Shrimp - China Market Review & Outlook (2018-2023) – IMARCGroup.com
According to the latest report by IMARC Group, titled “China Shrimp Market: 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 are 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.
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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 are 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.
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