Global Shrimp Market 2019–2023 | Growth & Market Analysis
The global shrimp market size will grow by USD 7.6 billion during 2019–2023. This market report provides a detailed analysis of the market by product (frozen shrimp, canned shrimp, and others), distribution channel (supermarkets and hypermarkets, convenience stores, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., and Thai Union Group PCL.
Shrimp is a rich source of protein, zinc, iron, and vitamin D. The presence of zinc in shrimp helps in increasing leptin levels in the human body. Astaxanthin, a carotenoid, present in shrimp, acts as a powerful antioxidant. This element helps in reducing the signs of aging related to ultraviolet A (UVA) and sunlight. Shrimp also helps in improving comprehension, memory, and concentration as it contains iron, which increases the oxygen flow to the brain. Moreover, the low carbohydrate and calorie content in shrimp aids in weight reduction. The growing awareness about these health benefits related to the consumption of shrimp will be a significant factor driving the growth of the shrimp market.
The rising awareness about the health benefits of shrimps has also boosted the demand for products containing shrimp as an ingredient. To cater to this growing demand, market vendors are increasingly focusing on the launch of shrimp-based products. For instance, SOP International Ltd. (SOP International) launched a shrimp cracker product under the brand name Manora. Similarly, SeaPak, an on-the-go shrimp cocktail, launched by Rich Products Corp. (Rich Products), does not need to be cooked and is ready to consume. KFC Corp. (KFC) also added new shrimp-based products in its restaurants in Gulf Cooperation Council (GCC), Egypt, Lebanon, and Jordan. Thus, the rising number of shrimp-based product launches will be one of the critical shrimp market trends. The trend will contribute to the growth of the market at a CAGR of over 5% during the forecast period.
