Shrimp Application in Pharmaceutical Drugs Manufacturing Driving Sales Opportunities: FMI
Rising use of shrimps in biotech and cosmetic industries as a key ingredient is driving the shrimp market.
Dubai, United Arab Emirates – May 25, 2021 /MarketersMedia/ —
The global shrimp market is forecast to expand at 7.4 % CAGR between 2021 and 2031. Shrimps are essential part of dietary supplements and are often eaten to compensate the low protein intake among customers. The demand for shrimp has surged due to increasing awareness regarding health benefits of shrimp. Shrimp are gaining popularity among fitness enthusiast owing to its weight management and blood pressure regulatory benefits paving way for market growth, evaluates ESOMAR-certified consulting firm Future Market Insights in this study.
According to the study by Centers for Disease Control and Prevention (CDC), nearly 42% of American suffered from obesity in 2017-2018. People are transitioning towards organic fed, white legged shrimp owing to its high nutritional value leading to surge in market growth.
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“Shrimps are useful in controlling bad cholesterol and maintaining proper lipid profile. With surge in population suffering from lifestyle diseases, impressive market growth is on the card,” remarks the FMI analyst.
Key Takeaways
The U.S. is forecast to experience impressive growth in shrimp market on the back of rising prevalence of obesity and higher protein consumption rate.
Increasing demand for shrimp based skin care products due to their high collagen properties will create novel opportunities for growth in the U.K.
India is second largest farmed seafood producer in the world. Increasing population and surge in disease associated with sedentary lifestyle is driving the market.
Adoption of reusable and recyclable eco-friendly packaging for shrimp products will elevate the market sales in China.
Brazil has observed slight dip in shrimp market growth due to consumers switching towards plant based options during COVID-19 pandemic. However with subsiding pandemic, a steady growth can be expected.
Prominent Drivers
Rising awareness regarding the health benefits of organic shrimps is expected to fuel the shrimp market demand.
Growing application of shrimp derivatives in manufacturing of omega acid supplements will boost the market sales.
Inclination of pet owners towards purchasing organic shrimps for their pet animals will bolster the market growth.
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Key Restraints
High cost of processing associated with shrimps hampers the market sales.
Strict government policies regarding shrimp farming restricts the market growth.
Possible strain on shrimp farming and stringent import and export rules hinder the market growth.
Competitive Landscape
Leading players profiled by FMI operating in shrimp market include Charoen Pokphand Food PCL, Nippon Suisan Kaisha, Ltd., Gulf Shrimp Company, Baton Rouge Shrimp Company, Inc., Galveston Shrimp Company, Omarsa S.A, Ristic GmbH, Vinnbio India Pvt. Ltd, Seajoy Group, Dom International Limited, Carribbean Shrimp Company Limited, Artisanfish LLC, Ananda Group, Orchid Marine, The Clover Leaf Seafoods Family, Marine Harvest ASA, Thai Union Frozen Products PLC, Pescanova S.A, Labrador Fishermen’s Union Shrimp Company Ltd., MSeafood Corp among others. According to FMI, Leading players are participating in strategic merger and collaboration to expand their reach and cater the growing demand.
For instance, Cooke Inc. recently acquired Sea joy Seafood Corporation Group in 2019 with the aim to expand on product portfolio and fulfill the surging consumer demands.
More Insights on FMI’s Shrimp Market
The latest market study on global shrimp market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of species (Gulf Shrimps, Farmed White leg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, Ocean Shrimps), Sources (Organic and conventional), form (Canned, Breaded, Peeled, Cooked & Peeled, Shell-On, Frozen), sales channel (Direct, Indirect), application (Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology) and across major regions (North America, Latin America, East Asia, South Asia and Oceania, Middle East & Africa).
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Explore FMI’s Extensive Coverage on Food and Beverage Domain
Plant-based shrimp market: The global plant-based shrimp market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market’s competitive landscape.
Plant-based fish market: Future Market Insights gives a detailed segmentation on the global plant-based fish market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
Fish protein market: The fish protein market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forth coming decade across key geographies along with competitive landscape of the upcoming decade.
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/shrimp-market
Source: MarketersMedia
Release ID: 89019321
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