(MENAFN- EIN Presswire) Shrimp Market - PMI
The report“Shrimp Market, By Type, by source, by end user, by distribution channel - Trends, Analysis and Forecast till 2030''
COVINA , CALIFORNIA, UNITED STATES, March 29, 2023/einpresswire.com / -- According to the latest research study, the demand of shrimp market accounted for US$ 27.3 billion in 2020 and is estimated to be US$ 59.49 billion by 2030 and is anticipated to register a CAGR of 8.2%.
The shrimp market refers to the industry involved in the production, processing, and distribution of shrimp, a popular seafood consumed worldwide. Shrimp is a highly traded commodity and is farmed in many countries, with major producers including China, India, Indonesia, Ecuador, and Vietnam. The market for shrimp is driven by factors such as increasing demand for seafood, growth in the aquaculture industry, and rising consumer awareness of the health benefits of shrimp.
Report Metrics:
Report Attribute - Details
Market Size - US$ 27.3 billion
CAGR – 8.2%
Base Year - 2020
Forecast Period – 2020 – 2030
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Key Development:
.In January 2020, Cooke Aquaculture Pacific and Jamestown S'Klallam tribe welcome Washington state approval to farm trout.
.In May 2019, High Liner Foods Inc. acquired Rubicon Resources LLC, which is engaged in the import and distribution of frozen shrimp products in the U.S. retail market.
Region Analysis:
In the shrimp market, the market in Asia Pacific dominates the global market in terms of revenue and is projected to continue its dominance in the coming years. Asia-Pacific has been leading the shrimp's market for a long period of time. The production of shrimp in China 1,956.9 thousand metric tons in during the forecast period.
Key Market Insights from the report:
Shrimp Market accounted for US$ 27.3 billion in 2020 and is estimated to be US$ 59.49 billion by 2030 and is anticipated to register a CAGR of 8.2%. The Global Shrimp Market is segmented by Type, Source, End User, Distribution Channel and Region.
.By type, the Global Shrimp Market is segmented into Pink, White, Brown, and Others.
.By source, the Global Shrimp Market is classified into Hot Water and Cold Water.
.By end user, the Global Shrimp Market is further divided into Residential and Commercial.
.By distribution channel, the Global Shrimp Market is classified into Supermarkets
.& Hypermarkets, Convenience Stores, Specialty Stores and Online Sales Channel.
.By region, Asia-pacific is expected to account for major revenue share in Global Shrimp Market, followed by other regions.
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Competitive Analysis:
The key players operating in the global Shrimp Market includes Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., Thai Union Group PCL, Surapon Foods Public Company Limited, Nippon Suisan Kaisha, Ltd., Charoen Pokphand Food PCL, and Trident Seafood's Corporation
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Drivers and Restrains of Shrimp Market:
For companies and organisations looking to comprehend their clients, rivals, and the larger market, market research is a crucial instrument. Nonetheless, the market research sector is vulnerable to a variety of factors and restraints that can have an impact on its growth and development, just like any other business.
Drivers:
.Increasing demand for seafood: As consumers around the world seek out healthier and more sustainable protein sources, the demand for seafood, including shrimp, is on the rise.
.Growth in the aquaculture industry: The global shrimp aquaculture industry has grown rapidly in recent years, with new technologies and farming practices making it easier and more cost-effective to produce shrimp in large quantities.
.Rising consumer awareness of the health benefits of shrimp: Shrimp is low in calories and high in protein, making it a popular choice among health-conscious consumers. In addition, shrimp contains omega-3 fatty acids, which are believed to have a number of health benefits.
.Growing demand from emerging markets: As the middle class grows in emerging economies, demand for high-quality seafood such as shrimp is increasing.
Restrains:
.Disease outbreaks: The shrimp farming industry is vulnerable to disease outbreaks, which can result in significant losses for farmers and distributors.
.Environmental concerns: Shrimp farming can have negative environmental impacts, such as pollution and destruction of coastal ecosystems.
.Competition from alternative protein sources: As consumers seek out alternative sources of protein, such as plant-based proteins and lab-grown meats, the demand for seafood such as shrimp may decline.
.Fluctuating prices: The price of shrimp can be affected by a range of factors, including supply and demand, weather conditions, and global trade policies, making it difficult for producers and distributors to predict market conditions.
Key Reasons to Purchase:
There are several key reasons why one might consider purchasing a report on the Shrimp Market. These include:
1.In-depth analysis: A report on the shrimp market can provide a detailed analysis of market trends, growth drivers, and restraints. This can help businesses and investors make informed decisions regarding their investments in the market.
2.Market size and forecast: A report can provide an accurate estimation of the market size and growth potential over a specified period. This information can be helpful for businesses looking to enter the market or expand their operations.
3.Competitive landscape: A report can provide insights into the competitive landscape of the shrimp market, including the market share of key players and their strategies for growth. This can help businesses make informed decisions about their marketing and sales strategies.
4.Supply chain analysis: A report can provide a detailed analysis of the shrimp supply chain, including production, processing, and distribution. This information can be helpful for businesses looking to optimize their operations and reduce costs.
5.Regulatory environment: A report can provide an overview of the regulatory environment in the shrimp market, including standards and guidelines that must be followed. This information can help businesses ensure compliance with relevant regulations.
6.Investment opportunities: A report can highlight potential investment opportunities in the shrimp market, including emerging technologies and regions with high growth potential. This can help investors make informed decisions regarding their investments in the market.
For people who want to learn more about a topic, industry, or market and who appreciate the knowledge and expertise offered by a thorough, well-researched paper, purchasing a report may generally be a reasonable investment.
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