Shrimp Market is Expected to Expand US$ 67 Billion by 2027

Shrimp Market is Expected to Expand US$ 67 Billion by 2027

According to the latest market report published by Future Market Insights, titled “Shrimps Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027,” the revenue generated from the shrimps market is estimated to be valued at over US$ 39,113.3 Mn in 2017, which is projected to increase at a CAGR of 5.6% during the forecast period (2017-2027).

Regulatory Scenario of Global Shrimps Market:-

The shrimps market is regulated under by CBP, FDA and the European government to ensure that the quality of seafood entering the country is safe for human consumption and should not possess any health risk:-

U.S. Customs and Border Protection (CBP)

U.S. Customs and Border Protection (CBP) inspects and can seize or refuse entry for inappropriate cargo through the authorities provided under U.S. Code Title 19. Offenses can include falsely declared merchandise and other Government Agency requirements, such as seafood that is likely to pose a health risk. Note: CBP Title 19 authorities pertain to goods either imported to (and in some situations being exported from) the U.S.

Food and Drug Administration (FDA)

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

Requirements for exporting shrimps to Europe

Come from an authorised country

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

Are caught by approved vessels (wild shrimps) or were produced in registered farms (aquaculture)

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

Are accompanied by proper health certificates

Shrimps need a health certificate confirming that they meet the standards for export to the EU. This certificate delivered by the government follows a harmonised template.

Market Factors Driving the Shrimps Market:-

Growth of the HoReCa sector, led by significant investments in tourism, is promoting the demand for shrimps & other seafood products:

Hotels, restaurants and institutional catering companies are major players in the global foodservice sector, with restaurants serving as the primary purchasers of shrimp traded globally to meet the demand from the country of production, to countries with excess demand for shrimps. Seafood products with a wide range of quality and prices are traded to meet the demand for shrimps through dynamic consumer groups.

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The growth of HoReCa sector has emerged as one of the key factor driving the consumption of shrimps in the global market. The growth of the HoReCa industry has always been linked to the prospects of the tourism industry and tourism is the foremost demand driver for increasing food consumption of a wide variety of food products. The global hospitality industry has recorded healthy growth fuelled by the robust inflow of foreign tourists across the globe, which is one of the key factors contributing to market growth. The increasing consumption of shrimps and seafood from basic cafeterias to deluxe luxury hotels & restaurants is leading to market growth.

Booming foreign population, tourism industry and commercial progress across the globe have fuelled an increase in the demand for high-end seafood products such as pangasius, tuna, shrimps, salmon and other high-quality fish.

The trend of replacing other meat products with seafood is boosting the demand for shrimps:

Consumers are opting for nutrient-rich products such as shrimps. The demand for seafood products such as shrimps is likely to increase due to growth in the population & income of people, urbanisation and dietary changes. Increasing preference for nutritive food products is leading to the increasing consumption of seafood such as shrimps, salmon and tuna over other meat products. According to Food and Agriculture Organization (FAO), the demand for shrimps is expected to expand substantially over the next two to three decades. The total global consumption of shrimps is expected to increase at a CAGR of 5.6% over the next ten years.

Owing to nutritional benefits associated with the consumption of shrimps and seafood, it is widely consumed instead of other meat products. Moreover, the uptake of seafood products is expected to increase over the coming years.  On the backdrop of enhanced nutritional benefits from shrimps and other seafood products, the consumption of shrimps is likely to remain significant over the forecast period.

Key Producers of Shrimps

Some of the major companies operating in the shrimps market are Charoen Pokphand Food PCL, Maruha Nichiro Corporation, High Liner Foods Inc., The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd., Royal Greenland A/S, Blue Star Seafood Co. Ltd., Wild Planet Foods Inc., Ocean America Food SA, Rich Products Corporation, Siam Canadian Group Limited, DNI Group LLC, Surapon Foods Public Company Limited, Pacific Seafood Group, Morubel, Trident Seafoods Corporation and Sirena A/S. These key players are focusing on investments and expanding their production capacity to cater to the market requirements. Moreover, these companies are focusing on the development of new shrimp products. They are also supplying processed seafood products to retail chains.

Queries regarding the research findings can be addressed to the analysts of Future Market Insights at press@futuremarketinsights.com

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