Shrimps are considered as the most lucrative sea food product. Shrimp contains high protein content with essential vitamins and minerals, and low fat. It is a moderate source of omega-3 fatty acids, with an antioxidant and anti-inflammatory properties. Shrimp products have emerged as high value species or luxury products with high appeal among consumers. The high demand of shrimps can be attributed to its high nutritional value, growth in the aquaculture industry, and rising health consciousness regarding value-added fish products.
Market Dynamics of Shrimp Market:
The growth of shrimp market is expected to elevate with improved cold storage facilities, rapid urbanization, rise in average disposable income. Shrimp market has captured high demand from the catering or restaurant sector. Due to the increased demand, restaurants across the world prefer to provide shrimp as a part of their regular menu, which has significantly contributed to the increased revenue of shrimp market. However, the possibility of shrimps to get affected by viruses and diseases such as white spot disease and EMS (early mortality syndrome) cause an adverse impact on the growth of global shrimp market. On the other side in terms of trends, the shrimps are gaining paramount importance with the growing health consciousness among consumers. Consumers demand healthy and low fat food, and for that shrimps serves as lucrative alternative. Although the shrimp market possess significant growth potential, factors such as increased prices of raw materials pose serious concern for shrimp companies. Increased raw material cost raises the cost of aquaculture, which consequently brings a limit to the overall growth of global shrimp market.
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Market Segmentation of Shrimp Market:
Shrimp market is segmented on the basis of types, product forms, species, and application. On the basis of types it includes cold water shrimp, and warm water shrimp. Cold water shrimps are harvested in ocean waters in the northwest and northeast regions of the United States. While warm water shrimp are harvested and farmed in tropical and sub-tropical regions across the world. Warm water shrimp segment is projected to grow at a rapid pace in the coming years. The shrimps command consumer’s preference on the basis of their taste, texture, size and costs that usually varies from species to species. Shrimp market, based on product forms, can be classified into canned shrimp, breaded shrimp, cooked & peeled shrimp, peeled shrimp, and shell-on shrimp. Shell on shrimps are projected to attain highest share in the global shrimp market. There exist three main species of shrimps namely brown shrimp, white shrimp, and pink shrimp. Shrimp market has found applications in sectors such as food, pharmaceutical products, cosmetics, and industrial usage. Food segment is projected to attain highest value in the global shrimp market.
Regional Outlook of Shrimp Market:
On the basis of geographical market segment, shrimp market is segmented into seven different regions: North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific region, Japan and Middle East and Africa. Asia-Pacific region is expected to be lucrative market for shrimps. Developing countries are viewing the shrimp market as a major source of foreign exchange earnings by the means of exports and imports. Further, they are keen to leverage the potential of shrimp market for generation of primary and secondary rural employment, which in turn, brought significant development to the landscape of shrimp market. China is expected to hold a significant impact on the demand and supply patterns of shrimp market. On the other side in terms of consumption, U.S. is expected to lead in the global shrimp market followed by European regions.
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Key Market Players in Shrimp Market:
Shrimp market is fragmented with the presence of large number of players. Key players in the Shrimp Market includes Charoen Pokphand Foods PCL, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Marine Harvest ASA, Thai Union Frozen Products PLC, Gulf Shrimp Company,Baton Rouge Shrimp Company, Inc., High Liner Foods Incorporated, Pescanova S.A., and Royal Greenland A/S.
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