Shrimp Market in China to 2024: Share, Production Leads and Growth Opportunity

Shrimp represents the largest class of crustaceans, known as Malacostraca, and has a laterally compressed and elongated body with long antennae and legs. It can be found in shallow and deep water as well as in freshwater lakes and streams. As it is a rich source of zinc, iodine, protein, calcium, vitamin D and B3, and omega-3 fatty acids, its consumption is known to help in weight loss, lowering blood pressure, relieving eye fatigue, reducing hair loss, enhancing bone and brain health, and minimizing the risk of developing cardiovascular diseases. This, coupled with the growing middle-class population, is resulting in the increasing consumption of shrimp in China. As per the shrimp market in China report by IMARC Group, the market reached a consumption volume of 2.70 Million Tons in 2018.

China has a 14,500 km long coastline which has enabled the country to be the world’s largest producer of shrimp. Chinese farmers have been practicing aquaculture for thousands of years, and currently, have the largest seafood production footprint. Moreover, due to inflating income levels and changing food patterns, consumers in China are incorporating high-quality proteins like seafood into their everyday diet. This can also be attributed to the health benefits offered by shrimp. For instance, the key antioxidant present in shrimp is a carotenoid called astaxanthin, which aids in treating Age-Related Macular Degeneration (AMD) and reducing the signs of UVA and sunlight related skin aging. It is also loaded with selenium that activates the enzymes needed for fighting cancer growth and building healthy muscle metabolism. Looking forward, the China shrimp market size is anticipated to reach 3.25 Million Tons by 2024, exhibiting a CAGR of around 3.2% during 2019-2024.

Farmed Shrimp Holds the Biggest Market Share

The market has been bifurcated on the basis of the shrimp source into farmed and wild. At present, farmed shrimp dominates the market, holding the biggest share. Farmed shrimp are grown in pens that are submerged in lakes, saltwater or ponds. They are monitored and supplemented with formulated feeds, which makes the shrimp uniform in size. Unlike wild-caught shrimp, farmed shrimp are generally not susceptible to external factors such as weather conditions and natural disasters.

Domestic Production Leads the Market

Due to the rising consumption and growing middle-class population, domestic production accounts for the majority of the shrimp consumption in China. Moreover, import duties on Chinese shrimp products in key markets have led the farmers to focus on sufficing the domestic demand for shrimp. To enhance the quality and sustainability of farmed shrimp, farmers in China are also importing broodstock from different countries.

Penaeus Vannamei is the Dominant Species

The market has been analyzed on the basis of the species into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Amongst these, Penaeus vannamei accounts for the majority of the total market share. It is a warm-water shrimp species which is widely cultivated in China. It has a firm texture with a sweet, mild flavor, and is available all year round in the country.

Peeled Shrimp Represent the Largest Product Category

Based on the product category, the market has been segregated into peeled, shell-on, cooked, breaded and others. Currently, peeled shrimp represent the largest product category as it is commonly utilized for producing dumplings, cocktail, noodle soup and other Chinese dishes.

Traditional Retail Exhibits Dominance

On the basis of the distribution channel, the market has been segmented into traditional retail, hypermarkets and supermarkets, convenience stores, hotels and restaurants, online stores, and others. Presently, traditional retail exhibits a clear dominance in the market as it offers relatively more flexibility and convenience to consumers.

Related Report by IMARC Group:

Shrimp Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the shrimp industry in China, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development