News

The global shrimp market will grow by 7% per year in the next five years

Frozen Common Shrimp & Prawn
Ecuador
Russia
Published May 30, 2023

Tridge summary

For 2022, the global shrimp market was estimated at $46.94 billion, according to experts from the All-Russian Association of Fisheries Industry (VARPE). According to analysts, this market is seen as stable and dynamically developing. The growth in this industry will be 6.72% per year in the next five years, which will make shrimp the main driver of the development of the seafood market as a whole.

Original content

The development of the shrimp market is influenced by the popularity of this seafood in a variety of dishes, including Asian cuisine, as well as new production models - for example, due to cluster production, the risk of dangerous diseases among shrimp produced in artificial conditions is reduced, WARPE noted. In many countries, shrimp production is stimulated by state support programs, which also leads to the rapid development of the market. The main exporter of shrimp for 2023 is India, according to WARPE. Shrimp production in India is leading compared to other countries due to the scaling of production - huge volumes make it more profitable. India's position as a market leader is quite stable due to the country's developed feed production system, incubators, processing plants and other related enterprises. However, analysts predict that Ecuador will soon become India's main competitor - the country's products are already in demand in the US, China and the EU due to their high ...
Source: Fishretail
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