The shrimp market size is estimated to grow by USD4.89bn from 2019 to 2024, and the market’s growth is anticipated to accelerate at a CAGR of 3%, according to anew report by Technavio. Factors such as growing awareness about the health benefits of shrimp are significantly driving the market.
The frozen shrimp segment will have significant market share growth during the forecast period. The demand for frozen shrimp is rising among consumers due to their long shelf life. Frozen shrimp can be stored in a freezer for up to nine months. The increasing import and export of frozen shrimp will also help in the growth of the segment during the forecast period.
Climate change has significantly disrupted the natural patterns and processes in aquatic ecosystems. The conditions under which seafood is produced in aquaculture impact the environment in many ways. Exotic aquaculture specimens may escape and interbreed with the native wild fish, resulting in disease spread. Vaccines and antibiotics are often administered to farmed species, which become a threat to wild fish.