Increasing focus on maintaining good health especially as the world is witnessing various pandemic and epidemic outbreak has been increasing seafood consumption. Against this backdrop Future Market Insights (FMI), presents a positive outlook for the shrimps market. According to the report, the shrimps market is slated to register a CAGR of 6.7% between 2021 and 2031.
Shrimps being a very good source of protein,are increasingly included in food, pharmaceutical, cosmetics, and various industrial products. Consumers have become extremely health conscious owing to the increasing prevalence of various ailments and have become more willing to spend on sea food such as shrimps.
Shrimps have various properties that help in preventing and controlling cholesterol, obesity, heart attacks, and other health conditions. Increasing awareness regarding this is expected to result in high demand for shrimps in the coming years.
Skin care products containing ingredients derived from shrimps are proven to be very beneficial in skin tightening and skin rejuvenation as shrimp contains collagen which is very much needed for tissue repair. Skin cells can be renewed with regular intake of collagen. The upper layer of skin called as epidermis is the most delicate part of the skin.
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Consumption of shrimp in form either as a part of their regular diet or in the form of dietary supplements also offers various health benefits. According to the report, the food sector is expected to account for nearly70% of sales in the market through the forecast period.
Key Takeaways from the Shrimp Market Study
- Despite restrictions amid pandemic, shrimps market is forecast to exhibit a little below 6% y-o-y growth in 2021
- Increasing shrimp consumption will enable the U.S. account for over 80% sales in North America
- The U.K. will continue dominating the Europe market, exhibiting 8.6% y-o-y growth in 2021
- Seafood consumption is considerably high in Germany and France, catapulting them as lucrative markets for shrimps within Europe
- China is the largest producer of shrimps and will continue dominating the East Asia market
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