Shrimp Market

Global Shrimp Market - Trends and Forecast till 2025
Shrimps are classified as decapod crustaceans that play important roles in the food
chain and are an important food source for larger animals ranging from fish to
whales. Humans consume the muscular tails of several shrimp that are widely
caught and farmed for consumption. Around 20% 0f the species are commercially
significant that include Whiteleg, giant tiger prawn, akiami paste shrimp, southern
rough shrimp, and others. Based on their categorization of presentation, grading,
colour, and uniformity, most shrimp are sold frozen and marketed for high levels of
omega-3 fatty acids and low levels of mercury along with proteins, vitamin A and B6,
B12, C and E, thiamin, riboflavin, niacin, phosphorous, copper, choline, iodine, and
astaxanthin.
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Furthermore, it has anti-inflammatory, anti-ageing, and anti-cancer properties.
Chitosan from shrimp shells has a range of application in pharmaceuticals,
agrochemicals, cosmetics, and in water treatments. Pigments such as carotenoids
and astaxanthin are obtained from shrimp waste and is widely used in the
pharmaceutical industry.
High nutritional benefits of shrimp along with increasing applications of chitosan and
pigments obtained from shrimp are driving growth of the shrimp market. Moreover,
growing consumption of seafood and increasing aquaculture industry are further
fuelling growth of the shrimp market. For instance, according to United Nations Food
and Agriculture Organization (UN FAO) survey in July 2016, the global per capita
seafood consumption increased above 20 kg per person per year.
Asia Pacific dominated the market in 2016 and accounted for 36.56% share in the
global shrimp market. Rising health awareness, high availability of shrimps at low
price, and growing food service industry are some of the major factors supporting
growth of the shrimp market in the region. Countries such as China, India, Vietnam,
Indonesia, and Thailand are some of the major producers of shrimp worldwide.
Further, growing aquaculture and marine capture production is also expected to
boost growth of the Asia shrimp market over the forecast period. According to UN
FAO, the total marine capture production was highest in China at 14,811,390 tons in
2014, which increased by 3.4% to 15,314,000 in 2015. China, followed by Indonesia,
with total marine capture production of 6,016,525 tones, which increased by 0.2% to
6,028,260 tons in 2015. Further, according to FAO, in 2016, the Ministry of
Agriculture and Rural Development in Vietnam, had reported the total production of
black tiger shrimps in the Mekong Delta area to be 250,000 tones. These are the
factors largely contributing to growth of shrimp market in Asia Pacific.
Food segment was the largest application segment in 2016, owing to growing
demand from restaurants and fast food chains for shrimps along with rising
popularity of frozen and canned shrimps. According to the UN FAO, the global
aquaculture production of food fish was recorded to 73,681 thousand units in 2014.
In addition, shrimps have high content of omega-3 fat including EPA
(Eicosapentaenoic Acid) and DHA (Docosahexaenoic Acid), which aids in improving
cardiovascular and nervous system health. Rising awareness regarding health
benefits of consuming omega-3 ingredients and fish-oil as food supplement is
anticipated to boost growth of the food segment over the forecast period.
Market players in the global shrimp market are adopting various strategies such as
merger and acquisitions, collaborations, and new product launches to retain their
market share. For instance, in February 2014, Marubeni Corporation acquired
Eastern Fish Company. In June 2017, BioMar Group acquired 70% of Alimentsa for
US$ 121 million; and in October 2014, Alkame Holdings, Inc. acquired High Country
Shrimp Company. Also, in July 2017, Guangdong Bai Da Science & Technology
launched BD shrimp brand in China.
Major players operating in the global shrimp market are Pacific Seafood, Morubel nv,
Maruha Nichiro Corporation, The Clover Leaf Seafoods Family, Royal Greenland
A/S, Rich Products Corporation, Thai Union Group PCL, Marvesta Shrimp Farms,
Cargill, Incorporated, and Nippon Suisan Kaisha Ltd.
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Asia Pacific dominated the market in 2016 and accounted for 36.56% share in the global shrimp market. Rising health awareness, high availability of shrimps at low price, and growing food service industry are some of the major factors supporting growth of the shrimp market in the region.

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