Europe Shrimp Market Analysis Report 2024-2032: Innovative Aquaculture Methods, Rising Demand for Asian Flavors, Fluctuating Supplies and Prices - ResearchAndMarkets.com

The "Europe Shrimp Market Report by Environment, Domestic Production and Imports, Species, Product Categories, Distribution Channel 2024-2032" report has been added to ResearchAndMarkets.com's offering.

The Europe shrimp market size reached 863.3 Kilo Tons in 2023. Looking forward, the market is projected to reach 1,009.6 Kilo Tons by 2032, exhibiting a growth rate (CAGR) of 1.75% during 2023-2032.

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 among consumers with weight-loss goals.

The demand of value-added and convenient shrimp products, such as ready-to-eat shrimp products comprised 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 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: 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.

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