The demand for shrimp across the globe in the past few years has witnessed massive growth. This can be attributed to numerous factors including rising aquaculture businesses in emerging economies including China and India, along with the varied health benefits that can be obtained through the consumption of shrimp including a healthy rate of weight loss or the prevention of heart disease. Shrimp is also low in fat and contains a healthy amounts of essential nutrients such as magnesium, selenium, zinc, copper, iron, sodium and vital vitamins. This has made it a preferred ingredient for numerous cuisines and consequently one of the most commonly consumed seafood.
Health Benefits and Environmental Concerns Impact Growth
Shrimp provides a number of health benefits through with great protein inputs, low fat and even reserves of healthy omega-3 fatty acids. This is one of the primary factors that is driving the growth of the worldwide demand for shrimp.
Moreover, producers have responded to the constant increase in seafood consumption owing to a growing urbanized population which has bolstered the spending capacity of consumers, consequently contributing towards a higher demand.
Numerous governments have implemented regulations for food processing plants that are favorable towards the use of shrimp. On the other hand, the rise of the shrimp processing industry is creating severe threats to the environment, which is resulting in major challenges for growth of related businesses.
Shrimp Farming Gains Importance with Rising Demand
The shrimp production industry is growing rapidly owing to the increasing presence of inland shrimp farms that use fresh water for production and emphasize on the certification of organic shrimp production in major regions of consumption. These aspects are increasingly contributing to the future development of shrimp production for years to come.
As per a recent study by Future Market Insights on the global shrimp market, factors including risk of disease, low quality of shrimps, and natural disasters, has devastated the production of shrimp in developing countries, particularly in Latin America. However, improvements in shrimp farming in recent years, along with new technology and rising demand for shrimp products in the region is pushing up the demand for shrimps in the global market.
Moreover, businesses that import seafood products are mandated to comply with very stringent rules and regulations to maintain food safety. For example, seafood products including shrimp that may be peeled or deveined have to be labelled accurately according to set standards which meeting the government’s exacting guidelines. As a result, seafood products that originate from different nations might get rejected on failure to meet such requirements. This is anticipated to adversely affect the imports of shrimps, thereby restraining producers also.
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