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The World

Global Shrimp Markets to 2027

 

Over the next ten years, the global shrimp market is expected to expand significantly, with the Asia Pacific region, excluding Japan, likely to be the biggest market with more than a 35 percent share, according to a new report from Future Market Insights.

 

The report, “Shrimp Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)”, estimates that the current market value is around $39.1 billion, and it predicts that it will rise to $67.5 billion by the end of 2027.  During that time, revenues are projected to register a compound annual growth rate of 5.6 percent.

 

The biggest companies use certification as a means to grow market share.

 

Demand from USA consumers for shrimp for home or restaurant consumption continues to grow, mostly because of shrimp’s low price and high nutritional content.  This is in contrast to seafood products such as salmon, tuna, crab and lobster, which are struggling to hold a high market share due to increasing product prices and lower supply.

 

One factor not taken into account in the report’s findings, and one likely to have a significant effect on global trade, is a possible ban by the European Union on shrimp imports from India.  An audit of India’s pre-export control process is due in November, following ten years of issues related to the presence of antibiotics in shrimp.  To ameliorate the issue, India has increased its screening regime for residues of chloramphenicol, tetracycline, oxytetracycline, chlortetracycline and metabolites of nitrofurans.  Inspections have also stepped up at hatcheries, processing facilities, farms and feed mills, as officials try to identify non-conformity.  However, they admit that the process is difficult, especially as there are more than 50,000 shrimp farms to inspect and control.  The European Union has considered increasing the inspection rate on Indian shrimp imports to 100 percent of shipments, but to do so would place a higher financial burden on importers, who, in turn, would need to increase consumer prices.

 

Unless India can swiftly improve the situation, importers will seek alternative sources for their shrimp, and a quick poll of seafood companies shows that this is already happening.

 

Source: SeafoodSource.com.  Executive Editor, Cliff White (cwhite@divcom.com).  Asia Pacific Set to Dominate Global Shrimp Market.  Nicki Holmyard (nickiholmyard@gmail.com).  September 27, 2017.

 

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