Increasing focus on maintaining good health especially as
the world is witnessing various pandemic and epidemic outbreak has been
increasing seafood consumption. Against this backdrop Future Market Insights
(FMI), presents a positive outlook for the shrimps
market. According to the report, the shrimps market is slated to register a
CAGR of 6.7% between 2021 and 2031.
Shrimps being a very good source of protein,are increasingly
included in food, pharmaceutical, cosmetics, and various industrial products.
Consumers have become extremely health conscious owing to the increasing
prevalence of various ailments and have become more willing to spend on sea
food such as shrimps.
Shrimps have various properties that help in preventing and
controlling cholesterol, obesity, heart attacks, and other health conditions.
Increasing awareness regarding this is expected to result in high demand for
shrimps in the coming years.
Skin care products containing ingredients derived from
shrimps are proven to be very beneficial in skin tightening and skin
rejuvenation as shrimp contains collagen which is very much needed for tissue
repair. Skin cells can be renewed with regular intake of collagen. The upper
layer of skin called as epidermis is the most delicate part of the skin.
Consumption of shrimp in form either as a part of their
regular diet or in the form of dietary supplements also offers various health
benefits. According to the report, the food sector is expected to account for
nearly70% of sales in the market through the forecast period.
Key Takeaways from the Shrimp Market Study
- Despite
restrictions amid pandemic, shrimps market is forecast to exhibit a little
below 6% y-o-y growth in 2021
- Increasing
shrimp consumption will enable the U.S. account for over 80% sales in
North America
- The
U.K. will continue dominating the Europe market, exhibiting 8.6% y-o-y
growth in 2021
- Seafood
consumption is considerably high in Germany and France, catapulting them
as lucrative markets for shrimps within Europe
- China
is the largest producer of shrimps and will continue dominating the East
Asia market
“Increasing demand for food products with high nutritive
value will drive shrimps sales. The market players are likely to focus on
strategic collaborations to explore opportunities across untapped
markets,” said a lead analyst at FMI
Increasing Use of Shrimp in Cosmetics and Pharmaceutical
Segments
Medical advantages of shrimpscan improve bone density, mind
wellbeing, weight control, and reduce the risk of cardiovascular illnesses.
Ingredients derived from shrimps are used in various skin care brands, aimed at
offering good skin and anti-aging properties.
Shrimps contain a carotenoid called astaxanthin, which has
amazing cell reinforcement properties that can incredibly lessen the
indications of skin aging caused due to sun damage. Increasing use in cosmetics
and pharmaceutical products will aid the overall expansion of the market.
Who is winning?
Some of the leading players operating in the shrimps
marketare Vinnbio India Pvt. Ltd, Charoen Pokphand Food PCL, Pescanova
S.A, Galveston Shrimp Company, Gulf Shrimp Company, Seajoy Group, Dom
International Limited Thai Union Frozen Products PLC,Marine Harvest ASA, Baton
Rouge Shrimp Company, Inc., Labrador Fishermen’s Union Shrimp Company Ltd.,
,The Clover Leaf Seafoods Family Ristic GmbHOmarsa S.A, MSeafood Corp
Carribbean Ananda Group, Nippon Suisan Kaisha, Ltd.,Shrimp Company Limited,
Artisanfish LLC, Orchid Marine and others.
Companies operating in the market are focusing on M&A,
collaborations, and strategic alliances to increase market penetration and
production capacity.
Get Valuable Insights into Shrimp Market
Shrimp Market by Category
Species
- Gulf
Shrimps
- Farmed
Whiteleg Shrimps
- Banded
Coral Shrimps
- Royal
Red Shrimp
- Giant
Tiger Shrimps
- Blue
Shrimps
- Ocean
Shrimps
Source
- Organic
- Conventional
Form
- Canned
- Breaded
- Peeled
- Cooked
& Peeled
- Shell-On
- Frozen
Sales Channel
- Direct
- Indirect
- Modern
Trade
- Convenience
Stores
- Specialty
Food Stores
- Wholesale
Stores
- Discount
Stores
- Online
Retail
- Other
Retail Formats
Application
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
Read More : https://www.futuremarketinsights.com/reports/shrimp-market