Shrimp market players are focusing on collaborations with local distributors to address challenges of trade restrictions to sustain growth through the end of the COVID-19 pandemic.
DUBAI, UAE / ACCESSWIRE / May 28, 2020 / Restrictive measures set up by governments in order to flatten the coronavirus curve continue to challenge the growth of several verticals in food sector. Limitations on imports, exports, and even local transport of goods is heavily impacting the prospects of fresh products such as shrimp. In addition to seafood markets sinking amid the pandemic and export restrictions resulting in stockpiling of seafood, global shrimp market is bearing the brunt of temporary closure of foodservice sector. A recent Future Market Insights (FMI) study forecasts the market to reach a US$ 4.9 Bn valuation between 2019 and 2029, and suggests that the fall of market amid outbreak will create opportunities for canned shrimp and related products in near term.
"Shrimp has been an affordable seafood. Prior to the pandemic, the demand for shrimp was strongly on the rise owing to its availability and nutritional properties. Moreover, the cost of producing shrimp products is reducing owing to advances in manufacturing technologies. The market is likely to recovery at a rapid clip once the outbreak subsides," says the FMI analyst.
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Key Takeaways of Shrimp Market Study
- While food applications of shrimp products will continue as the primary source of revenue, cosmetic and personal care applications are now displaying notable growth.
- Farmed white leg shrimp will remain highly sought-after, substantially surpassing tiger shrimp varieties.
- Frozen shrimp products hold major revenue share, while canned variants display high CAGR.
- Conventional cultivation methods for shrimp farms remain dominant, while organic alternatives are projected to gain ground during the forecast period.
- Asia will hold a major share of the global shrimp market, with North America and Europe playing catch up with increasing health consciousness among consumers.
Shrimp Market - Key Growth Factors
- The rising popularity of healthy lifestyles and diets, and the resultant consumer bias towards protein-based products, over calorie-based products is driving market growth.
- The growing demand for seafood products in food service businesses, supported by the relatively lower prices of shrimp drive market growth through the forecast period.
- Growing niche of cosmetic and pharmaceutical applications of shrimp in anti-aging products contributes to the market.
- Advances in infrastructure, R&D, and funding for production processes will support the market growth through 2029.
Shrimp Market - Key Restraints
- Overfishing practices have decimated wild shrimp stocks which, result in price fluctuations hindering market growth.
- Health and environment concerns associated with conventional shrimp farms are also having a negative impact on the market.
Impact of COVID-19 on Shrimp Market
The global seafood is facing a growing threat of seafood products piling up, driven by the restrictions imposed on exported goods during the covid-19 pandemic. Shrimp has become a flourishing sector. However, oversupply and declining prices have been key challenges.
Shrimp shipments have also slumped sharply as supply chains remain disrupted, particularly in major consumer nations such as China. In addition, lockdown and stay-at-home orders continue to generate a fall in food service businesses, reducing demand. Post congestion and mobility restrictions will harshly impact the market, compounded by the concerns over food safety in wet markets.
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Competitive Landscape of Shrimp Market
Some of the major companies profiled in this FMI report include, but are not limited to, Natural Shrimp Inc., Clover Leaf Seafoods Family, Royal Greenland S/A, Charoen Pokphand Food plc, Pescanova S.A., Maruha Nichiro Corp., High Liner Food Industry Inc., Nippon Suisan Kaisha Ltd., Baton Rouge Shrimp Co., Marine Harvest ASA, Gulf Shrimp Co., and Thai Union Frozen Products plc. The key players in shrimp market are seeking mergers and acquisitions to bolster market presence. Shrimp product manufacturers are also focusing on mergers and acquisitions to bolster product portfolio.
More About the Report
This FMI study of 250 pages provides all-inclusive insights on the global shrimp market. The market analysis is based on nature (organic and conventional), species (gulf shrimps, farmed white leg shrimps, banded coral shrimps, royal red shrimps, giant tiger shrimps, blue shrimps, and ocean shrimps), form (canned, breaded, peeled, cooked & peeled, shell on, and frozen) sales channel (direct sales and indirect sales) and application (food industry, pharmaceutical industry, cosmetics industry, industrial, and biotechnology), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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SOURCE: Future Market Insights