Shrimp is considered one of the most commonly consumed seafood. In recent years, it gets popular among seafood lovers. Shrimp belong to the family Malacostraca, available in freshwater lakes and streams and deep and shallow waters. It is an invertebrate marine animal with a flattened and elongated body with long legs and antennae. Shrimps are a rich source of phosphorus, antioxidants, proteins, selenium, copper, iron, magnesium, omega-3 fatty acids, vitamin B and D. It is also preferred for losing weight, relieving eye fatigue, lowering blood pressure, improving bone and brain health, and minimizing the chances of developing cardiovascular diseases. According to Renub Research report, Global Shrimp Market is expected to be US$ 23.4 Billion by 2026.
Globally, shrimp are available in numerous species such as L. vannamei, P. monodon, and M. rosenbergii; these all are sold under the single term – pawns. These are popular in the international market, and many countries are encouraging shrimp production by giving incentives to farmers and offering fiscal reliefs. India, China, Vietnam, Indonesia, Thailand and Ecuador are some major shrimp producing country. Shrimp is a highly imported seafood from China because of farm-raised shrimp aquaculture. As per our study, The Worldwide Shrimp Market was US$ 18.30 Billion in 2020.
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Shrimp is the most desirable seafood for Americans. Head-off shrimp has good demand in the global market. It is the most consumed seafood in the United States, above salmon. The uttermost common available Shrimp in the US market is ten-legged. When it comes to Shrimp Aquaculture Production Size, they are available from tiny to giant prawns. Good fishmongers tag shrimp with a set of numbers, like 31/35, 43/50, based on the number of shrimp in a pound. Besides, surging income level and growing demand of shrimp across the globe is expected to further drive this market. As per our research analysis, the Global Shrimp Industry is expected to grow with a CAGR of 4.18% from 2020 to 2026.
However global shrimp industry also faced some challenges like a decline due to COVID-19 lockdown has delayed harvest in first half of 2020, most of the producing countries overdue pond stockings, which reduced actual farming days. Along with that shrimp industry is facing human rights abuses and slavery.
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