Rising technological advancements in the seafood sector are expected to boost seafood products’ demand. The rising demand for healthy snacking leads to the adoption of shrimp in consumers’ diets. Further, rising focus on the supply and storage of seafood is expected to surge the product demand. Moreover, the rising trend of flexitarian trends is expected to boost the product adoption. In addition, the entry of new players is expected to bolster Industry development in the coming years.
The global shrimp Industry size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of flexitarian diet are expected to boost the industry growth. Presents this information in its research titled “Shrimp Industry, 2021-2028.”
The research provides a detailed analysis of the top segments and the latest trends in the industry. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the industry. Additionally, it examines the regional developments and the strategies undertaken by the industry’s key players.
Drivers and Restraints
Consumers’ demand for a healthy protein-rich diet and rising spending is expected to propel the demand for the product. As a result, manufacturers focus on developing better storage and preservation techniques to provide fresh foods to consumers. Furthermore, support for fishing activities from several countries is expected to boost industry growth. In the U.S., sustainable fishing initiatives are helping to spread awareness regarding seafood consumption. The National Oceanic and Atmospheric Administration (NOAA) supports U.S. participation in several global fisheries agreements and takes several measures to tackle illegal fishing. These factors may bolster the shrimp Industry growth during the upcoming years.
However, trade wars between several countries are expected to hinder the Industry’s progress.
Rising Adoption of the Crustaceans in Cuisines to Foster Industry Development in Asia Pacific
Asia Pacific is expected to dominate the shrimp Industry share due to the adoption of seafood in several cuisines in India, China, Japan, Vietnam, and Australia. The Industry in Asia Pacific stood at USD 10.74 billion in 2020 and is expected to gain a considerable share globally. Further, the rising adoption of crustaceans from the foodservice sector is expected to bolster Industry development. These factors may propel industry development.
In North America, robust demand for big-sized decapod crustaceans and brown shrimps is expected to fuel the industry’s development. Further, the rising adoption of seafood as a protein source and increasing import activities are expected to bolster the Industry growth.
In Europe, the rising popularity of decapod crustaceans from consumers is expected to bolster Industry development. In addition, the rising adoption of seafood products may fuel Industry development.
List of Key Players Profiled in the Research 2022
Aqua Star Corp. (Seattle, U.S.), Avanti Feeds Ltd. (Hyderabad, India), Clearwater Seafoods Inc. (Bedford, Canada), High Liner Foods Inc. (Lunenburg, Canada), Marine Harvest (Bergen, Norway), Maruha Nichiro Corporation (Tokyo, Japan), Nippon Suisan Kaisha (Tokyo, Japan), Nordic Seafoods A/S (Hirtshals, Denmark), Surapon Foods (Muang, Thailand), Thai Union Group (Bangkok, Thailand)
Major Players Acquire Companies to Increase Resources and Establish Industry Presence
Prominent companies operating in the industry devise acquisition strategies to increase their resources and dominate their presence. For example, Cooke aquaculture acquired a Honduras-based decapod crustacean producer “Sea joy” in February 2019. This acquisition may enable Cooke to establish a remarkable brand presence globally. Furthermore, the adoption of research and development, mergers, novel product launches, partnerships, and expansion strategies may enable companies to boost their brand image globally.
- March 2021: Bio Mar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, shrimp farming, and shrimp hatcheries industries.