The Europe Shrimp Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 913.0 kilo tonnes, showcasing a growth of 4.6% (2019-2022).
Shrimp is a culinary delight in numerous cuisines, featured in dishes like shrimp scampi, shrimp cocktail, shrimp fried rice, shrimp pasta, and countless other recipes. It is known for its delicate flavor and versatility in cooking. Shrimp and other favorites like fish and crab are vital to the seafood industry. It is a crucial source of export earnings for many countries and is featured on the menus of restaurants, seafood markets, and grocery stores. Shrimp is commonly processed into various convenience foods, including burgers, breaded and frozen shrimp, and shrimp-based soups and sauces. These products cater to busy lifestyles and contribute to the convenience food sector.
Shrimp is also an ingredient in pet food, especially for aquatic and reptile pets. The nutritional value and appeal of shrimp make it a popular choice for pet owners. Shrimp-derived compounds, such as chitosan, are used in the pharmaceutical and biomedical industries. Chitosan, a substance found in shrimp shells, has applications in wound healing, drug delivery systems, and other medical technologies. Shrimp waste products, including shells and exoskeletons, are used as organic fertilizer and soil conditioner in agriculture and horticulture. The chitin in shrimp shells can enhance plant growth and protect crops from diseases. Due to its hypoallergenic and moisture-retaining properties, chitosan from shrimp shells has made its way into cosmetics and skin care products.
According to data collected by the European Market Observatory for Fisheries and Aquaculture (EUMOFA) from 11 EU Member States, common shrimp (12%) and red and blue shrimp (10%) together accounted for 22% of total first-sales value of crustaceans recorded in January 2022. Over the 36-month observation period (February 2018 to January 2022), common shrimp had a weighted average first-sales price in France of 10,98 EUR/kg, which was 239% more expensive than the Netherlands' 3,24 EUR/kg and 55% more expensive than Spain's 7,08 EUR/kg. Bulgaria, France, the Netherlands, Portugal, and Sweden recorded an increase in both first-sales value and volume. This data shows that most European nations are significant consumers and producers of shrimp. Thus, these factors will boost the demand for shrimps in the Europe region.
The Germany market dominated the Europe Shrimp Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,828.2 million by 2030. The UK market is experiencing a CAGR of 4.6% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 6.2% during (2023 - 2030).
Based on Source, the market is segmented into Aquaculture, and Wild. Based on Distribution Channel, the market is segmented into B2B, and B2C. Based on Form, the market is segmented into Green/ Head-on, Green/ Head-off, Peeled, Cooked, Breaded, and Others. Based on Species, the market is segmented into L. Vannamei, Trachipenaeus Curvirostris, Pleoticus Muelleri, Pandalus Borealis, P. Monodon, Acetes Japonicus, P. Chinensis, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Shrimp Market will Hit USD 106.7 Billion by 2030, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited, Mazzetta Company, LLC, Aqua Star, Nordic Seafood A/S, The Waterbase Limited and Wild Ocean Direct
By Source (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Form (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Species (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million/Billion, 2019-2030)
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