Shrimp Market Set to Reach €112,27Billion by 2033, Fueled by Growing Demand and Sustainable Production Techniques
the global shrimp market is poised for significant growth. The sales of shrimps will reach a valuation of €54,78 billion in 2023, with a projected compound annual growth rate (CAGR) of 7.4% during the forecast period of 2023 to 2033.
By 2033, the market is expected to surge to an impressive €49,68 billion.
Shrimp’s Nutritional Attributes and Rising Consumer Preference for Protein:
Prawns are gaining popularity worldwide due to their nutritional attributes and low-fat protein composition. As economic expansion and rising affluence prevail, consumers are shifting from carbohydrate-rich diets to those high in protein. This dietary shift is primarily driven by the health-consciousness of individuals and their desire for a balanced and nutritious diet. Shrimps, being a rich source of protein and low in fat, are increasingly sought after by consumers who prioritize healthy eating habits.
Growing Demand for Shrimp-Based Products:
The demand for shrimp-based products, particularly canned and frozen options, is expected to experience substantial growth. The global food industry has witnessed a rising demand for seafood products, including shrimps, owing to their excellent nutritional content. In North America, which stands as one of the leading importers of prawns, the demand for shrimp is steadily increasing. Similarly, the Asia Pacific region demonstrates significant demand for prawns due to their easy accessibility and affordability. The growing preference for seafood products in the region further fuels the demand for shrimps.
Expanding Market Opportunities in Asia Pacific and Western Europe:
Consumers in Asia Pacific and Western Europe are becoming increasingly health-conscious while leading fast-paced lives. As a result, traditional fish and chip shops are witnessing a surge in customers seeking healthier alternatives. This trend is expected to stimulate the expansion of the shrimp market, as prawns are recognized for their nutritional value and low-fat content. Additionally, the rising trend for fresh and frozen seafood products is anticipated to further drive the growth of the shrimp market over the projected period.
The shrimp market is experiencing significant growth, driven by the increasing demand for protein-rich foods, shifting dietary preferences, and the adoption of sustainable production techniques. With the projected surge in demand for shrimp-based products, particularly in North America, Asia Pacific, and Western Europe, the market presents lucrative opportunities for industry players. Manufacturers are focusing on product innovation and expanding their distribution networks to capitalize on these opportunities. As the shrimp market continues to evolve and cater to the changing preferences of consumers worldwide, the future looks promising for sustained growth and development.
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