DUBAI, United Arab Emirates, Feb. 05, 2023 (GLOBE NEWSWIRE) — As per a recent research report by Future Market Insights, a market research and competitive intelligence provider, sales of shrimps are estimated to reach a valuation of US$ 60.4 billion in 2023. It is projected to surge at 7.4% CAGR through the forecast period between 2023 and 2033. It is set to reach US$ 123.8 billion by 2033.
Owing to shrimp’s great nutritional value and low-fat protein content, demand is rising. Due to rapid economic expansion and rising affluence, consumers are switching from a diet high in carbohydrates to one high in proteins. As a result, shrimp farmers all over the world are using improved production techniques that outperform the conventional ones, boosting year-round shrimp production and protecting the environment.
The market for shrimp-based goods is anticipated to rise in the next ten years, particularly in canned and frozen forms. This is attributed to rising demand for seafood products in the global food sector due to their rich nutritional contents. North America ranks among the top importers of shrimp in the world due to immense demand for them.
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Demand for shrimps in Asia Pacific is also high due to easy availability of these products at a low price. Growing preference for seafood items in the region is also expected to drive demand. Asia Pacific ranks as the world’s largest producer of shrimp, followed by North America.
Consumers in Asia Pacific and Western Europe are becoming highly concerned with their health and leading fast-paced lives. Traditional fish and chip shops are witnessing more customers every day, which is predicted to stimulate expansion of the shrimp market.
Demand for seafood snacks is anticipated to rise throughout the projection period. In the next ten years, rising trend for fresh and frozen seafood products is expected to fuel market expansion for…
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