Shrimp Market in Europe

Europe Shrimp Market Size:

The Europe shrimp market size reached 863.3 Kilo Tons in 2023. Looking forward, IMARC Group expects the market to reach 1,009.6 Kilo Tons by 2032, exhibiting a growth rate (CAGR) of 1.7% during 2024-2032.

Europe Shrimp Market Analysis:

• Market Growth and Size: The European shrimp market is experiencing steady growth, reflecting a widespread enthusiasm for seafood and a tilt towards protein-rich diets. Also, continual growth in the retail and food service sectors with the expansion of their shrimp selections to meet changing consumer demands is also driving the market.
• Major Market Drivers: There's a growing awareness regarding the health perks of shrimp, since they're dense with protein and essential nutrients. This excitement is in step with a growing fondness for Asian flavors, where shrimp is often a star, coupled with a keen interest in sustainable seafood practices, which is encouraging more Europeans to indulge in shrimp.
• Key Market Trends: The trend is leaning strongly towards organic and responsibly sourced shrimp, impelled by consumers' increasing curiosity about the origins and ethics of their food. The industry's pivot to innovative aquaculture methods, such as eco-friendly recirculating systems, is aligned with the aim to maintain year-round supply.
• Geographical Trends: In the North of Europe, shrimp is becoming a preferred seafood option, due to a strong commitment to sustainably sourced and certified seafood. In the South, countries like Spain and Italy are keeping up their long-standing seafood preferences, leading the charge in shrimp consumption and importation.
• Competitive Landscape: The shrimp market landscape is intensely dynamic, with a diverse mix of big international names and local fisheries. The key players are setting themselves apart with clever innovations, think tantalizing precooked shrimp delights, and streamlined supply chains to expand their shares.
• Challenges and Opportunities: Navigating the fluctuating shrimp supplies and prices with environmental shifts and Market Growth and Size: The European shrimp market is experiencing steady growth, reflecting a widespread enthusiasm for seafood and a tilt towards protein-rich diets. Also, continual growth in the retail and food service sectors with the expansion of their shrimp selections to meet changing consumer demands is also driving the market.
   

Shrimps are small marine animal with thin and fragile legs. They are generally found near the seafloor, in rivers, lakes, as well as in certain coasts. Shrimps are one of the most flavoured and delicious delicacies from the seafood congregate. They also play an important role in the food chain and are a vital source of food for larger animals like fish and whales. They are low in fat, high in protein and are a moderate source of omega-3 fats, altogether increasing their demand among the consumers. The rise in the demand can also be attributed to the benefits they provide like improved bone and brain health, weight management, lowered risk of cardiovascular disease, relieved eye fatigue and lowered blood pressure.

A major catalyst driving the demand of shrimps in Europe are its numerous health and nutritional benefits. Moreover, rapid product utilization as an excellent source of carbohydrate free food which can lead to weight loss is also resulting in a higher product uptake ang consumers with weight-loss goals. The demand of value-added and convenient shrimp products, such as ready-to-eat shrimp products comprise of products which are cooked, breaded, canned, is also acting as strong growth-inducing factor for the market. Most of these products are usually fully processed such as shrimp paste, chips and pickle. However, some products are half-cooked and require to be baked, fried or cooked like breaded or canned shrimp. The demand for cooked and breaded shrimp has risen over the past years. In Europe, consumers live hectic lives and feel considerable time pressure. As a result, they prefer meals that are easy to prepare and ready to cook. Moreover, there is a rising trend towards more ready-made shrimp products.

Europe Shrimp Industry Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Europe shrimp market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on environment, domestic production and imports, species, product categories and distribution channel.

Breakup by Environment:

• Farmed
• Wild

Wild shrimps currently dominate the market. 

Breakup by Domestic Production and Imports:

• Domestic Production
• Imports

The European shrimp industry is largely dependent upon imports.

Breakup by Species:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Currently, penaeus vannamei dominates the market, holding the largest share.

Breakup by Product Categories:

• Peeled
• Shell-on
• Cooked
• Breaded
• Others

The peeled category accounts the largest market share, representing the leading segment.

Breakup by Distribution Channel:

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

Hypermarkets and Supermarkets currently represent the biggest segment. 

Competitive Landscape:

The competitive landscape of the market has also been analyzed in the report, covering the detailed profiles of the major players operative in the industry.

This report provides a deep insight into the Europe shrimp market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Europe shrimp industry in any manner.

Report Coverage:

Key Questions Answered in This Report:

• How has the Europe shrimp market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the Europe shrimp market?
• What is the impact of each driver, restraint, and opportunity on the Europe shrimp market?
• What are the key regional markets?
• Which countries represent the most attractive Europe shrimp market?
• What is the breakup of the market based on the environment?
• Which is the most attractive environment in the Europe shrimp market?
• What is the breakup of the market based on domestic production and imports?
• Which is the most attractive domestic production and imports in the Europe shrimp market?
• What is the breakup of the market based on the species?
• Which is the most attractive species in the Europe shrimp market?
• What is the breakup of the market based on the product categories?
• Which is the most attractive product categories in the Europe shrimp market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the Europe shrimp market?
• What is the competitive structure of the market?
• Who are the key players/companies in the Europe shrimp market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Europe shrimp market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Europe shrimp market.
• The study maps the leading, as well as the fastest growing, markets in the region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Europe shrimp industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.