Shrimp Market in China to exceed 2 Million Tons by 2023: IMARC Report

According to IMARC group, a latest research report, China shrimp market to exceed 2 Million Tons by 2023, exhibiting a CAGR of 2% during 2018-2023.

According to the latest report by IMARC Group, titled 'Shrimp Market in China: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023', the China shrimp market reached a volume of 1.8 Million Tons in 2017. China currently represents one of the largest markets for shrimp as they form a major part of the regional cuisine. Shrimp is a type of edible decapod crustaceans with a laterally compressed, elongated body and long antennae and legs. They have a low concentration of saturated fats and high amounts of iodine, vitamin B3, proteins, calcium, omega-3s, vitamin D and zinc. Owing to their high nutrient content, shrimp consumption helps in weight management, improves bone and brain health, relieves eye fatigue, and lowers blood pressure and the risk of cardiovascular diseases.

Market Trends

At present, China accounts for a significant share of shrimp imports on account of expanding middle-class population which has led to an increase in the overall domestic consumption. Apart from this, the shrimp market has been gaining momentum on account of improvement in the economic scenario and the quality of life which has further led to a rise in the demand for seafood products. Moreover, government support aimed at promoting sustainable shrimp farming practices, enhancing product quality and encouraging product innovations is expected to drive the market over the next few years. Looking forward, the shrimp market in China is expected to reach a volume of 2 Million Tons by 2023, registering a CAGR of 2% during 2018-2023.

Market Summary

On the basis of shrimp source, the market has been bifurcated into farmed shrimp and wild shrimp. Currently, farmed shrimp dominated market, holding the largest market share. The shrimp market in China has been analyzed on the basis of domestic production and imports. At present, domestic production accounts for the majority of the shrimp consumption in the country. The market has been categorized on the basis of different species of shrimp available in China which mainly include Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Amongst these, Penaeus vannamei is the most common species being consumed across the region. Based on product categories, the market has been segregated as peeled, shell-on, cooked, breaded and others. Currently, peeled shrimp hold the majority of the market share. On the basis of distribution channels, the market has been segmented into specialized retailers, hotels and restaurants, supermarkets and hypermarkets, online and others. Amongst these, specialized retailers exhibit a clear dominance in the China shrimp market. The competitive landscape of the China shrimp market has also been analyzed along with the profiles of the major players operative in the industry.