The global shrimp market size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of flexitarian diet are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Shrimp Market, 2021-2028.”

Growing technical developments in the seafood industry are predicted to increase consumer demand for seafood products. Shrimp are becoming more and more popular as a healthy snack option in consumers’ diets. It is also anticipated that increased attention to the preservation and supply of fish will boost demand for the product. Furthermore, it is anticipated that the growing flexitarian trend would increase product acceptance. Furthermore, it is anticipated that the arrival of new competitors would support market expansion in the upcoming years.

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COVID-19 Impact:

Disruptions in Supply Chain and Reduced Seeding Activities to Impede Market Progress

The COVID-19 pandemic is predicted to have a detrimental impact on this sector because of supply chain disruptions. Lockdown was implemented as a result of the abrupt increase of COVID infections, which had a detrimental impact on seeding and storage operations. Additionally, there was waste as a result of the transportation stoppage, which hurt business. Moreover, less actions were conducted to sow due to a shortage of raw resources. However, producers might be able to make up their losses if they employ lower capacity, highly advanced production machinery, and sanitization techniques. During the epidemic, market development may be positively impacted by these variables.

Segmentation

Type, Form, End-user, Distributional Channel, and Region are studied for the Market

By type, the market is segmented into brown, white, pink, and others. As per form, it is classified into canned and frozen. Based on end-user, it is classified into commercial and residential. On the basis of distributional channel, it is categorized into online sales channels, specialty stores, convenience stores, and hypermarkets/ supermarkets. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The research offers a thorough overview of the leading market categories and the most recent developments. It goes into great detail on the market effect of COVID-19 as well as the factors that are driving and limiting the industry. It also looks at regional developments and the tactics used by the major competitors in the market

Drivers and Restraints

Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth

The demand for the product is anticipated to increase due to consumers’ growing spending power and desire for a diet high in protein. To ensure that consumers can purchase fresh goods, businesses concentrate on creating improved methods for food preservation and storage. Furthermore, it is anticipated that industrial expansion will be aided by international funding for fishing activities. Initiatives for sustainable fishing are assisting in raising awareness of seafood consumption in the United States. The National Oceanic and Atmospheric Administration (NOAA) opposes illicit fishing and promotes American involvement in a number of international fisheries accords. These elements might support the growth of the shrimp business in the years to come.

Trade disputes between various nations, however, are anticipated to impede the market’s development.

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Regional Insights

Rising Adoption of the Crustaceans in Cuisines to Foster Market Development in Asia Pacific

Because seafood is being used in many different cuisines in Australia, China, Japan, Vietnam, and India, the Asia Pacific region is predicted to have a dominant market share in the shrimp industry. In 2020, the market in Asia Pacific was valued at USD 10.74 billion, and it is anticipated to grow significantly on a global scale. Additionally, it is anticipated that the foodservice industry’s growing utilisation of crustaceans will support market expansion. These elements could boost the growth of the sector.

The strong demand in North America for large decapod crustaceans and brown shrimp is anticipated to drive the growth of the market. Additionally, growing import activity and the growing popularity of seafood as a source of protein are anticipated to support market expansion.

The growing consumer preference for decapod crustaceans in Europe is anticipated to support market expansion. Furthermore, the growing popularity of fish items can encourage market expansion.

Competitive Landscape

Major Players Acquire Companies to Increase Resources and Establish Market Presence

Well-known businesses in the industry create acquisition plans in order to expand their capacities and take control of the market. For instance, in February 2019, Cooke Aquaculture purchased “Seajoy,” a producer of decapod crustaceans located in Honduras. With this acquisition, Cooke might be able to build an impressive global brand presence. In addition, organizations can enhance their worldwide brand image by implementing tactics such as collaborations, expansion, mergers, and research and development.

Industry Development

  • March 2021: BioMar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, shrimp farming, and shrimp hatcheries industries.

List of Key Players Profiled in the Report

  • Aqua Star Corp. (Seattle, U.S.)
  • Avanti Feeds Ltd. (Hyderabad, India)
  • Clearwater Seafoods Inc. (Bedford, Canada)
  • High Liner Foods Inc. (Lunenburg, Canada)
  • Marine Harvest (Bergen, Norway)
  • Maruha Nichiro Corporation (Tokyo, Japan)
  • Nippon Suisan Kaisha (Tokyo, Japan)
  • Nordic Seafoods A/S (Hirtshals, Denmark)
  • Surapon Foods (Muang, Thailand)
  • Thai Union Group (Bangkok, Thailand)

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