Global Shrimp Market 2017-2021
Shrimp is one of the most popular seafood varieties consumed worldwide owing to factors such as low in fat, rich source of nutrients like vitamin B12 and selenium, which are important for maintaining good health. contains a variety of other nutrients (like zinc, sodium, magnesium, iron, and vitamins A, B6, C, and E), and excellent source of carotenoid astaxanthin, which has antioxidant and anti-inflammatory properties. Thus, due to the many nutritional and health-associated aspects, this seafood variety forms an important part of various cuisines and is one of the most traded seafood. A variety of shrimps are available globally like white shrimp, brown shrimp, pink shrimp, rock shrimp, tiger shrimp, and others. Thus, the availability of a variety of shrimps is aiding the overall growth of the market.
Technavio’s analysts forecast the global shrimp market to grow at a CAGR of 5.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of global shrimp market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Shrimp Market 2017-2021
Technavio recognizes the following companies as the key players in the global shrimp market: AB GOLDEN SEAFOOD, Aqua Star, Carson & Company, Mazzetta Company, Rich Products Corporation, and Thai Union Group
Other Prominent Vendors in the market are: Bumble Bee Seafoods, Wild Planet, Crown Prince, Wild Selections, Big Easy Foods, Sea Best, Gorton’s, Geisha, Roland Foods, Joe Patti's Seafood Company, Galveston Shrimp Company, and Pacific Seafood.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Launch of new shrimp varieties. Many players are experimenting and coming up with new shrimp offerings based on new consumer trends. The vegan diet is now gradually becoming a part of the larger vegan lifestyle, which strongly favors animal rights and a concern for the environment. Many consumers across the globe have started following a vegan lifestyle and are staying away from animal origin products. They are opting for healthy substitutes for meat, dairy, and other traditional sources of protein and even perceive vegan diet to be healthier than a diet with meat-based products.”
According to the report, one of the major drivers for this market is New product launches. New product development, improved taste and versatility, and high levels of marketing support will increase the demand for products like shrimp in the market. Thus, several players are currently launching new shrimp ranges to expand their portfolio of shrimp products. For instance, in 2017, Guangdong Bai Da Science & Technology launched BD crispy shrimp line, which is basically dried shrimp (sold in places like bars, cinemas, and nightclubs), while Grupo Pescanova launched raw shrimp products like frozen vannamei tartar, ceviche, and carpaccio.
Further, the report states that one of the major factors hindering the growth of this market is Impact of shrimp processing industries on the environment. The overall production of shrimp waste from shrimp processing industries has increased during the last few years. Prolonged production of this biomaterial has resulted in environmental issues like:
• Waste collection
In addition to this, chemical processes release toxic chemicals (like hydrochloric acid, acetic acid, and sodium hydroxide) into the aquatic ecosystem as byproducts, which further destroys the aquatic flora and fauna. Thus, the impact of shrimp processing industries on the environment is one of the major drawbacks. However, currently, many researches show that heads, tails, and carapace of commercial shrimps provide a natural and cheap source of astaxanthin for the nutraceutical industry.
AB GOLDEN SEAFOOD, Aqua Star, Carson & Company, Mazzetta Company, Rich Products Corporation, and Thai Union Group, Bumble Bee Seafoods, Wild Planet, Crown Prince, Wild Selections, Big Easy Foods, Sea Best, Gorton’s, Geisha, Roland Foods, Joe Patti's Seafood Company, Galveston Shrimp Company, and Pacific Seafood.