Asia Pacific set to dominate global shrimp market
The global shrimp market is expected to expand at a significant compound annual growth rate over the next 10 years, with the Asia Pacific region, excluding Japan, likely to dominate the market with more than a 35 percent share, according to a new report from Future Market Insights.
The report, “Shrimp Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)”, estimates that the current market value is around USD 39.1 billion (EUR 32.8 billion), and will rise to USD 67.5 billion (EUR 56.6 billion) by the end of 2027. During that time, sales revenue is projected to register a compound annual growth rate of 5.6 percent.
Shrimp has become very big business and the global market is one of the most competitive in the world. It is characterized by regional companies in the Asia Pacific region, targeting consumers who seek healthy, high-quality seafood products, and by multinational companies who operate internationally. North America and Western Europe are key target markets for multinational players, who capitalize on a growing per capita consumption of shrimp in these two regions. Sales of tiger shrimp in particular are expected to rise, driven by a high preference for glaze and sweet taste by Western consumers, according to the report......