Shrimp Market is expected to reach US$ 67 Bn from 2017 to 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.
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- 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.
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.
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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.
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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
Key Market Developments in the Shrimps Market:-
The key stakeholders in shrimps market are focusing on expansions & investments as a key business strategy for business growth and development. They are focusing on product development by offering frozen shrimps to cater to the demand from the retail market.
- In May 2017, High Liner Foods Inc. acquired Rubicon Resources LLC, which is engaged in the import and distribution of frozen shrimp products in the U.S. retail market.
- In February 2017, Charoen Pokphand Food PCL acquired 15% of the equity interest in Ningbo Chia Tai Agriculture, a company that offers livestock, poultry farming and feed production services. For this purpose, it took help from Chia Tai China Investment, an investment holding company.
- In 2016, Charoen Pokphand Food PCL expanded its distribution channels into six types, which include 5-star business, Chester Restaurant, CP Kitchen, CP Fresh Mart Retail Store, CP Food World and Community Refrigerator. In 2016, the company launched Pork Community Refrigerators Project to give consumers full access to fresh, safe and clean pork products.
- In 2016, Charoen Pokphand Food PCL collaborated with AG Processing Inc., one of the leading soybean businesses in the U.S., for the project “Collaboration to develop a sustainable soybean sourcing system” for the feed management of shrimps.
- In 2015, the Maruha Nichiro Corporation merged six main companies into a group and changed its trade name to Maruha Nichiro Corporation.
- In March 2016, the Royal Greeland A/S acquired Quin Sea Fisheries Ltd., a Canada-based prawn and crab company, to increase the revenue of both the companies.
- In June 2014, Alliance Foods Company LLC (Asmak) signed a contract for five years with “The Market,” a retail outlet at Mushrif mall in Abu Dhabi, for the supply of fresh seafood products, majorly shrimps. Under this contract, the company planned to open five outlets in the mall, which were to be divided into sections for seafood, meat, fruits and vegetables. This was expected to help the company increase its customer base. The company has a high production capacity for a variety of shrimps.