Shrimp market size will reach 53.63 billion by 2028

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Pune, India, 01 Feb. 2022 (GLOBE NEWSWIRE) — The world shrimp market size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and will reach USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood industry and the rising trend of flexitarian diet are expected to drive the market growth. Fortune Business Insightspresents this information in its report entitled “Shrimp market, 2021-2028.

Growing technological advancements in the seafood sector are expected to drive the demand for seafood products. The growing demand for healthy snacks is leading to the adoption of shrimp in consumer diets. Additionally, the growing focus on seafood sourcing and storage is expected to increase the demand for the products. Additionally, the upward trend in flexitarian trends is expected to boost product adoption. Furthermore, the entry of new players is expected to enhance the development of the market in the coming years.

Impact of COVID-19:

Supply chain disruptions and reduced seeding activities to hamper market progress

This market is expected to be negatively affected during the COVID-19 pandemic due to supply chain disruptions. The sudden spike in COVID infections has led to the adoption of containment, thus negatively affecting seeding and storage activities. In addition, the stoppage of transport led to waste, thus affecting business. In addition, the lack of raw materials has led to a drop in seeding activities. However, the adoption of reduced capacities, technologically advanced production machinery and disinfection methods can allow manufacturers to recoup their losses. These factors can have a positive impact on the development of the market during the pandemic.

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List of Key Players Featured in the Report

  • Aqua Star Corp. (Seattle, USA)
  • 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)

Segmentation

The type, shape, end user, distribution channel and region are studied for the market

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

Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Drivers and Restrictions

Growing demand for high protein diets and sustainable seafood choices to drive market growth

Consumer demand for healthy, high-protein diets and increased spending are expected to propel demand for the product. As a result, manufacturers are focusing on developing better storage and preservation techniques to deliver fresh foods to consumers. In addition, the support for fishing activities of several countries is expected to stimulate the growth of the industry. In the United States, sustainable fishing initiatives are helping to raise awareness about seafood consumption. The National Oceanic and Atmospheric Administration (NOAA) supports U.S. participation in several global fisheries agreements and is taking several actions to combat illegal fishing. These factors may support the growth of the shrimp market over the coming years.

However, trade wars between several countries are expected to hamper the progress of the market.

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Regional outlook

Growing adoption of Shellfish in kitchens to foster market development in Asia-Pacific

Asia-Pacific is expected to dominate the shrimp market share owing to the adoption of seafood in several cuisines in India, China, Japan, Vietnam, and Australia. The market in Asia-Pacific stood at USD 10.74 billion in 2020 and is expected to gain a huge share globally. Additionally, the growing adoption of shellfish by the foodservice sector is expected to drive the development of the market. These factors can propel the development of the industry.

In North America, the strong demand for large decapod crustaceans and brown shrimp should fuel the development of the sector. Additionally, increasing adoption of seafood as a source of protein and increasing import activity is expected to drive the market growth.

In Europe, the growing popularity of decapod crustaceans among consumers is expected to support market development. Moreover, the increasing adoption of seafood products could fuel the development of the market.

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Detailed Table of Contents

  • introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Emerging trends
  • key ideas
    • Overview of parent/related markets
    • Supply Chain and SWOT Analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis related to COVID-19
      • Impact of COVID-19 on the market
      • Supply chain challenges during a pandemic
      • Potential opportunities due to this global crisis
  • Global Shrimp Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market size estimates and forecasts
      • By type
      • By form
      • Per end user
      • By distribution channel
        • Hypermarkets/Supermarkets
        • convenience stores
        • Specialty stores
        • Online sales channel
      • By region
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

Competitive landscape

Major Players Acquire Businesses to Increase Resources and Establish Market Presence

Prominent companies operating in the market design acquisition strategies to increase their resources and dominate their presence. For example, Cooke aquaculture acquired a Honduran-based decapod crustacean producer “Seajoy” in February 2019. This acquisition could allow Cooke to establish a remarkable brand presence globally. Moreover, the adoption of research and development, mergers, new product launches, partnerships and expansion strategies can allow companies to strengthen their brand image on a global scale.

Development of key industry

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

Take a look at related research information:

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tuna market Analysis of the size, share and impact of COVID-19, by species (skipjack, albacore, yellowfin, bigeye, bluefin and others), type (canned, fresh and frozen) and regional forecast, 2021 -2028

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