Global Shrimp Market is expected to be US$ 24.1 Billion by 2026 | Study with COVID-19 Impact

According to the latest report by Renub Research, titled “Global Shrimp Market by Export, Import, Production, Consumption, Countries, Species, Size, Product Form, Value Chain Analysis & Forecast” Globally, Shrimp is one of the most consumed seafood thorough out the world. It is a small marine animal with a compressed and elongated body. The Shrimp market is growing worldwide as it’s demand is increasing in a variety of foods. It is one of the primary sources of vital nutrients like magnesium, niacin, sodium, riboflavin, vitamin A, vitamin B6, vitamin B12, vitamin D, vitamin E, phosphorus, iron, iodine, calcium, zinc, potassium and thiamin. According to Renub Research Global Shrimp Market is anticipated to reach USD 24.1 Billion by the end of the year 2026.

It also helps in improving memory performance, preventing hair loss, eliminating bad cholesterol, reducing the risk of occurrence of lung and prostate cancer, maintaining healthy bones, and reducing menstrual cramps. The combination of all these vitamins, minerals, and nutrients make Shrimp much healthy food. Moreover, encouragement for shrimp production by fiscal relief and incentives to farmers provided by the government in various nations and the growth of online food delivery applications through them seafood in the reach of the consumer in remote areas is also boosting the global Shrimp market.

According to Renub Research analysis, China and Vietnam are the leading producers of Shrimp, other countries which are producing Shrimp are India, Thailand, and Indonesia. As per our research findingss, the United States is the biggest consumer of Shrimp; Japan, Spain, China, France, and Europe 26 are the other regions where consumption of Shrimp is higher. There are so many Shrimp exporting countries, but Ecuador is the leading country in Shrimp export; other countries in Shrimp export are China, India, Vietnam, Thailand, and Ecuador.

The production volume of 9 Types of Shrimp sizes is given in the research report. Sizes in report are >70, 61-70, 51-60, 41-50, 31-40, 26-30, 21-25, 15-20, <15. In the report 6 products from the production are given, 6 products are Peeled, Green/Head-on, Green/Head-off, Breaded and other forms.

Affect of COVID-19 on Shrimp Market

Global economic conditions are facing the impact of COVID-19, as most of the import and export activities are stopped all over the world. People cannot buy their desired item as they used to do pre-COVID times. Exporting countries cannot export, and importing countries cannot import seafood due to lockdown. The supply chain of Shrimp has stopped, and the market has declined in the current scenario. The market of Shrimp will grow more as online food delivery apps are providing seafood to consumers at their doorsteps.

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