According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global shrimp market price. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global shrimp market size reached US$ 65.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028. Shrimp is a translucent clear, elongated invertebrate aquatic animal that belongs to the class of crustaceans. It is generally found near the seafloor, in rivers, lakes, and on certain coasts and is referred to as the most flavored and delicious delicacies from the seafood congregate. It plays an essential role in the food chain and is a vital source of nutrients for larger animals, such as fish and whales. Additionally, it is a rich source of phosphorus, antioxidants, proteins, iron, selenium, copper, magnesium, omega-3 fatty acids, and vitamins B that assists in losing weight, relieving eye fatigue, improving bone and brain health, lowering blood pressure, and minimizing the chances of developing cardiovascular diseases. As a result, it is widely used in the preparation of numerous food items, including salads, pasta, curry, soups, and stir-fried dishes.
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Global Shrimp Market Trends:
The market is primarily driven by the increasing preference for protein-rich diets among the masses. This can be attributed to the changing dietary patterns and the rising health consciousness of individuals. Moreover, the growing consumer awareness and expanding aquaculture industry are further catalyzing the growth of the shrimp market. Besides this, the rising utilization of shrimp shells in the manufacturing of cosmetics and personal care products, such as creams and shampoos, is creating a positive market outlook.
Furthermore, numerous major companies are launching frozen and canned variants of shrimp using sustainable packaging solutions, which is gaining widespread prominence across the globe. Along with this, the rising initiatives undertaken by the governments to promote fish farming across several countries are impacting the market favorably. Other factors, such as the advent of home delivery models and the emerging e-commerce sector, are also influencing the market.
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By IMARC group the report has also analyzed the competitive landscape of the market with some of the top shrimp companies being
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Mazzetta Company LLC
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Wild Oceans Pvt. Ltd.
Key Market Segmentation:
Breakup by Species:
- Penaeus vannamei
- Penaeus monodon
- Macrobrachium rosenbergii
Breakup by Shrimp Size:
Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restaurants
- Online Sales
Breakup by Region:
Major Producing Regions:
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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