Impact of COVID-19 on Shrimp Market : Implications on Business
The demand for flavoring agents has been increasing among consumers over the past years due to their wide utilities in the food processing industries as well as domestic cooking. Shrimp powder is one such flavoring agent which improvises the flavor and texture of various food products. Shrimp powder is generally prepared by grounding sundried shrimps with little salt and sugar. Shrimp powder is used in the preparation of extruded snacks, baby food, breakfast cereals, rice, soups, pasta, etc. The use of seafood flavors such as shrimp powder, in cereal-based food products, is gaining popularity over the years, as these flavors give a mixed taste. Such flavored products with shrimp powder are not just tasty and tempting, but also highly nutritious as shrimp powder contains an adequate concentration of protein. Along with protein, shrimp powder also contains an excellent amount of minerals and calcium which is driving the demand for shrimp powder across the world. Hence, it can be anticipated that the demand for shrimp powder will increase significantly during the forecast period.
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Salubrious Applications of Shrimp Powder
There is a huge demand for shrimp powder and processed shrimp powder extract in recent years due to the changing consumer preference for chemical-free ingredients. Due to the presence of a high concentration of protein and minerals, shrimp powder is used as a protein ingredient in various processed food items. As shrimp powder is translucent, it is also used as gelatin in flavored and non-flavored food products. Along with applications in food industries, shrimp powder also finds wide applications in the aquafeed industries. Shrimp powder is used as a binding agent and protein source in aquafeed products such as shrimp meal. As shrimp powder is rich in essential micronutrients, it ensures healthier bones and skin development in fishes, especially African catfish and Ballan wrasse. Shrimp powder has various health benefits which include anti-aging properties for skin. This factor is intensifying its opportunities in cosmetic products. Due to the wide applications of shrimp powder, there is a considerable development in the infrastructure of the supply chain. It is anticipated that the growth of the global shrimp powder market would remain positive during the forecast period.
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Global Shrimp Powder Market: Segmentation
On the basis of nature, the global shrimp powder market has been segmented as-
On the basis of end use, the global shrimp powder market has been segmented as-
- Sauces & Salads
- Breakfast Cereals
- Extruded Snacks
- Baby Food
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Global Shrimp Powder Market: Key Players
Some of the major players in the shrimp powder market include Vietnam Food, Unilever Food Solutions, La Michoacana Meat Market, Badia Spices Inc., Nmu Seafood AS, Chaijinda Seafood, Kettle Cuisine, LLC, Farmtec Foods, Inc., etc. Industrialists and organic manufacturers have been showing keen interest in shrimp powder as the demand is agglomerating every year.
Global Shrimp Powder Market: Opportunities for Market Participants
As a nutritious ingredient, shrimp powder has wide demand among consumers and product developers all over the world. Shrimp powder is also widely used in aquafeed and cosmetics industries, which have vitalizing demand among consumers. Due to increased supply chains and well-defined distribution all over the world, it is anticipated that there would be higher returns for investors in the shrimp powder market in the future.
Global Shrimp Powder Market: A Regional Outlook
Shrimp powder is widely used across the world due to its ample benefits. Globally, among all regions, Europe has a higher consumption of shrimp powder due to growing consumer preference for healthy extruded snacks. In North America, shrimp powder is highly used in aquafeed processing industries as a nutrient-rich binding agent. In the Asia Pacific, the increasing demand for organic seasoning ingredients has contributed to the growth of the shrimp powder market. Bound to these factors, the growth of the global shrimp powder market is expected to remain positive over the forecast period.
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