Shrimp Market Set to Hit $54.6 Billion by 2027 with 9.2% CAGR

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, Shrimp Market by Type, Source, Form, End Use, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the shrimp market size is expected to reach $54.6 billion by 2027 at a CAGR of 9.2% from 2021 to 2027.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/11213

Shrimps are decapod crustaceans that are abundantly available at extremely low prices and look similar to prawns. Many shrimps have edible muscular tails, and they are widely caught and farmed for human consumption. Shrimp are not only delicious but they are also high in iron, calcium, sodium, phosphorus, zinc, magnesium, and potassium, as well as vitamins A, E, and B6. Various types of shrimps available in the market for human consumption include red cherry, blue velvet, black tiger, rock, bumblebee, crystal, cardinal, and amano shrimps.

By type, the white shrimp segment was highest revenue contributor in 2019, due to easy availability of white shrimps in the market. Depending on the basis of source, the cold water shrimps segment garnered the highest shrimp market share, owing to high nutritional profile of cold water shrimps. According to the form of shrimps, the frozen shrimps segment is expected to garner the largest share during 2027, owing to long shelf life of frozen shrimps. By end-use, the commercial segment held the largest market share, due to increase in number of hotels and restaurants. Depending on the distribution channel, the specialty stores segment led the market, owing to availability of large variety of shrimps in these stores.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/A10848

The market is segmented on the basis of type, source, form, end use, distribution channel, and region. On the basis of type, the market is categorized into pink, brown, white, and others. Depending on the source, it is segregated into cold water and hot water. By form, it is bifurcated into frozen and canned. As per end use, it is divided into residential and commercial. According to distribution channel, it is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online sales channel. Region wise, the shrimp market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.

One of the major factors and shrimp market trends driving the growth of the global market is rise in demand for seafood products. Shift in food habits toward consumption of healthier food products, such as seafood, which is regarded as rich source of animal proteins, is expected to drive growth of the global market during the forecast period. Furthermore, improved taste and increased marketing levels are expected to offer remunerative opportunities for market players to capitalize during the forecast period. However, high cost of processing and stringent government regulations governing shrimp farming, import, and export may have a negative impact on the shrimp market growth. Despite these challenges, with robust growth in the food processing and agriculture industries, market players have the opportunity to expand further.

📍𝗧𝗼𝗽 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝗦𝗵𝗿𝗶𝗺𝗽 𝗠𝗮𝗿𝗸𝗲𝘁:

➣Wild Oceans Pty Ltd.

➣Clearwater Seafoods Inc.

➣Nordic Seafoods A/S

➣The Waterbase Ltd.

➣Surapon Foods

➣High Liner Foods Inc.

➣Aqua Star Corp.

➣Thai Union Group

➣Avanti Feeds Ltd.

➣Mazzetta Company, LLC

𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝: https://www.alliedmarketresearch.com/request-for-customization/11213

Globally, the shrimp industry is experiencing various challenges, including increase in prevalence of various bacterial, viral, and fungal diseases. Shrimp larvae are highly susceptible to these diseases, which dampen the shrimps, thereby hampering the quality. This fuels the need for manufacturing aqua-feed ingredients, which improve the quality of shrimps.

Global shrimp production will continue to grow, with increased efficiency at all levels of production and marketing, as well as increased industry consolidation. The rich nutritional profile of shrimps, such as higher omega-3 fatty acid content, is anticipated to be advantageous for marketing and increasing consumer demand during shrimp market forecast.

Product launches, mergers & acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Key players in the global shrimp market include Aqua Star Corp., Mazzetta Company LLC., Thai Union Group, Nordic Seafood A/S, Surapon Foods, Clearwater Seafoods Inc., High Liner Foods Inc., Avanti Feeds Ltd., the Waterbase Ltd., and Wild Oceans Pty Ltd.

𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/checkout-final/430dbcb6288e63d7fd3e76c5f3bec84b

📍𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗼𝗳 𝗧𝗵𝗲 𝗦𝘁𝘂𝗱𝘆

➣The global shrimp market was valued at $31.6 billion in 2019, and is projected to reach $54.6 billion by 2027, registering a CAGR of 9.2%.

➣Asia-Pacific was the highest revenue contributor, accounting for $11.0 billion in 2019, and is estimated to reach $20.5 billion by 2027, with a CAGR of 10.3%.

➣By type, the white segment dominated the market, with $10.8 billion in 2019, and is expected to reach $20.3 billion by 2027, at a CAGR of 10.4% during the forecast period.

➣On the basis of source, the cold water segment led the market, garnering $17.3 billion in 2019, and is estimated to reach $31.2 billion by 2027, at a CAGR of 9.8% during the forecast period.

➣In Asia-Pacific, China was the highest revenue contributor with $2.8 billion in 2019, and is estimated to reach $5.1 billion by 2027, registering a CAGR of 10.0%.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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