September 01, 2022 12:30 ET | Source: Straits Research Straits Research

New York, United States, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Shrimp are small crustaceans living in the oceans (both in shallow and deep water) and lakes and streams with fresh water. It has a lot of value on the global market. Shrimp is a good source of both protein and vitamin D. Also, a three-ounce serving has less than 1 gram of carbohydrate, which is very low in terms of a healthy diet. Shrimp has a lot of vitamins and minerals, is low in fat, has no carbs, and is low in calories. So, the many health benefits of eating shrimp make people more likely to add it to their diet.

In the U.S., Thailand, and other countries with competitive industrial shrimp aquaculture is done competitively; a new method is being used that is more sustainable, which is known as a closed production system. In this method, the pond water is reused, and harmful substances in the water are taken out. So, a rise in the use of new ways to make things better for the environment is likely to help the market grow.

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Growing Shrimp Production due to Health Benefits and Contract Farming Initiatives by Exporters Drives the Global Market

Shrimp is good for you because it is high in protein and low in saturated fats, carbohydrates, and calories. It has no taste and is full of good things for your body. Also, the antioxidants in shrimp help keep cells from getting hurt. Because of these things, shrimp are a natural addition to salads, pasta, curry, soups, and stir-fried dishes.

Astaxanthin, an antioxidant in shrimp, helps prevent wrinkles and lessens sun damage. It also has a lot of selenium, which can stop some types of cancer from growing. Shrimp also contains calcium, iron, magnesium, potassium, zinc, and choline. These health benefits are why the government is trying to improve shrimp production, which will help the shrimp market grow.

Shrimp farmers deal with processing firms to give them products at a certain time, known as contract farming. These contracts often include agreements between processing firms and farmers, establishing production and marketing conditions.

The increase in production from contract farming is one of the main factors driving the shrimp market. Through contract farming, big export companies provide farmers with seeds, feed and tools. In many developed countries, policies to get an easy loan can help shrimp farming. 

Surge in Demand for Ready-To-Eat Food and Government Initiatives Regarding Technological Upgradation Creates Tremendous Market Opportunities Ready-to-eat foods are prepared or cooked in advance, with no further cooking or preparation required before being eaten. People's lifestyles slowly change as they eat more packaged or ready-to-eat foods. So, a rise in the demand for frozen shrimp and canned shrimp is likely to drive the growth of the global shrimp market. 

People have noticed that shrimp farmers cannot determine the actual shrimp count in their ponds to feed them properly. So, the government should help install software on farms where shrimp are raised. These include a shrimp feeder and an underwater acoustic device measuring how many shrimps are fed in a pond.

Slowly, shrimp farmers are starting to use technology to solve problems like keeping track of production and ensuring the shrimp do not get sick. So, more government programs will likely lead to growth in the shrimp market during the forecast period.

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Asia-Pacific is the largest shareholder in the global shrimp market and is expected to grow at a CAGR of 10.6% during the forecast period. China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific study the shrimp market in the Asia-Pacific region. China's demand for shrimp has grown quickly in the past ten years. This is mainly due to the availability of different kinds of shrimp in the country. Over the next few years, the shrimp market is expected to grow at a high compound annual growth rate. The Asia-Pacific region, excluding Japan, is likely to lead the market. 

Europe is expected to grow at a CAGR of 8.1%, generating USD 16.7 billion during the forecast period. The UK, Italy, Spain, France, the Netherlands, Germany, and Turkey are a part of the Europe shrimp market. The UK is a substantial market for shrimp, among other parts. Thus, the rising amount of seafood eaten by each person in Europe is driving the UK shrimp market.

The United States, Canada, and Mexico are included in the North American shrimp market. Due to a rise in demand for shrimps, the North American shrimp market is likely to grow in the coming years. Shrimp are becoming more popular in this area because they are high in protein and vitamins, low in fat, and do not have any cholesterol.

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Global Shrimp Market: Segmentation By Source

Table of Content and Figure https://straitsresearch.com/report/shrimp-market/toc

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