Shrimp Market, By Source Type (Cold Water Shrimps and Hot Water Shrimps), By Species (Farmed Whiteleg Shrimps, Gulf Shrimps, Banded Coral Shrimps, Giant Tiger Shrimps, Royal Red Shrimps, Blue Shrimps, and Ocean Shrimps), By Form (Frozen, Canned, Peeled, Cooked, Shell-On, and Others), By End-use Industry (Food, Cosmetics, Pharmaceutical, Biotechnology, and Life Sciences), By Distribution Channel (Hypermarket, Supermarket, Convenience Stores, Specialty Stores, Online, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Shrimps are increasingly gaining popularity among consumers worldwide. The consumption of shrimp is associated with various health benefits, as it has a high content of nutrients such as selenium, carotenoid, and vitamin B12. Furthermore, a wide variety of shrimps are available in the global market including gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, giant tiger shrimps, blue shrimps, ocean shrimps, and royal red shrimps. This in turn is aiding in the growth of the global shrimps market.
Due to shrimp's high nutritional content and low-fat protein, customer demand for it is rising. Additionally, consumers are going through a "nutrition transition" by switching from a carbohydrate diet to one that contains more proteins, driven by strong economic growth and increased prosperity. As a result, shrimp farmers worldwide are implementing new production methods that are better than the traditional ones, safeguard the environment, and boost shrimp production all year round.
In 2021, shrimp sales is expected to grow by value, compared to the previous year owing to increased sales through the on-trade channel, which rose by 23.83% from 2020 to 2021. This was also because around 70% of people in countries like the U.S., China, Malaysia, India, and others prefer to dine out to consume seafood. At the same time, rising disposable incomes is another major factor that has further driven sales. The on-trade channel accounted for a significant share of more than 60% in 2021, because after the easing of pandemic-related lockdowns, sales rose by 23.83% in 2021 compared to the previous year.
The online channel is projected to be the fastest-growing channel with a value CAGR of 9.24% during the forecast period 2022-2030 Sales through online channels were bolstered by 116.16% from 2019 to 2020 due to the COVID-19 pandemic, as offline stores were closed and people were restricted from stepping out of their homes. Major online stores like Amazon, Walmart, The Kroger Co., and others have launched more products with Aquaculture Stewardship Council certification, which has increased online seafood purchases to 57% in 2021.
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