Shrimp Market: Market Outlook
Shrimp is a small-seized marine crustacean with an elongated body and mainly used as food. Shrimps have belonged from the largest class of crustaceans’ phylum, known as Malacostraca. Shrimps are widely consumed as seafood in the world. Shrimps found in freshwater, deep and shallow water as well as freshwater lakes and streams. Shrimps are highly delicious and nutritious seafood in the market. Shrimps are rich in iodine, vitamin D and B3, zinc, protein, and omega-3 fatty acids. In these days, shrimps also used a variety of cuisines due to highly nutritious and tasty. Shrimps are highly used as fat cutter. Shrimps provide numerous health benefits such as improving calcium content in the body, brain health, prevent from cardiovascular disease, eye related problems and lowering blood pressure, which has led to a rise in their overall demand across the globe. Shrimps also provide the antioxidants as consume the Astaxanthin algae, which is responsible for the red colour of shrimp. It helps to protect against the inflammation and rescue from free radicals from damaging your cells. It also helps in recovering from lethal chronic disease.
Higher the consumption of meat with a rise in the health benefit has increased the demand for shrimp in the global market.
Shrimp products are highly demanded in the market, as it is higher in nutrition and protein. Rising the demand for frozen meat, rapid urbanization, increasing the cold storage facility are the factors that growing the shrimps market worldwide. The growing demand for shrimp among the consumers, due to its nutritional fact such as it helps to recover from the lethal disease like cancer and repair the skin cells resulted in the increased demand for shrimp in the global market. In developing countries, the government encouraged the farmers and provide the funds, and offered fiscal relief. Higher retail outlets and rising the consumption of frozen food in the Asia Pacific region has increased the demand for shrimps in the market. Sustainable farming in aquaculture shows a positive impact on the shrimps market across the globe. Shrimp has wide species range but some species like white shrimp, tiger shrimps, gulf shrimps, blue shrimps, and royal red shrimps, are the most well-known varieties that are consumed all over the world.
Global Shrimp Market: Segmentation
On the basis of Species, the global Shrimp market has been segmented as
On the basis of form, the global Shrimp market has been segmented as
On the basis of Applications, the global Shrimp market has been segmented as
On the basis of distribution channel, the global Shrimp market has been segmented as
On the basis of region, the global Shrimp market has been segmented as
Global Shrimp Market: Key Players
Some of the key players of Shrimp market are Minh Phu Seafood Corp., Thai Union Group PCL., Industrial Pesquera Santa Priscila Guayaquil, EXPALSA Exportadora de Alimentos SA Guayaquil , Zhanjiang Guolian aquatic, GRUPO NUEVA PESCANOVA, Omarsa, Edificio Iberconsa, Grupo Conarpesa, Royal Greenland A/S, Sea food Expo Global, Quoc Viet co. Ltd., Devi Fisheries, The Liberty Group, Nekkanti Sea Foods ltd., Charoen Pokphand Food PCL, Maruha Nichiro Corporation, High Liner Foods Inc. and The Clover Leaf Sea foods Family and others.
Opportunities for New Participants in Global Shrimp Market
Higher the consumption of animal-based protein with low in fat but high in calories among the consumer has increased the demand for shrimp in the global market. In the Asia Pacific region, China and South East Asia is the leading player in the global shrimp market. Whereas Europe, followed by North America has significant value share in the global market due to rising the health cautious population in North America.
COVID-19 Impact on Global Shrimp Market
The widespread COVID-19 has a major restrain for the global economy. The processed food and meat industries also facing a tough situation in the global market due to the spread of the virus. The shrimp market has highly affected due to low imports and exports, closed of international ports, and low demand in the market. After the intensity of this pandemic decrease, the market anticipated witnessing substantial growth in the global market.