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.
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.
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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.
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.
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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%
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.
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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.
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