A key factor driving the growth of the market is the health benefits of shrimp. The various health benefits of consuming shrimp products are driving the market. Consumers are becoming aware of the various health benefits of shrimp, which is expected to increase the demand for shrimp products during the forecast period. Some of the health benefits of shrimp are that it is a good source of protein and vitamin D, and it is low in carbohydrate content and calories. Also, shrimp contains a carotenoid called astaxanthin, which is a powerful antioxidant that can help in reducing the signs of aging. Furthermore, shrimp contains high amounts of iron, which helps in increasing oxygen flow to muscles, providing strength and endurance. It also helps in increasing the oxygen flow to the brain, which is shown to improve comprehension, memory, and concentration. Therefore, the various health benefits of shrimp are expected to make shrimp products popular among consumers and aid market growth during the forecast period.
As per Technavio, the rise in shrimp-based product launches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global shrimp market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Shrimp Market: Rise in Shrimp-Based Product Launches
The increasing launch of shrimp-based products will promote market growth during the forecast period. A rise in awareness about the health benefits of shrimps is also increasing the demand for products containing shrimp. Therefore, several vendors are responding to the growing demand by introducing new products. For instance, in February 2019, SOP International Ltd. (SOP International) launched a shrimp cracker product under the brand Manora. Such new product launches based on shrimp will help in increasing the demand for shrimp among the consumers leading to the growth of the global shrimp market during the forecast period.
“Apart from the rise in launch of shrimp-based product, several initiatives to increase shrimp production, along with a rise in merger and acquisition activities are other major factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Shrimp Market: Segmentation Analysis
This market research report segments the global shrimp market by product (frozen shrimp, canned shrimp, and others) and geographical regions (Europe, North America, APAC, South America, MEA).
The European region led the market in 2018, North America, APAC, South America, MEA respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth.
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Five Forces Analysis
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