Asia Pacific Shrimp Balls Market: Introduction
A recent report published by Transparency Market Research on the Asia Pacific shrimp balls market includes industry analysis and opportunity assessment for 2020-2030. The overall revenue generated by the Asia Pacific shrimp balls market was valued at US$ 68 Mn in 2020 and is expected to reach US$ 135 Mn by the end of the forecast period.
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Advancing Technology and Innovative Farming Methods to Benefit Shrimp Producers
Key players involved in shrimp and shrimp food production are implementing more advanced farming techniques, including functional feeds that promote shrimp growth and health. Innovative farming methods can help to increase farm productivity, reduce the risk of diseases, and promote increased output volumes while reducing the utilization of resources. Majority of producers is also turning toward indoor shrimp farming, which can prove to be a game changer. Indoor shrimp farming offers many transformative benefits for key players in the shrimp industry, which includes high and stable volumes, improved and consistent shrimp quality, less risk of diseases, and significantly improved environmental performance.
The easy availability of high quality raw materials is directly related to high quality standards in finished food products. The improvement in shrimp production techniques has created a stable base for the production of processed shrimp products, leading to growth of the shrimp balls market.
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Consumers from Emerging Economies Spending More on Processed Products
Consumption spending in Asia is expected to expand at the highest rate globally over the next few years, especially in India and China. Majority of the consumers in these and other emerging economies in the region are turning toward processed food products rather than preparing meals at home. The increased acceptance of convenience food products is primarily linked with their high nutritional value in addition to the time saving opportunities they provide for consumers. Emerging economies such as India, China, Malaysia, Thailand, and others are anticipated to witness tremendous economic growth and rise in per capita income, leading to increased spending of consumers on food products.
Rise in income, exposure to new tastes, and surge in the consumption of diverse food products have triggered the demand for various processed and ready-to-cook seafood products such as shrimp balls. Seafood products are well positioned to respond to these changes and deliver positive health benefits to the consumers.
- For instance, in 2015, the share of consumption expenditure of total household expenditure in India increased from 5.5% to 6%
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Lack of Infrastructure to Hamper Growth and Investments
Asian countries such as India, China, and others are at the forefront of shrimp fisheries. However, the growth of the shrimp market in these regions is restricted by several different factors. Deficient transport and storage facilities, high electricity costs, underdeveloped energy infrastructure, overfishing, lack of financial support to small operators, and depletion of fish resources are some of the major factors causing a hindrance to the growth of the shrimp and shrimp products market.
Apart from this, price sensitivity and limited awareness about quality, value, and usage of the product in emerging markets of Asia are other factors posing a threat to the shrimp balls market. A major roadblock in penetration of frozen seafood products through general trade is the unavailability of efficient refrigeration facilities. These factors may hamper the growth of the shrimp balls market.
Asia Pacific Shrimp Balls Market Segmentation
Asia Pacific Shrimp Balls Market, by End Use
- Foodservice
- Household/Retail
Asia Pacific Shrimp Balls Market, by Distribution Channel
- Business to Business
- Business to ConsumerHypermarkets/Supermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
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