Shrimp has a number of health benefits, including being a good source of minerals and vitamins, making it a common seafood. Shrimp intake is beneficial to heart and brain health since it includes high levels of omega 3, 6, and 9 fatty acids as well as antioxidants. Depending on their eating habits, the demand for different shrimps can differ from one area to the next.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), the prawns are frozen to below 0 degrees, which avoids any reactions that could cause harm and results in plump, juicy, clean prawns that are a preference to cook and eat.
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Boosting Factors of the arcade: -
The immense popularity of frozen shrimp products among end users is driving the global market. The rising income levels of the general public, changing lifestyle habits, and major changes in online and offline organised retail channels all contribute to this. Aside from these, processed and frozen shrimp items are seldom marked by low prices, simple availability, shorter cooking times, or long shelf lives. These factors have helped them gain widespread recognition around the world, and they are becoming increasingly popular among working professionals with hectic schedules and lifestyles. Shrimp is becoming more common among end users and buyers due to its high nutritional value and low-fat protein content. It has no carbohydrates and has a very low calorie count. Consumers are more likely to include shrimp in their diet as a result of these factors. As a result, shrimp production increased to meet the increased demand, resulting in a rise in production and thereby raising demand.
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Indian Prawn Market: -
In 2019-20, Indian frozen prawns remained the most common export, accounting for 41.00 percent of total seafood exports by volume. Domestic sales account for less than 2% of total sales in the packaged frozen prawn segment. Many government policies have resulted in a significant change in India's supply chain network and cold chain facilities.
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Frozen seafood is now subject to a 5% tax rate following the introduction of GST. However, with increasing frozen prawn consumption in India, the domestic market is expected to expand rapidly over the next three years. West Coast Fine Foods, Apex Frozen Food, Avanti Frozen Food, IFB Agro, Innovative Foods, and ITC Limited are among the companies that sell frozen prawns in India.
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Market Opportunities: -
Frozen prawns are an adequate and suspicious way to recognise this seafood at any time of year, but particularly during the mild days of spring and the beginning of July and August. The best choice for entrepreneurs would be to invest and start a company in this field. Proteins, selenium, antioxidants, phosphorus, magnesium, iron, and vitamins are all contained in it, making it nutritious. Weight loss, fighting ageing, improving bone health, reducing menstrual pain, and preventing cardiovascular diseases are only a few of the health benefits linked to prawn intake. As a result, frozen prawns will be a growing industry between 2021 and 2025. The demand for seafood is growing, and there is a buyer. In India, fishing is a significant source of revenue and provides enormous growth opportunities. This is attributable to the various reserves and capabilities of the various nations.
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Global Market: -
Between 2021 and 2026, the market is expected to expand at a CAGR of 4.5 percent. In 2020, the global shrimp market will hit 8.12 million tonnes. By 2026, the demand is expected to hit a volume of 10.7 million tonnes.
The shrimp industry's growth is being driven by key industry developments such as rising health consciousness among consumers. Size 41-50, Size 51-60, Size 31-40, Size >70, Size 61-70, Size 26-30, Size 21-25, Size 21 are some of the most common materials on the market.
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Conclusion: -
Quality is the key to success of any activity. Even in a seller market situation, quality provides the competitive edge through higher productivity and lower cost of production. We at NPCS provide detailed project report with extensive and reliable update database which are cost effective and custom-quoted containing technology and market information.
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