China Shrimp Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The China shrimp market is projected to register a CAGR of 1.5% during the forecast period (2020-2025). Contract farming is one of the most prominent strategies being adopted by the shrimp farmers during the recent and is expected to gain momentum during the forecast period because it aids in maintaining quality, freshness, and food safety issues are managed more effectively under this system. The market is also suffering from significant restraints, which can hamper its growth during the projected period. Some of the restraints in the market include susceptibility to diseases in shrimps and increasing the use of antibiotics in shrimps during the study period.

Key Market Trends

Increasing Demand due to Health Benefits

The demand for shrimp is increasing among consumers, as it is high in nutritional value and low-fat protein. It contains zero carbs and is very low in calories. One gram of shrimp accounts approximately for one calorie. These factors make people include shrimp in their food diet. Moreover, shrimp is rich in minerals and vitamins, like iron, calcium, sodium, phosphorus, zinc, magnesium, potassium, iodine, niacin, riboflavin, thiamin, vitamin A, vitamin E, vitamin B6, and vitamin B12. All the minerals, vitamins, and nutrients together make shrimp healthy food. Shrimp helps in preventing many health issues. It helps in preventing hair loss, maintaining healthy bones, improving memory performance, reducing menstrual cramps, eliminating bad cholesterol, and reducing the risk of occurrence of lung and prostate cancer. This is further expected to enhance the market for shrimp in China.

Increasing Production in the Country

In China, shrimp production generally begins at the end of the calendar year. During this period, farmers make simple repairs to culture ponds by removing accumulated sediment, taking advantage of the sun and cold in winter to clean the pond completely which increases the shrimp population in the pond. China have witnessed evident shifts in shrimp farms and production have been created which is generating employment for locals and it also yield considerable economic value for the people involved in shrimp farming. Chinese consume both frozen and live shrimp from shrimp dumplings (including steamed dumplings in the north and boiled wonton dumplings in the south). A wide range of shrimps available differentiated geographically makes the consumption higher. The current application of artificial fertilizer by farmers is different from the traditional mode of shrimp farming. Fertilizers supply inorganic nutrients to support beneficial algae and other natural foods for shrimp; simultaneously, farmers add probiotics that have a good reputation in the industry for consumption.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support