According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global Shrimp market size reached 4.66 Million Tons in 2018. Looking forward, the market volume is projected to reach 5.83 Million Tons by 2024, expanding at a CAGR of 3.73% during 2019-2024.
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Shrimp is a small shellfish with a long narrow muscular tail and antennae along with slender legs. It belongs to the class of decapod crustaceans which also include crabs, lobsters, prawns, krill and woodlice. It is widely consumed worldwide as a source of calcium, protein, vitamins, zinc and omega 3 fatty acids. In addition to this, it also offers numerous health benefits such as weight loss, preventing heart diseases and strengthening the immune system.
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Owing to rapid urbanization, sedentary lifestyle habits and increasing disposable income, consumers are making a shift toward the consumption of processed and ready to eat food products. This, along with the easy availability and convenience, is significantly increasing the demand for canned shrimp. Furthermore, the availability of value-added products such as breaded, fried, baked and peeled shrimp offers a wide variety to consumers and caters to their diversified tastes and preferences. Also, governments of several countries are taking various initiatives to promote shrimp farming by providing fiscal reliefs along with effective training and incentives to farmers with an aim to increase the overall production of shrimp across the globe.
Key Market Segmentation:
Market Breakup by Species:
• Penaeus vannamei
• Penaeus monodon
• Macrobrachium rosenbergii
• Others
Market Breakup by Size:
• 70
Market Breakup by Regions:
• China
• India
• Indonesia
• Vietnam
• Thailand
• Ecuador
Major Consuming Regions:
• United States
• China
• Europe
• Japan
• Others
Competitive Landscape:
The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players