Shrimps are decapod crustaceans that play a vital role in the food chain, serving as a food source for larger creatures such as fish, whales and human. Shrimp are marketed for their high quantities of omega-3 fatty acids, low mercury levels, proteins, vitamins A and B6, B12, C and E, thiamin, riboflavin, niacin, phosphorus, copper, choline, iodine, and astaxanthin, among other nutrients.
According to UnivDatos’ research report “Shrimp Market”, the market is expected to witness a CAGR growth of around ~8% during the forecast period 2021-2027F. Global Shrimp Market is experiencing significant growth as it possesses anti-inflammatory, anti-aging, and cancer-fighting effects. Shrimp shell has a wide range of uses in pharmaceuticals, agrochemicals, cosmetics, and water treatment. Shrimp waste is used to extract pigments such as carotenoids and astaxanthin.
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Based on Type: Shrimp Market is classified into Wild Shrimp, and Farmed Shrimp. The Wild Shrimp segment has acquired the highest market share in the Shrimp market and is expected to continue to grow over the forecasted period. This growth is attributed to the wide availability.
Based on Species: The Shrimp market is segmented into Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others. The Penaeus Vannamei segment accounted for the larger market share in 2020 and is projected to witness a significant growth rate during the forecast period. For instance: By 2019, China’s South American white shrimp marine aquaculture production was 1,144,370 tons, an increase of 26,836 tons compared to 2018, - a 2.4% rise.
Based on Category, the Shrimp market is segmented into Peeled, Shell-on, Cooked, and Others. Peeled segment dominated the Shrimp Market in the year 2020 and expected to remain leading segment over the forecast period. Primary factors driving the peeled shrimp include high demand from the peeled shrimp from household, restaurants and fast-food chains for shrimps along with rising popularity of frozen and canned shrimps. Futher, the Shrimp waste is used cosmetics & pharmaceuticals industry also drive peeled shrimp market.
Based on Distribution Channel, the Shrimp market is segmented into Hypermarkets & Supermarkets, Specialty Stores, Hotels & Restaurants, Online, and Others. Specialty Stores contributes to most of the revenue for the Shrimp market. This is attributed to the fact that specialty stores offer options such as discounts as well as the benefit of immediate gratification.
Asia-Pacific to Grab Lion’s Share
Asia-Pacific currently owns the maximum market share in the shrimp market. Asia-Pacific region mainly contributes to the Shrimp production. China, India, Indonesia, Vietnam, and Thailand are the top five shrimp producers in the world, accounting for more than 80% of total worldwide shrimp production.
According to UnivDatos, the key players with a considerable market share in the Shrimp Market are includes Aqua Star Corp., Mazzetta Company, LLC, Clearwater Seafoods Inc., Thai Union Group, Nordic Seafood A/S, Apex Frozen Foods Ltd., Seaprimexco Vietnam, Grupo Iberica Congelados, S.A, High Liner Foods Inc., Charoen Pokphand Foods PCL, etc.
§ In March 2020, CPF Restaurant and Food Chain Co., Ltd. (CPFRF), a 99.99% owned subsidiary of CPF, entered into an agreement with Star Marketing Co., Ltd. to acquire Five Star trademark to accommodate the growth of Five Star business. Currently, there are 6 types of products under Five Star kiosk, namely, grilled chicken, fried chicken, Hainanese chicken rice, shrimp wonton with noodles, ready meals, and sausages.
“Shrimp Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Type (Wild Shrimp, Farmed Shrimp)
2. By Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others)
3. By Category (Peeled, Shell-on, Cooked, Others)
4. By Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, Hotels & Restaurants, Online, Others)
5. By Region [North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, Indonesia, India, Thailand, Rest of APAC), and Rest of World)]
6. By Company (Aqua Star Corp., Mazzetta Company, LLC, Clearwater Seafoods Inc., Thai Union Group, Nordic Seafood A/S, Apex Frozen Foods Ltd., Seaprimexco Vietnam, Grupo Iberica Congelados, S.A, High Liner Foods Inc., Charoen Pokphand Foods PCL)
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