Global Shrimp Market 2019-2023
Global Shrimp Market: About this market
Shrimp is a good source of protein and vitamin D and is one of the most popular seafood consumed globally. Technavio’s shrimp market analysis considers sales from the frozen shrimp, canned shrimp, and other segments, through supermarkets and hypermarkets, convenience stores, and others. Our analysis also considers the sales of shrimp in APAC, Europe, MEA, North America, and South America. In 2018, the frozen shrimp segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the rising import and export of frozen shrimps and increasing new product launches will significantly help the market segment in maintaining its leading position. Also, our global shrimp report has observed market growth factors such as the health benefits of shrimp, product launches, and initiatives to increase shrimp production. However, product contamination and rising product recall, the growing popularity of plant-based shrimp, and environmental impact of shrimp aquaculture may hamper the growth of the shrimp industry over the forecast period.
Global Shrimp Market: Overview
Health benefits of shrimp
Rising awareness among consumers about the health benefits of shrimp products is driving the global shrimp market growth. Shrimp products contain a high amount of iron, protein, and various vitamins. It is also a good source of zinc and vitamin D. The high nutritional value is increasing the demand for shrimp, driving sales. As a result, the market will record a substantial growth at a CAGR of over 5% during the forecast period.
Rising shrimp-based product launches
Vendors are responding to the increasing demand for shrimp products owing to their health benefits and are constantly launching new shrimp-based offerings. As a result, sales will increase. Therefore, this trend will have a positive impact on the overall market growth over the forecast period.
For the detailed list of factors that will drive the global shrimp market during the forecast period 2019-2023, click here.
With the presence of several major players, the global shrimp market is fragmented. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading shrimp manufacturers, which include Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., and Thai Union Group PCL.
Also, the shrimp market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., and Thai Union Group PCL.
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