The demand for shrimps has increased considerably among consumers, due to their high nutritional value and low-fat protein content. In addition, they are low in carbs and calories, thus encouraging health-conscious individuals to include shrimps in their diet. Moreover, multiple benefits associated with shrimps such as prevention of hair loss, improvement in memory performance, and elimination of bad cholesterol boost their demand, globally, thereby driving the growth of the global market.
Shrimps are decapod crustaceans that are abundantly available at extremely low prices and look similar to prawns. Many shrimps have edible muscular tails, and they are widely caught and farmed for human consumption. Shrimp are not only delicious but they are also high in iron, calcium, sodium, phosphorus, zinc, magnesium, and potassium, as well as vitamins A, E, and B6.
The shrimp market size is expected to reach $54.6 billion by 2027 at a CAGR of 9.2% from 2021 to 2027.
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The major factors and shrimp market trends that drive the growth of the shrimp market include easy availability of shrimps and their high nutritional content. As one of the most traded species of seafood, they are an essential components of various cuisines. One of the major trends observed is the expansion of the food industry as a result of rise in demand for ready-to-eat food items. Furthermore, rapid urbanization and a shift in food habits notably contribute toward the growth of the global market. Moreover, rise in global demand for shrimp has boosted shrimp imports, thereby augmenting the market growth. In addition, surge in disposable incomes, rise in health consciousness among consumers, and improvement in living standards are some of the other primary factors driving the demand for shrimps.
Shrimp is widely used in the pharmaceutical and cosmetic industries, in addition to the food industry. This is attributed to the fact that shrimp finds its application as anti-aging and sunscreen products, as it contains astaxanthin—a carotenoid that is a powerful antioxidant, which can significantly reduce the signs of ageing caused due to ultraviolet A (UVA) rays and sunlight. In addition, it increases the likelihood of skin beautification and the removal of scars from time-worn faces. Furthermore, it is used in shampoos, as it contains minerals such as zinc that help to reduce hair loss. Thus, major cosmetics manufacturers intend to use shrimp in their products, owing to multiple benefits associated with it, thereby propelling the growth of the global market.
The prominent industry participants include Aqua Star Corp., Mazzetta Company LLC., Thai Union Group, Nordic Seafood A/S, Surapon Foods, Clearwater Seafoods Inc., High Liner Foods Inc., Avanti Feeds Ltd., The Waterbase Ltd., and Wild Oceans Pty Ltd.
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