Demand for shrimp around the world, much of which is marketed in frozen form, is expected to expand at a significant compound annual growth rate (CAGR) over the next decade, and the Asia Pacific region excluding Japan (APEJ) is likely to dominate the trade by grabbing maximum revenue share. So says a new report from Future Market Insights (FMI) entitled “Shrimp Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).”
The value of shrimp sales, estimated to reach US $39.1 billion in 2017, is forecast to climb to US $67.5 billion by the end of 2027. Sales revenue is projected to register a CAGR of 5.6% between 2017 and 2027.
Here are other key points addressed in the London-headquartered research and consulting company’s report:
- Frozen products will remain the market segment leader, accounting for more than 40% of volume by the end of 2027.
- Farm-raised white leg shrimp (Penaeus vannamei) will remain the most favored species throughout the forecast period, and revenue from this segment is anticipated to reach about US $14 billion by the end of 2017. High preference for glaze and sweet taste by consumers in North America and Western Europe is expected to boost the demand for giant black tiger shrimp (Penaeus monodon) over the forecast period.
- In terms of value, the warm water shrimps segment is projected to be the most attractive in the global market during the forecast period. This segment is estimated to account for a value share of almost 50% by the end of 2017, and is anticipated to register CAGR of 5.4% in terms of value over the forecast period.
- The APEJ zone is projected to be the most attractive regional market during the forecast period, surpassing both North America and Western Europe in terms of revenue contribution. The APEJ shrimp market is projected to be worth US $26 billion by the end of 2027, in registering a CAGR of 6.2%.
Among leading shrimp production and marketing companies profiled in the report are Charoen Pokphand Food PCL, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., High Liner Foods Inc., Royal Greenland A/S, Wild Planet Foods Inc., the Clover Leaf Seafoods Family, Blue Star Seafood Co. Ltd., Ocean America Food SA, Rich Products Corporation, DNI Group LLC, Surapon Foods Public Company Limited, Siam Canadian Group Limited, Sirena A/S, Trident Seafoods Corporation, International fishing farming holding company PJSC-Asmak, Morubel and Pacific Seafood Group.
For future information, visit the publisher’s website at www.futuremarketinsights.com.
