Shrimp market is estimated is expected to reach US$ 67.5 Bn by the end of 2027

Posted by Shirish Wadaskar on September 11th, 2018

Future Market Insights’ new report titled “Shrimp Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” studies the overall performance of the highly competitive global shrimp market for the assessment period of 10 years. The global shrimp market is anticipated to expand at a significant CAGR over the forecast period and APEJ is likely to dominate the market by grabbing maximum revenue share during the assessed 10 year period. Revenue from the global shrimp market is estimated at US$ 39.1 Bn in 2017, and is expected to reach US$ 67.5 Bn by the end of 2027. Sales revenue is projected to register a CAGR of 5.6% between 2017 and 2027.

Key Regulations by the European Union and FDA in the Global Shrimp Market

• Shrimps need a health certificate confirming they meet the export standards prescribed by the European Union. This certificate is delivered by the respective governments of countries in the European Union following a harmonised template

• Shrimps can only be imported into the EU if they have been dispatched from, obtained or prepared in approved establishments (cold store, processing plant, factory or freezer vessels), so these facilities must be inspected and approved by the government (Ministry of Agriculture, Health, Commerce, etc.)

• The Center for Food Safety and Applied Nutrition (CFSAN) Division of Seafood Safety examines and appraises the implementation of seafood regulations, domestic and foreign programs, and bilateral agreements; reviews industry petitions and regulatory actions; and, provides scientific/technical support, training, evaluation and certification for state and international shellfish programs

• The country of origin must appear on the list of countries that can export fishery products to the EU. This list is based on an assessment by the EU Food and Veterinary Office for compliance with European health standards for fishery products

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Global Shrimp Market: Forecast by Distribution Channel

The distribution channel segment of the global shrimp market includes direct sales and indirect sales. Indirect sales is projected to be the most attractive distribution channel in the global shrimp market during the forecast period. The indirect sales segment is estimated to account for a relatively high value share of 50.8% by 2017 end, and is anticipated to register a CAGR of 4.9% in terms of value over the forecast period. High consumption of shrimps through direct sales is expected to drive revenue growth of the related segment over the forecast period.

Global Shrimp Market: Forecast by Application

In terms of application, the food segment will hold dominance in the global shrimp market with a projected market value share of almost 75% by the end of 2027. The food segment will also register the highest segmental CAGR of 6.3% in terms of value during the forecast period.

Global Shrimp Market: Forecast by Form

Increasing consumption of on-the-go food products among the working population in urban regions is expected to reduce demand for the cooked form over the forecast period. The frozen form will remain market leader in this segment, anticipated to hold more than 40% market share by the end of 2027.

Global Shrimp Market: Forecast by Species

Farmed whiteleg shrimps will remain the most favoured species throughout the forecast period and revenue from this segment is anticipated to reach about US$ 14 Bn by the end of 2017. High preference for glaze and sweet taste by consumers in North America and Western Europe is expected to boost the demand for giant tiger shrimps over the forecast period.

Global Shrimp Market: Forecast by Source

In terms of value, the warm water shrimps segment is projected to be the most attractive in the global shrimp market during the forecast period. The warm water shrimps segment is estimated to account for a value share of almost 50% by 2017 end, and is anticipated to register CAGR of 5.4% in terms of value over the forecast period.

Global Shrimp Market: Forecast by Region

The APEJ region is projected to be the most attractive regional market in the global shrimp market during the forecast period, leaving both North America and Western Europe behind in terms of revenue contribution. The APEJ shrimp market is projected to reach a market valuation of about US$ 26 Bn by the end of 2027, witnessing a CAGR of 6.2% during the period of study.

Global Shrimp Market: Competitive Landscape

Charoen Pokphand Food PCL, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., High Liner Foods Inc., Royal Greenland A/S, Wild Planet Foods Inc., The Clover Leaf Seafoods Family, Blue Star Seafood Co. Ltd., Ocean America Food SA, Rich Products Corporation, DNI Group LLC, Surapon Foods Public Company Limited, Siam Canadian Group Limited, Sirena A/S, Trident Seafoods Corporation, International fishing farming holding company PJSC-Asmak, Morubel and Pacific Seafood Group are some of the key players operating in the global shrimp market, which have been profiled in the report.