The commercial importance of around 20% of the species of shrimp includes the Whiteleg, big tiger prawn, akiami paste shrimp, southern rough shrimp, and others. Moreover, it is anti-inflammatory, anti-aging, and anti-cancer. There are numerous uses for chitosan derived from shrimp shells in the fields of medicine, agrochemicals, cosmetics, and water purification. The pharmaceutical sector makes extensive use of pigments derived from shrimp waste, including carotenoids and astaxanthin. Shrimp's high nutritional value, as well as the rising use of chitosan and shrimp-derived colours, are driving the shrimp market's expansion. Also, the worldwide shrimp market is expanding due to rising seafood consumption and the aquaculture industry. For instance, a survey conducted by the United Nations Food and Agricultural Organization (UN FAO) in July 2020 found that the world's per capita fish intake increased by more than 20 kg year. One of the most popularly traded seafood species worldwide is shrimp. The shrimp business continues to have a solid outlook for long-term growth as a result of the high demand for shrimp and its enhanced supply. Shrimp is being employed in the pharmaceutical, medical, and cosmetic industries in addition to the culinary market.
Coherent Market Insights projects that Revenue for the global Shrimp Market was estimated at US$ 40.88 billion in 2021, growing at a CAGR of 6.01% over the forecast period (2022 to 2030).
Key Competitors in the Shrimp Industry:
1. Pacific Seafood
The business was established in 1941 and has its main office in Clackamas, Oregon, United States. The business offers fresh and frozen seafood, recipes, a variety of brands, and all types of seafood. It also processes and distributes seafood. Pacific Seafood stated in May 2021 that it would introduce value-added items for Amazon Go.
2. Morubel nv,
The business was established in 1954 and is based in Ostend, West-Vlaanderen, Belgium. The business offers packaging solutions and supplies seafood. The business offers plastic bins, cushion, stand-up, and sprinter boxes in addition to prawn, shellfish, squid, crayfish, scallop, and mussel meat. Belgian shrimp company Morubel is acquired by Canadian seafood company Cooke in august 2022.
3. Maruha Nichiro Corporation,
The firm was founded in 1880 and has its headquarters in Tokyo, Japan. The business that operates is called Maruha Nichiro Corporation. The Business focuses on aquaculture, import and export, processing, and sales industries for marine products. Investing in the American food company Happi Foodi® was announced by Maruha Nichiro in March 2022.
4. The Clover Leaf Seafoods
The firm was founded in 1999 and has its headquarters in Markham, Canada. The market leader for canned seafood is Clover Leaf Seafoods Company. Under the Clover Leaf and Brunswick brands, it offers canned, frozen, and shelf-stable products. The company sells tuna, salmon, oysters, mussels, clams, shrimp, crab, lobster, and sardines, among other seafood.
5. Royal Greenland A/S,
The company was established in 1990 and is based in Nuuk, Greenland. The distribution of fresh, cured, or frozen fish and seafood at wholesale level is handled by Royal Greenland A/S. The business sells smoked seafood in addition to ready-to-eat items and preserved seafood such cod, salmon, halibut, hake, redfish, and hoki. Royal Greenland announced in 2022 that it would launch a new joint venture in Cuxhaven.
6. Rich Products Corporation,
The business was established in 1945 and has its headquarters in Buffalo, New York, United States. The business now sells more non-dairy frozen food options and also provides goods to shops, bakeries, and restaurants. The acquisition of Signature Breads, a long-time innovator in specialty breads and rolls, will expand Rich Products' baking offering in July 2021, the company just announced. The achievement of the coveted global cybersecurity certification was announced by RICH PRODUCTS in June 2021.
7. Cargill,
The firm was founded in 1865 and is located in Minnetonka, Minnesota, U.S. Agriculture-related products are offered by Cargill, Inc. In addition to manufacturing grains and oilseeds, the company also offers risk management techniques, farmer services, improved animal, biofuels, poultry and meat, cuisine, and heavy manufacturing. Cargill announced in January 2023 that it had successfully acquired Owensboro Grain Company, a fifth-generation family-owned soybean processing plant and refinery situated in Owensboro, Kentucky.
*Definition: Shrimps are categorised as decapod crustaceans, which are significant players in the food chain and a significant source of food for larger creatures like fish and whales. The strong tails of some shrimp species that are commonly harvested and raised for human consumption are consumed.
