The global shrimp market size was valued at USD31.6bn in 2019 and is estimated to reach USD54.6bn by 2027, registering a CAGR of 9.2% from 2021 to 2027. According to a new report by Research and Markets, the growth of the global shrimp market is majorly driven by an increase in demand for shrimps among health-conscious consumers. This is due to the fact that shrimp is high in nutritional value, low in fat content contains zero carbs, and is low in calories. Thus, multiple health benefits provided associated with shrimp encourage consumers to include it in their diet.
Shrimp is a small-sized marine crustacean, which can be found in all oceans, both shallow and deep, as well as freshwater lakes and streams. It is consumed as food and hence has high commercial importance in the global market. Shrimp is a rich source of proteins and vitamin D. Moreover, it is low in carbohydrate content, with less than 1 gram per 3 oz serving.
In 2020, the outbreak of the COVID-19 pandemic reduced the overall demand for shrimps. While the international and domestic shrimp markets witnessed strong retail trade, the foodservice sector suffered massive losses. Recently, China’s catering industry has experienced significant growth as a result of the mid-autumn festival in October. This created lucrative opportunities for the expansion of the shrimp market in the current year.