Europe Shrimp Market to Grow at a CAGR of 1.6% During 2024-2032, Aided by the Growing Demand for Healthy Food Products

The numerous health and nutritional benefits offered by shrimp are leading to its increased consumption in Europe, thus, driving the industry growth. As shrimp is an excellent source of protein and a moderate source of omega-3 fats, the increasing demand for protein-rich and healthy foods is expected to favour the growth of the shrimp industry in Europe. Being carbohydrate-free, shrimp also promotes weight loss. Further, astaxanthin is found in shrimp, which is a carotenoid nutrient that acts as a potent antioxidant, protecting skin from premature ageing. Shrimp also contains selenium, which promotes healthy muscle metabolism by activating the necessary enzymes. Selenium is also known to activate the enzymes that prevent cancer growth. All these factors are driving the demand for shrimp in the region.

Moreover, there has been a rise in demand for ready-to-eat and packaged food products, which is significantly boosting the sales of value-added and convenient shrimp products. The various shrimp products available in the market comprise of cooked, breaded, and canned products, among others. The easy availability of such products, including shrimp paste, chips, and pickle through retail channels like Walmart Inc (NYSE: WMT) and Amazon.com, Inc. (NASDAQ: AMZN) is further boosting the sales of the product. The shift in consumer purchasing behaviour and the growing popularity of e-commerce platforms are expected to enhance the online sales of the product, thus, propelling the growth of the Europe shrimp industry in the forecast period.

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Market Breakup by Environment, Species, Processed Product Type, Distribution Channel, Segment, and Region:

• By environment, the industry can be broadly categorised into wild and farmed.

• Based on species, the industry can be segmented into penaeus vannamei, penaeus monodon, and macrobrachium rosenbergii, among others. 

• The various processed product types available in the market include peeled, shell-on, cooked, and breaded, among others.

• On the basis of distribution channel, the industry can be segmented into hypermarkets and supermarkets, convenience stores, hotels and restaurants, and online, among others.

• The market is bifurcated based on segments into domestic production and imports.

• Region-wise, the market can be divided into Germany, the United Kingdom, France, Italy, Netherland, and Spain, among others.

Key Findings of the Report:

• The industry is being driven by the growing per capita consumption of fish and seafood in Europe and the growing demand for frozen food products among consumers.

• The industry is receiving a further impetus with the growing sales of value-added shrimp products through online platforms.

• The high consumer disposable incomes, growing population, and the rising demand for food are further propelling the market growth.

• The rising health awareness among consumers is significantly contributing to the industry growth. However, the market is expected to experience the adverse effects of the COVID-19 pandemic in the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the shrimp market in Europe for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the environment, species, processed product types, distribution channels, and major regions of shrimp.

• The report also gives the historical (2018-2023) and forecast (2024-2032) price trends of the product.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Europe shrimp market are Nordic Seafood A/S, Heiploeg Group, Vichiunai-RUS OOO, Liveris Afentoulis & Co., Sykes Seafoods Ltd., Shore NV, and Seamark plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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