leading segment over the forecast period.

By Distribution Channel, the market is primarily studied into:

• Hypermarkets & Supermarkets
• Specialty Stores
• Hotels & Restaurants
• Online
• Others

Based on distribution channel, the market is segmented into Hypermarkets & Supermarkets, Specialty Stores, Hotels & Restaurants, Online, and Others. Specialty Stores contribute most of the revenue for the Shrimp market.

Shrimp Market Region Segmentation Includes:

• North America
• Europe
• Asia Pacific
• Rest of World

Based on the estimation, Asia-Pacific dominated the market in 2020. Europe is expected to witness the highest CAGR growth during the forecast period.

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The major players targeting the market include:

• Aqua Star Corp.
• Mazzetta Company, LLC
• Clearwater Seafoods Inc.
• Thai Union Group
• Nordic Seafood A/S
• Apex Frozen Foods Ltd.
• Seaprimexco Vietnam
• Grupo Iberica Congelados, S.A
• High Liner Foods Inc.
• Charoen Pokphand Foods PCL

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Shrimp Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and advancements in the Shrimp Market?
• Which factors are influencing the Shrimp Market over the forecast period?
• What are the global challenges, threats, and risks in the Shrimp Market?
• Which factors are propelling and restraining the Shrimp Market?
• What are the demanding global regions of the Shrimp Market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.

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