Shrimp belongs to the group of arthropods and represents one of the most popular seafoods consumed across the world. It is highly nutritious and contains copper, zinc, sodium, selenium, magnesium, iron and vitamins such as A, B6, C, E and B12. In addition, it is also a good source of the carotenoid astaxanthin which has antioxidant and anti-inflammatory properties. Shrimp offers myriad health benefits such as weight management, improved bone and brain health and lowered risk of cardiovascular disease. Owing to the aforementioned benefits, shrimp forms a vital part of various cuisines and has emerged as a high-value product among consumers.
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The global demand for shrimp has witnessed fluctuating trends during the past five years. The global shrimp production declined in 2012, primarily in the markets of China, Thailand, Vietnam and Mexico. This was due to the prevalence of EMS disease (Early Mortality Syndrome) that originated in China. Nevertheless, the market witnessed a strong rebound in the year 2014, but a minor decline in 2015. According to a new report by Expert Market Research, the global shrimp market has reached a production volume of around 5.87 Million Tons in 2019 and is further expected to reach nearly 7.01 Million Tons by 2025. One of the major factors that has proved proactive in maintaining a stable market growth is consumers’ pursuit of a healthy lifestyle. Some of the other growth inducing factors include rapid urbanisation, improved cold storage facilities as well as its easy availability.
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With the growing demand for precious metals, the mining activities have also increased, which is aiding the global market for sodium cyanide. In June 2017, the Chemours Company (Chemours) (NYSE: CC), a key player in the market, started the construction of a new Chemours Mining Solutions manufacturing facility in the state of Durango, Mexico, investing around USD 150 million in the project. Chemours is the world’s largest producer of solid sodium cyanide, essential in mining operations, and this new facility will provide a safe and reliable supply to the mining industry in Mexico, further aiding in the growth of the sodium cyanide industry, globally.
Market breakup by Species:
- Penaeus Vannamei
- Penaeus Monodon
- Macrobrachium Rosenbergii
Market breakup by Shrimp Size:
- Large Size
- Medium Size
- Small Size
- Extra Small Size
Market breakup by Country:
Key Findings of the Report:
- Different species of shrimp are penaeus vannamei, penaeus monodon, macrobrachium rosenbergii and others. In 2019, penaeus vannamei (or white-leg shrimp) represented the species with the highest production volumes. It was followed by penaeus monodon (or black tiger shrimp), macrobrachium rosenbergii and other species.
- Various sizes of shrimp include large size (60 and above), medium size (40-60), small size (20-40) and extra-small size (below 20). In 2019, medium size shrimps dominated the market with the majority of market share.
- Country-wise, China exhibited a clear dominance in the market with a share of around one-third of the total global shrimp production. Some of the other major markets include Vietnam, India, Indonesia, Ecuador, Thailand and Others.
- Being fragmented in nature, the global shrimp market is surrounded by a number of players. Some of the top players include 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, Grand Ocean Seafoods Co., Ltd, Sealicious Foods Co., Ltd, and Charoen Pokphand Foods PCL, among others.
Competitive Landscape & SuPlier Analysis:
- 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
- Grand Ocean Seafoods Co., Ltd
- Sealicious Foods Co., Ltd
- Charoen Pokphand Foods PCL (BKK: CPF)
Note 1: 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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