(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Europe Shrimp Market: industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032 “, offers a comprehensive analysis of the industry, which comprises insights into the Europe shrimp market trends . The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Europe shrimp market size reached
863.3 Kilo Tons
in 2023. Looking forward, IMARC Group expects the market to reach
1,009.6 Kilo Tons
by 2032, exhibiting a growth rate
(CAGR) of 1.7%
during 2024-2032.
Factors Affecting the Growth of the Europe Shrimp Industry:
Increasing Health Awareness: The Europe shrimp market is significantly driven by the growing health consciousness among consumers. Shrimp, being a high-protein, low-fat option that is rich in omega-3 fatty acids, vitamins, and minerals, aligns well with the rising demand for nutritious and healthy food choices. This shift in consumer preferences is a response to the increasing awareness of the links between diet and health, including weight management and chronic disease prevention. As European consumers become more informed about the health benefits associated with seafood consumption, particularly shrimp, the demand within this market segment continues to grow. Additionally, the trend toward healthier eating habits is supported by governmental and non-governmental health campaigns promoting seafood as a key component of a balanced diet, further bolstering the shrimp market in Europe.
Sustainability and Ethical Sourcing: Sustainability and ethical sourcing have become paramount in driving the shrimp market in Europe. Consumers are increasingly prioritizing products that are healthy, environmentally sustainable, and ethically sourced. This concern stems from the growing awareness of the environmental impact of food production, including issues related to overfishing, habitat destruction, and the carbon footprint associated with seafood transportation. European consumers are demanding transparency and traceability in the shrimp supply chain, preferring products certified by credible sustainability organizations. The market is responding with an increase in eco-labeled shrimp products, which assures consumers of sustainable farming practices and responsible sourcing. This shift toward sustainability is being reinforced by EU regulations and policies aimed at promoting sustainable fisheries and aquaculture practices.
Technological Advancements in Aquaculture: Technological advancements in aquaculture are propelling the Europe shrimp market forward. Innovations in shrimp farming techniques, such as recirculating aquaculture systems (RAS) and biofloc technology, are improving the efficiency and sustainability of shrimp production. These technologies enable the control of environmental factors, reduce the risk of disease, and minimize the ecological footprint of shrimp farming by recycling water and nutrients. As a result, the production of shrimp is becoming more predictable and less dependent on wild stocks, which are subject to overfishing and environmental changes. This increase in sustainable production capacity is meeting the growing consumer demand in Europe for shrimp, while also aligning with the strict environmental and food safety regulations in the region. The adoption of these technological advancements supports the market growth by ensuring a consistent and sustainable supply of shrimp.
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Europe Shrimp Market Trends:
One significant trend is the increasing consumer interest in exotic and varied shrimp flavors and formats, spurred by the globalization of food tastes and culinary curiosity. Ready-to-eat (RTE) and ready-to-cook (RTC) shrimp products are gaining popularity, offering convenience to consumers seeking quick and easy meal solutions without compromising health or taste. These products are especially appealing in urban areas with busy lifestyles.
Furthermore, there is a growing emphasis on organic and natural shrimp products, which cater to consumer desire for minimally processed foods. The integration of blockchain technology for enhancing traceability and transparency in the shrimp supply chain presents a notable opportunity. This technology can provide consumers with detailed information about product journey from farm to fork, thereby increasing trust and potentially commanding higher prices. Furthermore, the expansion of online and e-commerce platforms offers untapped potential for reaching consumers directly, enabling smaller producers to enter the market and compete effectively. These trends and opportunities indicate a dynamic and evolving market landscape, promising continued growth and diversification in the Europe shrimp market.
Key Market Segmentation :
Breakup by Environment:
Wild shrimp currently dominate the market due to their perceived higher quality and flavor, which aligns with consumer preferences for natural and less processed seafood options.
Breakup by Domestic Production and Imports:
Domestic Production Imports
The Europe shrimp industry is largely dependent upon imports as domestic production is unable to meet the high demand within the region, necessitating significant imports from countries with extensive shrimp farming operations.
Breakup by Species:
Penaeus Vannamei Penaeus Monodon Macrobrachium Rosenbergii Others
Penaeus vannamei dominates the market, holding the largest share, on account of its favorable farming conditions, rapid growth rate, and adaptability to various aquaculture environments, making it a cost-effective choice for producers.
Breakup by Product Categories:
Peeled Shell-on Cooked Breaded Others
The peeled shrimp category accounts for the largest market share, representing the leading segment, due to consumer preference for convenience and ease of use, eliminating the need for additional preparation before cooking.
Breakup by Distribution Channel:
Hypermarkets and Supermarkets Convenience Stores Hotels and Restaurants Online Stores Others
Hypermarkets and supermarkets currently represent the leading distribution channel due to their wide accessibility, extensive distribution networks, and the ability to offer a diverse range of shrimp products under one roof, catering to a broad consumer base.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) COVID-19 Impact on the Market Porter's Five Forces Analysis Strategic Recommendations Historical, Current and Future Market Trends Market Drivers and Success Factors SWOT Analysis Structure of the Market Value Chain Analysis Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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