Different product segments performance in the global shrimp market

The global shrimp market is expected to grow at a CAGR of 5.05% during the forecast period. Based on the product, the global shrimp market has been segmented into frozen shrimp, canned shrimp, and others.

The demand for frozen shrimp is increasing among consumers due to their longer shelf life. Frozen shrimp can be stored in a freezer for up to nine months. The increasing import and export of frozen shrimp will also help in the growth of the segment. The increasing number o product launches in the segment will also promote the growth of the segment during the forecast period. For instance, in January 2019, Mazetta launched a new frozen shrimp under the brand Oishii.

Request for: Free Sample Report

A decrease in the demand for raw frozen shrimp in major shrimp-consuming countries, such as Japan, can negatively influence the growth of the market. There was a decline in the import of raw frozen shrimps to Japan in 2018 compared with 2017, due to fall in demand among consumers. Thus, an increase in import and export, as well as product launches, will promote the growth of the frozen shrimp segment of the global shrimp market during the forecast period.