According to the latest report by IMARC Group, titled “European Shrimp Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Europe shrimp market reached a volume of around 864 Kilo Tons in 2018. Shrimp refers to an edible decapod crustacean which is used as a primary ingredient in the preparation of various dishes including noodle soup, dumplings and shrimp cocktail. It lacks significant levels of saturated fats owing to which it is considered healthy for the circulatory system and is also known to lower triglycerides level as well as improve the ratio of LDL to HDL cholesterol. In addition to this, it has a high percentage of calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega-3 fatty acids. As a result, it offers numerous benefits such as improving bone and brain health, managing weight, lowering the risk of cardiovascular diseases, relieving eye fatigue, lowering blood pressure and enhancing overall health.
Market Trends:
On account of the increasing awareness about the health benefits offered by shrimp consumption, there has been a significant rise in its demand across the European region. Further, the consumers in Europe prefer ready-to-eat and easy-to-prepare products due to their busy lifestyles. This trend has led to a rise in the sale of frozen and canned products as well as value-added variants such as marinated shrimp. Additionally, there has been an increase in the demand for shrimp products with sustainability certifications from organizations such as GLOBALG.A.P. and Aquaculture Stewardship Council (ASC). This shift can be attributed to the increasing concerns regarding food safety and responsible sourcing among consumers. Apart from this, the European Commission has introduced various campaigns and initiatives to promote sustainable aquaculture in the region. For instance, the “EU Aquaculture Online” portal provides information to investors about EU rules and the strategic priorities of the Member States for encouraging investments in the aquaculture sector. Looking forward, the market volume is projected to reach 918 Kilo Tons by 2024, exhibiting a CAGR of 1.1% during 2019-2024.
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Market Summary:
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