According to the latest report by IMARC Group, titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global shrimp market report. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Global Shrimp Market Outlook:
The global shrimp market size reached US$ 65.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
Shrimp is a semi-transparent, long invertebrate aquatic animal belonging to the crustacean family that is found in saltwater or freshwater. It is rich in proteins, vitamins, minerals, phosphorous, selenium, iodine, omega-3 fatty acids, and other essential nutrients. It aids in boosting bone health, improving skin elasticity, promoting weight management, lowering blood pressure, minimizing inflammation, relieving eye fatigue, maintaining a healthy and lean body mass, and minimizing the risk of developing cardiovascular diseases. It is commonly prepared in several ways, such as boiled, grilled, fried, and baked. At present, key players operating worldwide are introducing value-added products, including whole shrimp, varied cuts, coated shrimp, and frozen shrimp, to expand their product portfolio.
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Global Shrimp Market Trends/Drivers:
Shrimp-based dishes, such as pizza, pasta, fajitas, wraps, sandwiches, quesadillas, and mac and cheese, are widely served across restaurants, luxury hotels, cafes, and other food outlets. This, coupled with the increasing consumption of seafood on account of the rising awareness among individuals about its health benefits advantages, represents one of the major factors augmenting the market growth around the world. Moreover, the growing health consciousness among the masses and changing dietary patterns are driving the demand for lean meat and protein-rich food like shrimp in their daily diets.
In addition, the increasing inclination toward ready-to-eat (RTE) food products like shrimp-based chips on account of rapid urbanization, rising working population, hectic schedules, and inflating income levels are contributing to the market growth. Apart from this, the surging prevalence of obesity, eye problems, skin cancer, cardiovascular diseases, and other chronic and lifestyle disorders is propelling the growth of the market. Furthermore, the growing sales of shrimp-based food products through various online food delivery applications are creating a positive outlook for the market.
Some of the Top Shrimp Companies 2023 Operating in the Market are Given Below:
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Key Market Segmentation:
Breakup by Species:
Breakup by Shrimp Size:
Breakup by Distribution Channel:
Breakup by Region:
Major Producing Regions:
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Key highlights of the Report:
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