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The key highlights of the report include:
Market Overview (2015-2025)
Historical CAGR (2020-2025):
Owing to the sedentary lifestyles as well as increased income, frozen shrimp products have become extremely popular among consumers. It can also be certified in competition with fresh shrimp for ease of access, longer shelf life, as well as lower prices. In addition, the rising market awareness of the benefits of shrimp use, including helping to combat cancer and to protect the skin against premature ageing, has led to a rising demand for shrimp products worldwide. Governments in several countries are also promoting the production of shrimp by providing farmers with tax relief and incentives. For instance, a cluster approach promotes shrimp production in India by the Marine Products Export Development Authority (MPEDA).
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Industry Definition and Major Segments
Shrimps are one of the world’s most popular as well as common types of seafood. They have a laterally compressed and elongated body, with long antennas and legs, and they belong to the most significant class of crustaceans called Malacostraca. They are found in shallow, deep waters, and lakes and streams of fresh water. These are a great source of fatty acids, but low in saturated fats. These contain calcium, iodine, Vitamin D, vitamin B3, zinc, protein, and omega 3. They offer numerous health advantages, including improvements in bone and brain health, help weight loss, reduce the risk of cardiovascular conditions, alleviate eye fatigue, and decrease blood pressure, leading to increased global demand.
The species of shrimp include the following:
• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
The shrimp sizes in the market can be segmented as follows:
• Large Size
• Medium Size
• Small Size
• Extra Small Size
Based on country, the industry can be divided as follows:
As manufacturers add many value-added goods to their product lines, the global market has seen positive growth. For many nations, including the United States, Europe, and Japan, these goods are gaining popularity and have allowed the customer base to grow. Shrimp consumption has been increasing continuously due to the rising organised retail chains in the region, particularly in countries such as India and China. Further, as the demand for seafood products is also supporting the product’s sales, a steady rise in the number of consumers is considered to have a strong effect on the market growth. These factors are likely to boost the industry growth.
Key Market Players
The major players in the market are Mazzetta Company, LLC, Ma Yo Foods Co., Ltd, United European Seafood Traders Ltd, Carson and Co., Seaprimexco Vietnam, A B Golden Seafood, Ocean More Foods Co., Limited, Afentoulis Liveris & Co., Midseas Corp (TSE: MAX), Grand Ocean Seafoods Co., Ltd, Sealicious Foods Co., Ltd, and Charoen Pokphand Foods PCL (BKK: CPF), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Note 2: Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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