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Shrimp

The global shrimp market reached a volume of around 4.66 Million Tons in 2018. The market is expected to reach a volume of 5.83 Million Tons by 2024, growing at a CAGR of 3.73% during the forecast period (2019-2024).

Shrimp are a rich source of calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega-3 fatty acids but low in saturated fats. They provide numerous health benefits such as improving bone and brain health, aiding weight loss, reducing the risks of cardiovascular disease, relieving eye fatigue and lowering blood pressure which have led to a rise in their overall demand across the globe.






The Chinese seafood market is booming, and the demand for imported seafood is also growing rapidly. China has a long history of eating seafood, especially for coastal residents, seafood has always been an indispensable component of a complete dining-table. After China’s reform and opening-up, an active import of foreign seafood began. Back then, imported seafood was considered novel and luxury. However, seafood is now accessible to the Chinese mass market. With China’s economy growing and people’s quality of life elevating, the seafood market has expanded continuously, e.g. the sales quantity of processed seafood, including chilled, frozen and shelf-stable seafood, shows a steady growth since 2012.

blue catfish

Blue catfish is a hit at the University of Maryland’s College Park campus.
Since a recent purchasing agreement by state agencies made it possible to sell invasive blue catfish to state institutions, Cathy Liu and Erin Carney of the University of Maryland Extension have been working to develop public awareness about the safety and nutritional value of the fish.
Carney and Liu are also developing a fact sheet for consumer education, providing prepping and cooking instructions for safe and healthy consumption, and encouraging more Marylanders to assist in reducing invasive catfish populations in the Chesapeake Bay and its tributaries.

 

Shrimp remains the most consumed seafood in the United States, returning in 2017 to its highest consumption level of 4.4 pounds per person according to NOAA Fisheries’ “Fisheries of the United States” report released today. While U.S. shrimp fisheries remain sustainable and well-managed, imported shrimp from poorly regulated countries dominate the U.S. marketplace with 92% market share according to the report.

“Other major markets have restricted imports of shrimp because of repeated findings of banned antibiotics – and even forced labor – in shrimp aquaculture. The United States remains the largest and most open market, so low-quality shrimp products that are rejected from the European Union, Japan and other major shrimp markets are likely sent here for whatever low price they can get,” explains John Williams, executive director of the Southern Shrimp Alliance, which represents shrimp fishermen and processors in eight-shrimp producing states.

 

2019 Seafood Expo global

Seafood Expo Global

Seafood Expo Global and Seafood Processing Global form the world’s largest seafood trade event. Thousands of buyers and suppliers from around the world attend the annual, three-day exposition in Brussels, Belgium, to meet, network and do business. Attending buyers represent importers, exporters, wholesalers, restaurants, supermarkets, hotels, and other retail and food service companies. Exhibiting suppliers offer the newest seafood products, processing and packaging equipment, and services available in the seafood market. SeafoodSource.com is the exposition’s official media. The exposition is produced by Diversified Communications, the international leader in seafood-industry expositions and media. 

Global Shrimp Market to 2024 by Export, Import, Production, Consumption, Countries, Species, Size, Product Form, Value Chain Analysis

The global shrimp market is expected to reach 6.7 Million Tons by the end of the year 2024.

Several governments across the world create the right ecosystem for production and export of seafood. In addition government of South Asia and China has the most favorable regulation for shrimp product and export will farther boost the market of shrimp.

Seafood Consumption Growth

The considerable growth in both fisheries and aquaculture production, matched by a rising public awareness of the important role that fish as a food group plays in healthy and diversified diets has driven seafood consumption upwards over the past five decades. Other factors contributing to the steady rise in people eating seafood include reduced wastage, better utilization, improved distribution channels and growing demand.

 

 

“We expect future growth in seafood to continue to come from aquaculture, which will be driven by improved genetics, new husbandry technologies, innovations in aquafeed, and the switch to more efficient and intensive farming technologies," ​reported Rabobank based animal protein analyst, and report author, Beyhan de Jong.
 
In 2020, the volumes from aquaculture production will surpass the volumes from wild-catch seafood. However, the researcher said the growth of aquaculture is expected to slow down in comparison to the last decade, said the seafood market specialist.
 
Seafood trade has grown by a CAGR of 4% from 2012 to 2017 to reach an estimated US$153bn, according to the overview. The increase in seafood trade in recent years has been driven primarily by farmed species, consisting of high-value premium crustaceans and marine species and lower-value whitefish species traded from Southeast Asia to western countries.
 
Rabobank expects this trend to continue.

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