The global shrimp market has been making waves in recent years, with the Food and Agriculture Organization (FAO) reporting that total aquaculture production surpassed a staggering 120 million tons in 2018. This surge in aquaculture production has significantly impacted the shrimp industry, making this delectable shellfish a sought-after delicacy on commercial and household menus worldwide. Notably, shrimp represents a substantial 15% of the entire global seafood business.
Shrimp, celebrated for its exceptional nutritional value, is packed with high-quality protein, essential amino acids, minerals, and is low in fat. Its rich content of calcium, iron, zinc, iodine, and vitamins A, D, and E has made it a go-to choice for health-conscious consumers seeking balanced and nutritious meals. As a result, seafood restaurants have played a pivotal role in driving shrimp sales, catering to the demands of discerning diners.
Shrimp Market Seizes New Opportunities Amid Increased Home Cooking due to Lockdowns
The COVID-19 pandemic brought significant challenges to the food industry, causing a decline in sales as consumers worldwide adhered to social distancing measures and lockdowns. The restaurant and hospitality sector bore the brunt of this impact, with out-of-home sales of shrimp taking a hit. Leading shrimp-producing nations, including India, Vietnam, and Thailand, reported lower production in November 2020, resulting in a supply shortage.
Major shrimp-consuming countries such as China, the U.S., Japan, and European nations experienced disruptions in demand and flat growth during this period, causing a drop in ex-farm shrimp prices. However, the industry is poised for a swift recovery in the upcoming season, with logistics and supply chains expected to rebound.
Conversely, the pandemic sparked a surge in home cooking, with more people exploring new recipes, elevating their culinary skills, and opting for healthier meal options. This trend has led to increased demand for shrimp, even as the restaurant sector faced challenges.
White Leg Shrimp Takes Center Stage in Global Shrimp Market
The global shrimp market is categorized by species type, format, sales channel, and region. Among species types, farmed white leg shrimp is anticipated to dominate the market in terms of value by the end of 2026. Its high production volume and export potential are expected to drive growth, with India introducing the vannamei shrimp variety into its coastal aquaculture systems in 2017 to meet the rising demand for white leg shrimps.
In the format segment, fresh shrimp is projected to experience favorable growth in response to a growing number of health-conscious consumers seeking nutritionally beneficial options. Consumers are becoming more aware of the consequences of consuming farmed shrimps bred with antibiotics, leading them to opt for fresh catches.
The sales channel segment includes business-to-business and business-to-consumer categories, with online platforms gaining popularity, especially in urban areas. The COVID-19 lockdowns have accelerated the shift to e-commerce, driving growth in the shrimp market as dining out remains constrained.
Rising Demand Spurs Manufacturers to Expand Shrimp Processing Capacity
Asia Pacific countries, including India, China, Indonesia, and Thailand, are key global shrimp producers. While export of shrimp from Ecuador and Indonesia increased in the initial months of 2020, India, a major shrimp exporter to the U.S., faced challenges due to lower production and strong competition from Ecuador in terms of supply and prices. Export from other countries, including Vietnam, Thailand, China, and Argentina, declined due to the pandemic.
Europe, a significant consumer of shrimps, has witnessed increased demand for tropical shrimp, primarily penaeus monodon and penaeus vannamei. To meet this demand, key producers such as Thailand, Vietnam, Indonesia, and India are planning large-scale export farming initiatives.
For instance, Thuan Phuoc Seafoods & Trading recently commissioned a factory with a capacity of 50 metric tons per day, along with a cold-storage facility capable of holding 3,000 MT annually. Similarly, Nha Trang Seafood expanded its capacity by constructing a new shrimp processing facility expected to handle 10,000 MT annually.
Global Shrimp Market: Key Players
Leading players in the global shrimp market include The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd., Pescanova S.A., Omarsa S.A, Ristic GmbH, Dom International Limited, Marine Harvest ASA, Baton Rouge Shrimp Company, Inc., Charoen Pokphand Food PCL, and Gulf Shrimp Company.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/shrimp-market
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This press release first seen on Brilad