Global Shrimp Market to Surpass US$ 60.18 Billion by 2025
Shrimps are crustaceans, which is a type of seafood and a rich source of proteins, vitamin A and B6, B12, C and E, thiamin, riboflavin, niacin, phosphorous, copper, choline, iodine, and astaxanthin. It also 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. Also, growing consumption of seafood and increasing aquaculture industry are further fuelling growth of 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.
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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. 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.
Farmed whiteleg shrimps segment dominated the market in 2016 and is expected to maintain its dominance over the forecast period. It is widely used in shrimp salads and shrimp cocktail owing to its mild and sweet flavor. Further, giant tiger shrimps segment is anticipated to record a substantial growth in Western Europe and North America over the forecast period.
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.
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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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