SHRIMP MARKET ANALYSIS

Shrimp Market, By Source Type (Cold Water Shrimps, Hot Water Shrimps), By Species (Gulf Shrimps, Farmed Whiteleg Shrimps, Blue Shrimps, Ocean Shrimps, Royal Red Shrimps), By Form (Frozen, Canned, Peeled, Cooked, Shell-On, Others), By End use Industry (Food, Cosmetics, Pharmaceutical, Biotechnology and Life Sciences, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024
Code : CMI1232
Pages :188
Formats :
Excel and PDF
Industry : Food and Beverages

Market Challenges: Volatile shrimp prices

The volatility in shrimp prices has been a major restraint on the growth of the global shrimp market. Shrimp farming and harvesting is heavily dependent on weather patterns, climatic conditions and ocean currents which determine shrimp availability and consequently influence prices. In recent years, occurrences of El Nino phenomena, hurricanes, floods and droughts have disrupted shrimp cultivation in key farming regions and led to significant fluctuation in shrimp output.

Market Opportunities: Growing Asian Market

The growing Asian market offers tremendous opportunities for growth in the global shrimp market. Asia's rising affluence and appetite for high-quality protein presents a massive consumer base that is ripe for shrimp consumption. Countries like China, India, and Vietnam already have strong seafood cultures and witness increasing shrimp demand annually. With economic development and westernization of diets, more Asian consumers now view shrimp as a desirable and prestigious food. Shrimp features heavily in Asian fine dining and is increasingly popular as a quick serve option as well, benefitting from its convenience and versatility.