Shrimp Market

Shrimp Market is accounted for USD 31,899 million in 2020, growing at a robust CAGR of 9.1% during forecast period.

Shrimp Market Overview

Shrimp can be defined as a small invertebrate found in all marine ecosystems. Shrimp is the most popular among conventional sea foods across the globe.

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Major Shrimp Market Drivers

The factors driving the global Shrimp Market include rising consumption and production of shrimps. Production of shrimp at global level was around 8 MMt in 2019. Additionally, shrimps are the rich source of astaxanthin and it’s a component of algae which helps in preventing various chronic health diseases. Apart from this, shrimps are rich in various carotenoids that help in cancer prevention. Moreover, shrimp are widely used in the cosmetic and pharmaceutical industries. This is attributed to the fact that shrimp are being used in anti-aging and sunscreen products, as it contains astaxanthin it is a carotenoid which is a powerful antioxidant that can reduce the signs of the aging caused due to ultraviolet rays and sunlight. Furthermore, these are also used in shampoos, as it contains minerals such as zinc, which help reduce hair loss. Thus, many manufacturers such as Janssen, Medileen etc are using shrimp in their products due to its various benefits. Thus, these factors are boosting the growth of this market.

Restraint in the Shrimp Market

However, high price of shrimp due to high freight rate is one of the major restrain which is hampering the growth of this market.

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Type – Segment Analysis

Based on the Type, white shrimp segment is expected to grow at a higher CAGR rate in the global Shrimp Market during the forecast period as it can be stored for a longer period and have a better feed to growth ratio. These are rich source of protein. Thus, this factor is augmented toward boosting the growth of this market.

Form – Segment Analysis

Based on the Form, frozen shrimps projected to grow at a higher CAGR rate in the global Shrimp Market during the forecast period due to its long self-life. Shrimps are easily perishable and freezing help in preserving the quality of the shrimps. Thus, this factor boosting the growth of this market.

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Regional – Segment Analysis:

Based on the region, the Asia Pacific region is expected to grow at a higher CAGR rate in the global Shrimp market during the forecast period due to large-scale shrimp production in countries like India, China etc. Additionally, thriving aquaculture activities in India will contribute to the regional market expansion over the forecast period. Moreover, countries like India, China, and Thailand are the leading exporters and manufacturers of shrimps. For instance, according to MPEDA, in 2020, frozen shrimps are the largest export item globally in terms of value and quantity; India has exported 6.5 lakh MT of frozen shrimps worth USD 4889.12 million during 2019-20.

Top Market Players

Various notable players operating in the market, include, Aqua Star, Avanti Feeds Ltd, Clearwater Seafoods Inc, High Liner Foods, Mazzetta Company, Llc, Nordic Seafood A/S, Surapon Foods Public Company Limited, Thai Union Group PCL, The Waterbase Limited, Wild Oceans Pty Ltd., among others.

Key Developments:

• • In May 2021, Dallas, Texas, an U.S. based NaturalShrimp has announced to acquisition assets of F&T Water Solutions, LLC. This acquisition will provide development of electro-coagulation (EC) technology begun by F&T Water Solutions. It plans to utilize this technology in all of their shrimp-growing operations.
  • In March 2021, Biomar acquired the majority of Viet-Uc’s feed business, which enabled them to pursue a position in Vietnam’s high-end shrimp feed market. The acquisition will establish a partnership with seafood groups in Vietnam that are active in fish hatcheries, shrimp hatcheries, and shrimp farming, and will create a synergy with BioMar’s existing shrimp businesses in the Latin America.

Segments covered in the Report:

The global Shrimp Market has been segmented on the basis of Type, Form, End Use, and regions. Based on Type, the market is segmented into Brown, White, Pink and Others. Based on Form, the market is segmented into Canned and Frozen. Based on End Use, the market is segmented into Commercial and Residential.

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Market Segmentation

Global Shrimp Market by Type

• • Brown
  • White
  • Pink
  • Others

Global Shrimp Market by Form

• • Canned
  • Frozen

Global Shrimp Market by End Use

• • Commercial
  • Residential

Global Shrimp Market by Region

• • North America Shrimp Market (Option 1: As a part of the free 25% customization)

    • North America Shrimp Market by Type
    • North America Shrimp Market by Form
    • North America Shrimp Market by End Use
    • US Shrimp Market All-Up
    • Canada Shrimp Market All-Up

  • Europe Shrimp Market (Option 2: As a part of the free 25% customization)

    • Europe Shrimp Market by Type
    • Europe Shrimp Market by Form
    • Europe Shrimp Market by End Use
    • UK Shrimp Market All-Up
    • Germany Shrimp Market All-Up
    • France Shrimp Market All-Up
    • Spain Shrimp Market All-Up
    • Rest of Europe Shrimp Market All-Up

  • Asia-Pacific Shrimp Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Shrimp Market by Type
    • Asia-Pacific Shrimp Market by Form
    • Asia-Pacific Shrimp Market by End Use
    • China Shrimp Market All-Up
    • India Shrimp Market All-Up
    • Japan Shrimp Market All-Up
    • Rest of APAC Shrimp Market All-Up

  • RoW Shrimp Market (Option 4: As a part of the free 25% customization)

    • RoW Shrimp Market by Type
    • RoW Shrimp Market by Form
    • RoW Shrimp Market by End Use
    • Brazil Shrimp Market All-Up
    • South Africa Shrimp Market All-Up
    • Saudi Arabia Shrimp Market All-Up
    • UAE Shrimp Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Shrimp Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Aqua Star
  • Avanti Feeds Ltd
  • Clearwater Seafoods Inc
  • High Liner Foods
  • Mazzetta Company, Llc
  • Nordic Seafood A/S
  • Surapon Foods Public Company Limited
  • Thai Union Group PCL
  • The Waterbase Limited,
  • Wild Oceans Pty Ltd.