The shrimp industry in Western Europe is experiencing rapid growth, with an expected CAGR of 8.1% from 2023 to 2033. The industry size is projected to increase from US$ 7,922.63 million in 2023 to US$ 17,276.34 million by 2033. This growth is driven by factors such as favorable climatic conditions, increasing demand for seafood, and emerging opportunities in global trade.
The demand for shrimp in Western Europe is fueled by:
- Changing Dynamics in Global Trade: Reduced supply of seafood from Asian and Pacific countries has created greater opportunities for shrimp producers in Western Europe. As global trade dynamics evolve, Western European countries are positioned to capitalize on increased demand for shrimp.
- Rapid Development of eCommerce: The rapid development of eCommerce and online retailing of seafood in Western Europe has expanded the consumer base for shrimp producers. Online channels provide greater access to consumers and improve distribution networks for shrimp products.
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Key factors driving the growth of the shrimp industry in Western Europe include:
- Sustainable Shrimp Sources: Favorable climatic conditions and vast sea coast ecosystems in Western European countries have provided sustainable shrimp sources. This availability of shrimp products, coupled with rising demand for seafood worldwide, is driving the expansion of shrimp production in the region.
- Opportunities in Global Trade: Changing dynamics in global trade have reduced the supply of seafood from Asian and Pacific countries, creating greater opportunities for shrimp producers in Western Europe. These emerging opportunities in global trade are expected to fuel the growth of the shrimp industry in the region.
Key Takeaway:
- Investment Opportunity: With a projected CAGR of 8.1% and a valuation of US$ 17,276.34 million by 2033, the shrimp market in Western Europe presents a lucrative investment opportunity for investors seeking growth in the food industry.
- Market Trends: Changing dynamics in global trade, rapid development of eCommerce, and increasing demand for sustainable seafood are key trends shaping the shrimp industry in Western Europe. Investors can capitalize on these trends by investing in companies that are expanding their production capacity and distribution networks.
- Regional Insights: Countries like Germany, the United Kingdom, and France are witnessing significant growth in the shrimp industry. Investors can explore opportunities in these markets by investing in companies that are strategically positioned to meet the growing demand for shrimp products.
Competitive Landscape
The presence of bigger enterprises supplying shrimp globally, as well as small-scale local producers, has made the Western European shrimp industry fiercely competitive. Maximum companies in Western Europe are among the top providers of shrimp worldwide and are vying for industry dominance in the fiercely competitive industry. Leading suppliers of shrimp in the region are scaling up their business by adopting modern industrial facilities for packaging and value-added processing.
Recent Developments Observed in the Shrimp Industry in Western Europe
- In May 2022, Royal Greenland of Denmark formed a new partnership with Royal Fresh Fish GmbH to expand its distribution channels in Western European countries. It has manufacturing facilities in Cuxhaven and Neufelder Strasse that are anticipated to boost the sourcing and distribution channels of Royal Greenland. Later, in June 2022, it collaborated with Espersen for the sustained strong expansion of its seafood production in the Koszalin facility.
- In July 2020, Urner Barry Company announced the expansion of its shrimp trading business in Western Europe. Its key focus was on value-added imports from South Asia and Southeast Asia, as well as whole and headless items from Latin America. It now provides imported Vannamei White shrimp and Black Tiger shrimp, along with its existing supply of Coldwater and Red Argentine shrimps.
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Some of the Key Players Offering Shrimp in Western Europe
- Atlantic Seafoods (United Kingdom)
- Blue Skies Seafoods (United Kingdom)
- Direct Seafood (United Kingdom)
- Frulact (Portugal)
- Grupo Nueva Pescanova (Spain)
- Iceland Seafood (Iceland)
- Royal Greenland (Denmark)
- Marine Harvest (Norway)
- Salmco (Norway)
- Seafood Connections (Netherlands)
- VAP (Spain)
Key Segments Covered in Western Europe Shrimp Industry Survey
By Species Type:
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
By Source Type:
- Organic Sources
- Conventional Sources
By Form Type:
- Canned
- Breaded
- Peeled
- Cooked & Peeled
- Shell-on
- Frozen
By Sales Channel Type:
- Direct Sales Channel
- Indirect Sales Channel
- Modern Trade
- Convenience Store
- Specialty Store
- E-retailers
- Other Retail Formats
By Application Type:
- Food Sector
- Pharmaceutical Industries
- Cosmetics Production
- Industrial Applications
- Biotechnology Research
- Other Applications
By Country:
- Germany
- Italy
- France
- Spain
- United Kingdom
- BENELUX
- Rest of Western Europe
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