The global shrimp market size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of flexitarian diet are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Shrimp Market, 2021-2028.”
Rising technological advancements in the seafood sector are expected to boost seafood products’ demand. The rising demand for healthy snacking leads to the adoption of shrimp in consumers’ diets. Further, the rising focus on the supply and storage of seafood is expected to surge the product demand. Moreover, the rising trend of flexitarian trends is expected to boost product adoption. In addition, the entry of new players is expected to bolster market development in the coming years.
This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The sudden spike in COVID infections led to the adoption of lockdown, thereby negatively affecting seeding and storage activities. Furthermore, the halt on transport led to wastage, thereby affecting business. Moreover, the lack of raw materials led to a decline in seeding activities. However, the adoption of reduced capacities, technologically advanced production machinery and sanitization methods may enable manufacturers to recover their losses. These factors may positively impact market development during the pandemic.
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https://www.globenewswire.com/news-release/2022/02/01/2376304/0/en/Shrimp-Market-Size-to-Worth-53-63-Billion-by-2028-Shrimp-Industry-Trends-Growth-Drivers-Business-Opportunities-Revenue-and-Forecast-Report-by-Fortune-Business-Insights.html