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.
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.
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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
“Increasing demand for food products with high nutritive value will drive shrimps sales. The market players are likely to focus on strategic collaborations to explore opportunities across untapped markets,” said a lead analyst at FMI
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Increasing Use of Shrimp in Cosmetics and Pharmaceutical Segments
Medical advantages of shrimpscan improve bone density, mind wellbeing, weight control, and reduce the risk of cardiovascular illnesses. Ingredients derived from shrimps are used in various skin care brands, aimed at offering good skin and anti-aging properties.
Shrimps contain a carotenoid called astaxanthin, which has amazing cell reinforcement properties that can incredibly lessen the indications of skin aging caused due to sun damage. Increasing use in cosmetics and pharmaceutical products will aid the overall expansion of the market.
Who is winning?
Some of the leading players operating in the shrimps marketare Vinnbio India Pvt. Ltd, Charoen Pokphand Food PCL, Pescanova S.A, Galveston Shrimp Company, Gulf Shrimp Company, Seajoy Group, Dom International Limited Thai Union Frozen Products PLC,Marine Harvest ASA, Baton Rouge Shrimp Company, Inc., Labrador Fishermen’s Union Shrimp Company Ltd., ,The Clover Leaf Seafoods Family Ristic GmbHOmarsa S.A, MSeafood Corp Carribbean Ananda Group, Nippon Suisan Kaisha, Ltd.,Shrimp Company Limited, Artisanfish LLC, Orchid Marine and others.
Companies operating in the market are focusing on M&A, collaborations, and strategic alliances to increase market penetration and production capacity.
Get Valuable Insights into Shrimp Market
Shrimp Market by Category
Species
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
Source
- Organic
- Conventional
Form
- Canned
- Breaded
- Peeled
- Cooked & Peeled
- Shell-On
- Frozen
Sales Channel
- Direct
- Indirect
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
Application
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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