The demand for flavoring agents has been increasing among consumers over the past years due to their wide utilities in the food processing industries as well as domestic cooking. Shrimp powder is one such flavoring agent which improvises the flavor and texture of various food products. Shrimp powder is generally prepared by grounding sundried shrimps with little salt and sugar. Shrimp powder is used in the preparation of extruded snacks, baby food, breakfast cereals, rice, soups, pasta, etc. The use of seafood flavors such as shrimp powder, in cereal-based food products, is gaining popularity over the years, as these flavors give a mixed taste. Such flavored products with shrimp powder are not just tasty and tempting, but also highly nutritious as shrimp powder contains an adequate concentration of protein. Along with protein, shrimp powder also contains an excellent amount of minerals and calcium which is driving the demand for shrimp powder across the world. Hence, it can be anticipated that the demand for shrimp powder will increase significantly during the forecast period.
Salubrious Applications of Shrimp Powder
There is a huge demand for shrimp powder and processed shrimp powder extract in recent years due to the changing consumer preference for chemical-free ingredients. Due to the presence of a high concentration of protein and minerals, shrimp powder is used as a protein ingredient in various processed food items. As shrimp powder is translucent, it is also used as gelatin in flavored and non-flavored food products. Along with applications in food industries, shrimp powder also finds wide applications in the aquafeed industries. Shrimp powder is used as a binding agent and protein source in aquafeed products such as shrimp meal. As shrimp powder is rich in essential micronutrients, it ensures healthier bones and skin development in fishes, especially African catfish and Ballan wrasse. Shrimp powder has various health benefits which include anti-aging properties for skin. This factor is intensifying its opportunities in cosmetic products. Due to the wide applications of shrimp powder, there is a considerable development in the infrastructure of the supply chain. It is anticipated that the growth of the global shrimp powder market would remain positive during the forecast period.
Global Shrimp Powder Market: Segmentation
On the basis of nature, the global shrimp powder market has been segmented as-
On the basis of end use, the global shrimp powder market has been segmented as-
- Sauces & Salads
- Breakfast Cereals
- Extruded Snacks
- Baby Food
On the basis of distribution channel, the global shrimp powder market has been segmented as-
- Store-based Retailing
- Grocery Retailers
- Non-grocery Retailers
- Mixed Retailers
- Other Non-grocery Retailers
- Online Retailing
- Store-based Retailing
Global Shrimp Powder Market: Key Players
Some of the major players in the shrimp powder market include Vietnam Food, Unilever Food Solutions, La Michoacana Meat Market, Badia Spices Inc., Nmu Seafood AS, Chaijinda Seafood, Kettle Cuisine, LLC, Farmtec Foods, Inc., etc. Industrialists and organic manufacturers have been showing keen interest in shrimp powder as the demand is agglomerating every year.
Global Shrimp Powder Market: Opportunities for Market Participants
As a nutritious ingredient, shrimp powder has wide demand among consumers and product developers all over the world. Shrimp powder is also widely used in aquafeed and cosmetics industries, which have vitalizing demand among consumers. Due to increased supply chains and well-defined distribution all over the world, it is anticipated that there would be higher returns for investors in the shrimp powder market in the future.
Global Shrimp Powder Market: A Regional Outlook
Shrimp powder is widely used across the world due to its ample benefits. Globally, among all regions, Europe has a higher consumption of shrimp powder due to growing consumer preference for healthy extruded snacks. In North America, shrimp powder is highly used in aquafeed processing industries as a nutrient-rich binding agent. In the Asia Pacific, the increasing demand for organic seasoning ingredients has contributed to the growth of the shrimp powder market. Bound to these factors, the growth of the global shrimp powder market is expected to remain positive over the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.