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Shrimp Market Thrives With Burgeoning Seafood Restaurants
According to the Food and Agriculture Organization (FAO), total aquaculture production exceeded nearly more than 120 million tons in 2018. This also reflected on shrimp sales as this popular shellfish made its way across continents on commercial and household menus. The commercial use of shrimp started in early 1960’s and presently is one of the most traded seafood items in terms of value, representing 15% of the worldwide seafood business.
Shrimp, known for its high nutritional value, boasts high quality protein, minerals, essential amino acids, and contains low fat. It is a rich source of calcium, iron, zinc, iodine, and vitamins such as A, D, and E, offering various health benefits to the consumers. These reasons have garnered the seafood remarkable attention from health-conscious consumers trying to make every meal healthy. Nice seafood restaurants have been at the forefront of the driving the sales in the shrimp market.
Shrimp Market Finds New Revue Opportunities With Increased Home Cooking due to Lockdowns
Unfortunately, the COVID-19 pandemic that led to lockdowns severely impacted the food industry, resulting in declining sales. As consumers across the globe continue to adhere to no social gathering, the restaurant and hospitality industry have taken a hit. It has also led to out-of-home sales of shrimp to decline. The supply of shrimps has also witnessed a negative effect of this lockdown as in November 2020, shrimp farming countries such as India, Vietnam, and Thailand reported lower production.
Major shrimp consuming countries such as China, the U.S., Japan, and European countries have attained a deeper demand disruption and a flat growth during the period. Due to this the ex-farm price of shrimp bottomed out. However, the market is expected to be on track by next season as the logistics and supply chain is to represent a speedy recovery.
On the flipside, the pandemic has led to growing number of people taking a keen interest in home cooking, trying out new recipes, excelling cooking standards, and eating healthy meals, which has resulted in a higher demand.
White Leg Shrimp is Key to Export in Global Shrimp Market
The global shrimp market is segmented on the basis of species type, format, sales channel, and region. By species type, the market is segmented into farmed white leg shrimp, giant tiger shrimps, blue shrimp, gulf shrimps, banded coral shrimps, royal red shrimps, and ocean shrimps. The farmed white leg shrimp segment is estimated to account for substantial share in the global market in terms of value by the end of 2026. High volume production and export are expected to drive the segment growth in the near future. To cater the growing demand of white leg shrimps, India introduced the variety of vannamei shrimp into its coastal aquaculture systems in 2017.
Based on format the market is segmented into frozen, dried, fresh, and canned. The fresh shrimp segment is expected to attain a favourable growth during the forecast period. Expanding number of health-conscious consumers seeking healthier choices with right nutritional benefits are expected to drive the segment growth. As consumers are more aware about consequences of eating farmed shrimps that are bred with antibiotics, they are expected to push for fresh catch instead.
By sales channel, the shrimp market is segmented as business-to-business and business-to-consumer segments. The business-to-consumer segment is further sub-segmented into supermarket, specialty outlet, convenience stores, and online platforms. Initial studies indicate that consumers, especially in in urban areas, are switching to online platforms for its convenience. Due to COVID-19 lockdowns, e-commerce has gained tremendous popularity over traditional in-person purchases, pushing boundaries for online platforms. Shrimp market is expected to find growing number customers as eating out remains restrained due to COVID-19.
Rising Demand Leads Manufacturers to Expand Shrimp Processing Capacity
Globally, Asia Pacific region including counties such as India, China, Indonesia, Thailand are significant producers of shrimps across the globe. During the initial months of 2020, export of shrimp increased from Ecuador and Indonesia. However, India being one of the largest shrimp exporters for the U.S. lost its share due to lower production and strong competition from Ecuador both in terms of supply and prices. The export from other countries such as Vietnam, Thailand, China, and Argentina declined due to the pandemic. Few of the prime export destinations of Ecuador are China, the U.S., and European Union.
Europe has also been a significant consumer of shrimps. Tropical shrimp primarily penaeus monodon and penaeus vannamei ranks third most consumed shrimp amongst all aquaculture species. To meet the increased demand of shrimp, key producers such as Thailand, Vietnam, Indonesia, and India have planned for large-scale export farming.
For instance, in early 2021 Thuan Phuoc Seafoods & Trading commissioned a factory. The factory, which cost US$17.3 million and has a capacity of 50 metric tons per day. Along with the factory, the company also built a cold-storage facility with the annual capacity of 3,000 MT per year. Similarly. another company, Nha Trang Seafood, expanded its capacity by constructing a new shrimp processing facility that is expected to have 10,000 MT annual capacity.
Global Shrimp Market: Key Players
Some of the leading players operating in the global shrimp market are The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd., Pescanova S.A., Omarsa S.A, Ristic GmbH, Dom International Limited, Marine Harvest ASA, Baton Rouge Shrimp Company, Inc., Charoen Pokphand Food PCL, and Gulf Shrimp Company.
Regional Classification of Global Shrimp Market is Listed Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
1. Executive Summary
1.1. Global Shrimp Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-Covid and Post-Covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Economic Analysis
2.9. PESTLE
3. Production Output and Trade Statistics, 2018 - 2022
3.1. Regional Production Statistics
3.1.1. North America
3.1.2. Europe
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. Middle East & Africa
3.2. Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Species
4.4. By Region
5. Global Shrimp Market Outlook, 2018 - 2030
5.1. Global Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Gulf Shrimp
5.1.1.2. Ocean Shrimp
5.1.1.3. Whiteleg Shrimp
5.1.1.4. Banded Coral Shrimp
5.1.1.5. Royal Red Shrimp
5.1.1.6. Giant Tiger Shrimp
5.1.1.7. Blue Shrimp
5.1.1.8. Misc.
5.2. Global Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Direct
5.2.1.2. Indirect
5.3. Global Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Green Headless
5.3.1.2. Peeled
5.3.1.3. Cooked
5.3.1.4. Breaded
5.3.1.5. Frozen
5.3.1.6. Misc.
5.3.2. BPS/Market Attractiveness Analysis
5.4. Global Shrimp Market Outlook, by Region, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.4.1. Key Highlights
5.4.1.1. North America
5.4.1.2. Europe
5.4.1.3. Asia Pacific
5.4.1.4. Latin America
5.4.1.5. Middle East & Africa
5.4.2. BPS/Market Attractiveness Analysis
6. North America Shrimp Market Outlook, 2018 - 2030
6.1. North America Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Gulf Shrimp
6.1.1.2. Ocean Shrimp
6.1.1.3. Whiteleg Shrimp
6.1.1.4. Banded Coral Shrimp
6.1.1.5. Royal Red Shrimp
6.1.1.6. Giant Tiger Shrimp
6.1.1.7. Blue Shrimp
6.1.1.8. Misc.
6.2. North America Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Direct
6.2.1.2. Indirect
6.3. North America Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. Green Headless
6.3.1.2. Peeled
6.3.1.3. Cooked
6.3.1.4. Breaded
6.3.1.5. Frozen
6.3.1.6. Misc.
6.4. North America Shrimp Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
6.4.1. Key Highlights
6.4.1.1. U.S.
6.4.1.2. Canada
6.4.2. BPS/Market Attractiveness Analysis
7. Europe Shrimp Market Outlook, 2018 - 2030
7.1. Europe Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Gulf Shrimp
7.1.1.2. Ocean Shrimp
7.1.1.3. Whiteleg Shrimp
7.1.1.4. Banded Coral Shrimp
7.1.1.5. Royal Red Shrimp
7.1.1.6. Giant Tiger Shrimp
7.1.1.7. Blue Shrimp
7.1.1.8. Misc.
7.2. Europe Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Direct
7.2.1.2. Indirect
7.3. Europe Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Green Headless
7.3.1.2. Peeled
7.3.1.3. Cooked
7.3.1.4. Breaded
7.3.1.5. Frozen
7.3.1.6. Misc.
7.4. Europe Shrimp Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
7.4.1. Key Highlights
7.4.1.1. Germany
7.4.1.2. France
7.4.1.3. U.K.
7.4.1.4. Italy
7.4.1.5. Spain
7.4.1.6. Netherlands
7.4.1.7. Russia
7.4.1.8. Rest of Europe
7.4.2. BPS/Market Attractiveness Analysis
8. Asia Pacific Shrimp Market Outlook, 2018 - 2030
8.1. Asia Pacific Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018-2030
8.1.1. Key Highlights
8.1.1.1. Gulf Shrimp
8.1.1.2. Ocean Shrimp
8.1.1.3. Whiteleg Shrimp
8.1.1.4. Banded Coral Shrimp
8.1.1.5. Royal Red Shrimp
8.1.1.6. Giant Tiger Shrimp
8.1.1.7. Blue Shrimp
8.1.1.8. Misc.
8.2. Asia Pacific Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Direct
8.2.1.2. Indirect
8.3. Asia Pacific Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. Green Headless
8.3.1.2. Peeled
8.3.1.3. Cooked
8.3.1.4. Breaded
8.3.1.5. Frozen
8.3.1.6. Misc.
8.4. Asia Pacific Shrimp Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
8.4.1. Key Highlights
8.4.1.1. China
8.4.1.2. Japan
8.4.1.3. South Korea
8.4.1.4. India
8.4.1.5. Southeast Asia
8.4.1.6. Rest of Asia Pacific
8.4.2. BPS/Market Attractiveness Analysis
9. Latin America Shrimp Market Outlook, 2018 – 2030
9.1. Latin America Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018 - 2030
9.1.1. Key Highlights
9.1.1.1. Gulf Shrimp
9.1.1.2. Ocean Shrimp
9.1.1.3. Whiteleg Shrimp
9.1.1.4. Banded Coral Shrimp
9.1.1.5. Royal Red Shrimp
9.1.1.6. Giant Tiger Shrimp
9.1.1.7. Blue Shrimp
9.1.1.8. Misc.
9.2. Latin America Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
9.2.1. Key Highlights
9.2.1.1. Direct
9.2.1.2. Indirect
9.3. Latin America Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018-2030
9.3.1. Key Highlights
9.3.1.1. Green Headless
9.3.1.2. Peeled
9.3.1.3. Cooked
9.3.1.4. Breaded
9.3.1.5. Frozen
9.3.1.6. Misc.
9.4. Latin America Shrimp Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
9.4.1. Key Highlights
9.4.1.1. Brazil
9.4.1.2. Mexico
9.4.1.3. Ecuador
9.4.1.4. Rest of Latin America
9.4.2. BPS/Market Attractiveness Analysis
10. Middle East & Africa Shrimp Market Outlook, 2018 - 2030
10.1. Middle East & Africa Shrimp Market Outlook, by Species, Volume (Tons) and Value (US$ Mn), 2018 - 2030
10.1.1. Key Highlights
10.1.1.1. Gulf Shrimp
10.1.1.2. Ocean Shrimp
10.1.1.3. Whiteleg Shrimp
10.1.1.4. Banded Coral Shrimp
10.1.1.5. Royal Red Shrimp
10.1.1.6. Giant Tiger Shrimp
10.1.1.7. Blue Shrimp
10.1.1.8. Misc.
10.2. Middle East & Africa Shrimp Market Outlook, by Distribution Channel, Volume (Tons) and Value (US$ Mn), 2018 - 2030
10.2.1. Key Highlights
10.2.1.1. Direct
10.2.1.2. Indirect
10.3. Middle East & Africa Shrimp Market Outlook, by Form Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
10.3.1. Key Highlights
10.3.1.1. Green Headless
10.3.1.2. Peeled
10.3.1.3. Cooked
10.3.1.4. Breaded
10.3.1.5. Frozen
10.3.1.6. Misc.
10.4. Middle East & Africa Shrimp Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
10.4.1. Key Highlights
10.4.1.1. GCC
10.4.1.2. South Africa
10.4.1.3. Rest of Middle East & Africa
10.4.2. BPS/Market Attractiveness Analysis
11. Competitive Landscape
11.1. Company Market Share Analysis, 2021
11.2. Competitive Dashboard
11.3. Company Profiles
11.3.1. Ca Mau Seafood Processing & Service Joint Stock Corporation
11.3.1.1. Company Overview
11.3.1.2. Product Portfolio
11.3.1.3. Financial Overview
11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
11.3.2. Minh Phu Seafood Corporation
11.3.3. Hung Vuong Corporation
11.3.4. Thai Union Group
11.3.5. Apex Frozen Foods Ltd.
11.3.6. Omarsa S.A.
11.3.7. Clearwater Seafoods
11.3.8. Mazzetta Company, LLC
11.3.9. Surapon Foods Public Company Limited
11.3.10. High Liner Foods Inc.
11.3.11. Nordic Seafood A/S
11.3.12. Avanti Feeds Limited
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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