Europe Shrimp Market Report and Forecast 2023-2028

Europe Shrimp Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the Europe shrimp market reached a volume of 1,115.3 KMT in 2022. Aided by the growing per capita consumption of seafood and increase in sales of pre-packed and frozen fish products, the market is projected to further grow at a CAGR of 1.6% between 2023 and 2028 to reach a volume of 1,219.0 KMT by 2028.

Shrimp, a versatile seafood item, is a rich source of protein and other essential nutrients, including iodine, selenium, and vitamin B12. It is widely used in various cuisines due to its delicate flavour and texture. Besides its culinary uses, shrimp also finds applications in dietary supplements due to its high protein content and the presence of omega-3 fatty acids, which are beneficial for heart health.

The escalating demand for protein-rich seafood is one of the key trends driving the Europe shrimp market growth. There has been a significant shift towards including more seafood in European diets as a result of increased understanding of the health advantages of seafood eating. Demand for foods, goods, and supplements made with prawns has increased as a result of this change. Additionally, the rising popularity of fitness and wellness has boosted shrimp's status as a staple food among health-conscious people.

The rising uses of shrimp in different cuisines are a major contributor to the expansion of the shrimp market in Europe. Shrimp is a fundamental ingredient in Mediterranean cuisine, which is prevalent in southern Europe. In recent years, Asian cuisines, where shrimp is a primary ingredient, have gained popularity in the region, contributing to the Europe shrimp market development. The primary drivers also include the rising demand for seafood products at competitive prices and the change in the prawn processing industry towards high volume and frozen product markets.

Moreover, the increasing demand for alternative protein sources in the food and beverage industry has led to a heightened focus on shrimp as a potential ingredient for various plant-based products. The emergence of innovative shrimp-based products, such as shrimp burgers and shrimp protein powders, have catered to the growing demand for alternative protein sources, thereby bolstering the Europe shrimp market expansion.

Market Segmentation

The market can be divided based on environment, species, product type, distribution channel, source, and country.

Market Breakup by Environment

• Wild
• Farmed

Market Breakup by Species

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Market Breakup by Product Type

• Peeled
• Shell-On
• Cooked
• Breaded
• Others

Market Breakup by Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
• Online
• Others

Market Breakup by Source

• Domestic Production
• Imports

Market Breakup by Country

• Germany
• United Kingdom
• France
• Italy
• Netherland
• Spain
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Europe shrimp companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Nordic Seafood A/S
• Heiploeg International B.V.
• Viciunai Group
• Afentoulis Liveris & Co. O.E.
• Sykes Seafoods Ltd.
• Seamark plc
• Morubel NV
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.