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Shrimp Market total revenue is anticipated to reach US$ 195.3 Bn by 2031
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The shrimp market is projected to reach $195.3 billion by 2031, driven by health benefits and increased seafood consumption. Key regions include the U.S., UK, and China.
Shrimp has a variety of health benefits such as it is a rich source of minerals and vitamins, which makes it a highly consumed seafood. The consumption of shrimp helps to promote good heart and brain health because it also contains high amounts of omega 3, 6 and 9 fatty acids and various antioxidant in them. The shrimp market is gaining impetuson account of increasing awareness about various health benefits among consumers.
Increasing focus on maintaining good health especially as the world is witnessing various pandemic and epidemic outbreak has been increasing seafood consumption. Against this backdrop Future Market Insights (FMI), presents a positive outlook for the shrimps market. According to the report, the shrimps market is slated to register a CAGR of 6.7% between 2021 and 2031.
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Shrimps being a very good source of protein, are increasingly included in food, pharmaceutical, cosmetics, and various industrial products. Consumers have become extremely health conscious owing to the increasing prevalence of various ailments and have become more willing to spend on sea food such as shrimps.
Shrimps have various properties that help in preventing and controlling cholesterol, obesity, heart attacks, and other health conditions. Increasing awareness regarding this is expected to result in high demand for shrimps in the coming years.
Skin care products containing ingredients derived from shrimps are proven to be very beneficial in skin tightening and skin rejuvenation as shrimp contains collagen which is very much needed for tissue repair. Skin cells can be renewed with regular intake of collagen. The upper layer of skin called as epidermis is the most delicate part of the skin.
“Increasing demand for food products with high nutritive value will drive shrimps sales. The market players are likely to focus on strategic collaborations to explore opportunities across untapped markets,” said a lead analyst at FMI
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Consumption of shrimp in form either as a part of their regular diet or in the form of dietary supplements also offers various health benefits. According to the report, the food sector is expected to account for nearly70% of sales in the market through the forecast period.
Key Takeaways from the Shrimp Market Study
Increasing Use of Shrimp in Cosmetics and Pharmaceutical Segments
Medical advantages of shrimps can improve bone density, mind wellbeing, weight control, and reduce the risk of cardiovascular illnesses. Ingredients derived from shrimps are used in various skin care brands, aimed at offering good skin and anti-aging properties.
Shrimps contain a carotenoid called astaxanthin, which has amazing cell reinforcement properties that can incredibly lessen the indications of skin aging caused due to sun damage. Increasing use in cosmetics and pharmaceutical products will aid the overall expansion of the market.
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Competitive Landscape
Some of the leading players operating in the shrimps marketare Vinnbio India Pvt. Ltd, Charoen Pokphand Food PCL, Pescanova S.A, Galveston Shrimp Company, Gulf Shrimp Company, Seajoy Group, Dom International Limited Thai Union Frozen Products PLC,Marine Harvest ASA, Baton Rouge Shrimp Company, Inc., Labrador Fishermen’s Union Shrimp Company Ltd., ,The Clover Leaf Seafoods Family Ristic GmbHOmarsa S.A, MSeafood Corp Carribbean Ananda Group, Nippon Suisan Kaisha, Ltd.,Shrimp Company Limited, Artisanfish LLC, Orchid Marine and others.
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The main topic is the projected growth of the shrimp market, expected to reach $195.3 billion by 2031.
Shrimp is rich in omega fatty acids and antioxidants, promoting heart and brain health.
Shrimp-derived ingredients are used for skin tightening and rejuvenation due to their collagen content.
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