As a result of their high nutritional value and easy availability, shrimps have become an important part of various cuisines. Despite witnessing fluctuations in production during the last decade, the global shrimp market is projected grow rapidly during 2017-2022.
A recently published report by IMARC Group titled, “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global shrimp market reached a value of around 4.5 Million Tons in 2016, growing at a CAGR of 3.5% during 2009-2016. One of the most popular and common type of seafood, shrimps are consumed all over the globe. They are low in fat and are a rich source of nutrients such as vitamin B12 and selenium which are important for overall good health. Some of the other nutrients found in shrimps include copper, zinc, sodium, magnesium, iron and Vitamins such as A, B6, C and E. Shrimps are also an excellent source of the carotenoid astaxanthin which has antioxidant and anti-inflammatory properties. As a result of their easy availability and high nutritional content, shrimps form an important part of various cuisines and represent one of the most traded seafood species.
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The global shrimp production has seen a number of fluctuations during the last decade. This has mainly been a result of the Early Mortality Syndrome (EMS) that broke out in China in 2009, consequently affecting the production in other Southeast Asian countries such as Thailand, Vietnam, Malaysia, etc. Although the market witnessed a strong rebound in 2014, the production volumes slightly declined again in 2015. Shrimp production, however, is projected to recover in the coming years as a result of increasing demand which has encouraged producers to expand their production capacities and adopt advanced processing technologies. Some of the key factors driving the demand for shrimps include improving cold chain facilities in developing regions, rising health consciousness among consumers, value addition, improving standards of living, increasing global population, etc. As a result, the global shrimp production is expected to reach a volume of around 6.6 Million Tons by 2022.
The report has analysed the market on the basis of shrimp species such as Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii and others. Penaeus Vannamei (or White-leg shrimp) currently represents the largest segment accounting for the majority of the total global production volumes. The report has also segmented the market on the basis of shrimp size covering 70 shrimps per pound. Currently, the 41-50 shrimp per pound category represents the largest segment accounting for around a fourth of the total production volume. On a geographical basis, the report finds that China represents the largest shrimp producer accounting for nearly a third of the total global market share. Other major shrimp producing regions include Vietnam, India, Indonesia, Ecuador, Thailand, etc.
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The report gives a detailed roadmap for starting a shrimp processing plant. The study, done by one of the leading research and advisory firms, covers all the requisite aspects of the global shrimp market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. The report also provides SWOT, Value Chain and Porter’s Five Forces analysis. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the lentil processing industry in any manner.
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