Shrimp MARKET 2022 (COVID – 19 ANALYSIS) BUSINESS GROWTH, INDUSTRY RESEARCH, TOP KEY PLAYERS SURVEY- FMI

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Shrimp MARKET 2022 (COVID – 19 ANALYSIS) BUSINESS GROWTH, INDUSTRY RESEARCH, TOP KEY PLAYERS SURVEY- FMI

Global Shrimp Market is expected to grow at a promising CAGR of 7.5% during the projected period. The market value is projected to increase to US$ 117.2 Bn by 2032, while it holds a revenue of USD 56.7 Bn in 2022.

According to the recent FMI report, the market size for Shrimp is anticipated to cross a value of USD 117.2 Bn in 2032, growing at a CAGR of 7.5% approximately between 2022 and 2032. The market holds a revenue of USD 56.7 Bn in 2022.

Customer demand for Shrimp is growing due to its high nutritional value and low-fat protein. In addition, as a result of rapid economic expansion and rising income, consumers are undergoing a “nutrition transition” and converting from a diet high in carbs to one higher in proteins. As a result, shrimp farmers worldwide are adopting improved production techniques that protect the environment, increase year-round shrimp production, and outperform conventional ones.

The growth is now higher, with each potential corner recovering with value. Using prevention equipment and advisories has helped the fish market regain its charm.

Shrimp producers are making sure to create cutting-edge goods in the areas of pharmaceutical, industrial, and biotechnology to draw customers. Companies in China are ensuring that products come in recyclable and reusable cans for environmentally friendly food packaging.

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Key Takeaways from the Shrimp Market Study:

The primary growth-inducing elements of shrimp are its ease of availability and high nutritional value.
India has emerged as one of the top exporters of shrimp to the US and the EU due to the rising demand for stable, disease-free shrimp. This again fuels the demand for shrimp in the emerging economies
Due to the wide availability of several shrimp varieties in this area and the therefore increased consumption, the United States shrimp market is anticipated to account for a sizeable portion of global shrimp output.
The U.K. shrimp market is expanding at an alarming rate. In 2032, it is anticipated to have a 23.2% market share.
Companies in China are ensuring that products come in recyclable and reusable cans for food packaging that is environmentally friendly.
Wide availability of several shrimp varieties in this area and the therefore increased consumption, the United States shrimp market is anticipated to account for a sizeable portion of global shrimp output.

“Aquaculture and wild-harvest fish capture have both recently increased their output of shrimp to approximately equal levels, with the former expected to account for 65% of the market’s volume in 2020. Businesses are focusing on expanding their aquaculture breeding grounds to minimise the reliability of wild-harvest capture in order to maintain the ecological balance. As a result, it is anticipated that during the projection period, shrimp aquaculture’s market share will significantly increase.” FMI Analyst states.

Competitive Landscape

In recent years, the production of shrimp via wild-harvest fish capture and aquaculture has nearly reached parity, with the former accounting for 65% of the volume share of the global shrimp market in 2020. To keep the ecological balance, businesses are concentrating on growing their aquaculture breeding grounds to decrease the reliability of wild-harvest capture. As a result, it is anticipated that throughout the projection period, the market share for shrimp aquaculture will greatly rise.

The Sustainable Fisheries Partnership started a new project in 2019 to enhance the sustainability of Indonesia’s shrimp farming industry (SFP). The two-year project located in Banyuwangi, East Java, is concerned with governance and management of ongoing shrimp farming as well as increasing the sustainability of aquaculture in the area.
In 2019, a significant player, Cooke Inc., a corporation with its headquarters in Canada, recently completed the acquisition of Sea Joy Seafood Corporation Group, one of the largest premium shrimp farms in Latin America. According to Cooke Inc., the goal of the acquisition was to focus on item expansion to satisfy customer needs.

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Get Valuable Insights into Shrimp Market

FMI, in its new offering, provides an unbiased analysis of Shrimp Market presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for Shrimp based on by Species (Gulf Shrimps, Farmed Whiteleg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, Ocean Shrimps) by Source (Organic, Conventional) by Form ( Canned, Breaded, Peeled, Cooked & Peeled, Shell-On, Frozen) by Sales Channel (Direct, Indirect) by Application (Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology) by Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa )

About the Food & Beverage Division at Future Market Insights

Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.

Shrimp Market by Category

By Species: