Global Shrimp Market is anticipated to be US$ 24.1 Billion by 2026
Shrimp market is expected to expand tremendously over the next few years due to its low cost as opposed to other species like salmon, crabs, tuna, and lobster. Shrimps, also known as prawns in Asia, these are one of the cheapest protein sources among all other forms of seafood available. For centuries shrimp farming has been a traditional occupation prevalent in Asia. Large-scale commercial farming began around the 1970s primarily to meet the increasing demands for protein from Western Europe, the US and Japan. Currently, shrimp farming has emerged globally as a robust profession, with production concentrated mainly in the Asia Pacific. According to Renub Research analysis, Global Shrimp Market is anticipated to be US$ 24.1 Billion by 2026.
Shrimp Benefits & its Demand
Worldwide there are over 2,000 different shrimp species, of which only 350 are of economic interest. Of these, only 100 make up annual catches of shrimp around the world. Various species of shrimp are abundant all over the world, ranging from the regions of the equator to the poles. Shrimp is a valuable source of omega-3 fatty acids, used to combat weight loss, lower blood pressure, boost bone and brain health, alleviate eye fatigue, and even help minimize the risk of developing cardiovascular diseases. It also has high protein content and very low fat.
Growing global demand for protein due to consumer awareness of its health-care benefits is projected to boost worldwide demand for shrimps. The need for safe, fresh food is expected to increase global growth in the production of shrimp market. The Asia Pacific is the largest producer which contributes to nearly 4/5 of the value and volume of the global shrimp market. Conductive fish rearing and breeding climate have contributed to the establishment of Asia Pacific as a pioneer in the global shrimp market.
In addition, large populations and fish consumption as a staple food in many countries have contributed to the region becoming the largest user of shrimps. Some of the shrimp species are endangered due to excessive demand such as Pacific White Shrimp also known as King Prawn, is an endangered species with high demand from the consumers in North America and Europe.
Future of Shrimp Production
Shrimp production from wild-harvest catch fish and aquaculture has nearly equalled over the last few years. In order to preserve the ecological balance, companies are concentrating on increasing their aquaculture breeding grounds to reduce the efficiency of wild harvest catch. Therefore, the market share of shrimp aquaculture is projected to grow significantly in the coming years, according to Renub Research analysis.
Affect of COVID-19 on Shrimp Market
Global economic conditions are facing the impact of COVID-19, as most of the import and export activities are stopped all over the world. People cannot buy their desired item as they used to do pre-COVID times. Exporting countries cannot export, and importing countries cannot import seafood due to lockdown. The supply chain of Shrimp has stopped, and the market has declined in the current scenario. The market of Shrimp will grow more as online food delivery apps are providing seafood to consumers at their doorsteps.
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Market Summary:
By Production: The production volume of Indonesia, India, Thailand, China, Vietnam, and Ecuador are given in this research report. China, Vietnam, and Ecuador are the leading countries in the production of Shrimp in the global market.
By Consumption: Regions like France, China, Spain, Japan, the United States, and Europe 26 are covered in the research report. According to the global Shrimp market report, the United States is the biggest consumer as compared to other countries.
By Export: Export of 6 counties is given in this research report, the export volume of India, Ecuador, China, Thailand, Indonesia, and Vietnam are covered, according to report Ecuador holds biggest export share as compared to other countries.
By Size: The production volume of 9 sizes are covered in global Shrimp report, sizes of Shrimp are >70, 61-70, 51-60, 41-50, 31-40, 26-30, 21-25, 15-20, <15.
By Product: This research report also covered the production volume of 6 Shrimp products such as Breaded, Cooked, Peeled, Green/Head-on, Green/Head-off, and Other forms.
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